Climate finance remains a stumbling block on way to COP26

(EurActiv, 18 Jun 2021) As world leaders prepare for the COP26 climate summit hosted by the UK in November, international finance to help poorer countries tackle climate change remains a key barrier – and the recent summit between the world’s seven richest nations did not bring a solution.

World leaders will meet in Glasgow in the autumn for a UN climate summit that many hope will prove as momentous as the COP21 in 2015, which led to the Paris Agreement.

However, while progress was made since Paris – including huge drops in the cost of renewables and more ambitious climate pledges by the EU, the US and China – there are also new stumbling blocks, like the COVID-19 crisis and a failure by the world’s richest nations to meet financial commitments.

Financial support for developing countries to green their economies and adapt to the impacts of global warming will be essential to success at COP26.

But the world’s richest nations have consistently failed to meet the levels of money promised, and the G7 summit in Cornwall last weekend again fell short on commitments to provide $100 billion of climate finance annually through to 2025.

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EurActiv, 18 Jun 2021: Climate finance remains a stumbling block on way to COP26