COP26: World leaders put finance at forefront of tackling climate crisis

Many countries have made committed billions of pounds to help developing countries get on the track to achieving net zero

Big Zero Report 2023

Global finance ministers have come together at COP26 to push for global finance flowing for climate action.

The UK joins many other countries in making new commitments towards climate financing, building on the $100 billion (£73bn) already agreed upon to help developing countries tackle climate change.

More ambition was shown from world leaders, as Norway made commitments to triple its adaptation finance, with Japan and Australia doubling theirs.

The UK also announced £100 million in new funding for the Taskforce on Access to Climate Finance, which it co-chairs with Fiji.

Fiji, Bangladesh, Jamaica, Rwanda and Uganda are some of the countries set to benefit from the money to develop new climate plans of action.

Leaders of Jamaica, Mauritius, India and Fiji – Image: UNFCCC / Kiara Worth

There are also reports that in the coming days, a new global finance goal to replace the $100 billion (£73bn) goal will be discussed and considered.

The UK, US, France, Germany and the EU also came together to support South Africa’s journey to net zero, announcing that $8.5 billion (£6.2bn) would be made available during the next five years to get the world’s most carbon-intensive electricity producer on a more sustainable track.

Earlier today, the UK also announced its aim to help get Southeast Asia tackling climate change efficiently, with £110 million made available through UK Export Finance.

COP26 President, Alok Sharma, said: “We need developed countries to deliver on public finance and to unleash the trillions required in private investment to create a net zero future and protect lives and livelihoods from the devastating effects of climate change.

“That is why we have made finance such a key focus of COP26, why these new commitments from nations and the private finance sector are so welcome and why we continue to push for countries to do more to meet their finance obligations.

“I am delighted that work is underway to mobilise finance into developing countries to help with their energy transition. Countries are telling us what they need, now global finance needs to respond.”

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