Expectations for results on climate financing were high among delegates arriving for the fourth day of the United Nations COP26 climate summit in Glasgow on Wednesday. Day four is devoted to topics such as seeing wealthier nations deliver on pledges to give $100 billion annually in funding to developing countries, both directly and indirectly.
Developed nations have not yet met the target, although some countries announced increases to their planned pledges in the opening days of the conference. David Ryfisch, a climate policy expert with NGO German watch, said developed countries had put in place a plan to meet the target by 2023 but that the delay in meeting the target was “a huge issue in terms of trust” between the developed and developing world.
Moreover, Ryfisch said mobilising investment from the global private sector was also a hot topic, as contributions from developed countries could only partially meet the need. “We need to have trillions in investment to finance the transformation,” he said.
Delegates at the conference from developing nations said their richer counterparts had to step up. Namibian delegate Timoteus Mufeti said his country needed “money put on the table” so it could start implementing projects to meet net zero carbon emissions.
“Access needs to be easier,” said Sirazoom Munira from Bangladesh, adding that accountability and transparency over funding were important for countries most vulnerable to climate change.
Julian Anthony Theseira, from the south-east Asian branch of NGO Climate Action Network, said as well as funding a shift away from fossil fuels a newer topic was on recovering from rising temperatures and extreme weather, also termed “loss and damage”.
