As COP26 draws closer, climate negotiations are still stuck on finance

(China Dialogue, 1 Jul 2021) The recent G7 summit delivered lofty words on climate but little substance. What does the lack of progress on issues like climate finance mean for the success of COP26?

“On a knife-edge” is how one observer described international climate negotiations, following a lack of progress at the latest round of talks.

The benchmark for success at the COP26 UN climate talks in November would be for the deal struck to keep alive the possibility of limiting temperature rise to within 1.5C, he said. But little progress was made at either the G7 summit or the first UN climate talks to take place since before the pandemic. 

“We will need confidence that there’s a pathway to climate safety in the next few years. The way things are going, there’s not much time left, and there’s a lot of work that needs to be done,” said Tom Evans, a COP26 researcher at think-tank E3G.

imate change was one of the focus issues discussed by the leaders of Canada, France, Germany, Italy, Japan and the US at the summit, which was held in the UK. A communiqué produced after the meeting reiterated many existing commitments, such as to submit ahead of COP26 more ambitious national climate plans and long-term strategies up to 2050. A pledge for US$100 billion in climate finance for developing countries by 2025 was also repeated, though only Canada, Japan and Germany announced any new money.

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China Dialogue, 1 Jul 2021: As COP26 draws closer, climate negotiations are still stuck on finance

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