Wednesday 10 November 2021

COP26: Nations pledge finance to boost green tech in developing countries

Several nations gathered at COP26 today to discuss international technology collaboration to accelerate the transition to net zero.

Germany, Japan, Korea, Spain and the US were some of the nations that also pledged funding to the UN Climate Technology Centre and Network (CTCN), set up to transfer low carbon and climate resilient technologies to developing countries.

The meeting was focussed on supporting developing countries in accessing the correct technologies to fight climate change, as well as building the capacity of skilled workers to install and maintain these green technologies.

Inger Andersen, Executive Director of the UN Environment Programme (UNEP), said: “The CTCN will be central to facilitating the development and deployment of such transformative climate technologies.

“However, we have so far only tapped into a fraction of the CTCN’s potential. At this critical juncture for climate action, the global community can do a lot of good by strengthening the Technology Mechanism, as climate technology development and transfer offer tremendous opportunities for low-emission growth and resilient societies.”

The representatives of all aforementioned countries provided various financial support to the programme, with Korea pledging $10 million (£7.4m) during the next five years.