Climate Change: Lack of progress on finance at COP26 concerns CAN

Climate finance group discussion (c) Downing Street

Climate Change: Lack of progress on finance at COP26 concerns CAN

Glasgow, Scotland (PANA) – As the 26th UN Climate Change Conference of the Parties (COP26) entered its second and final week Monday, in Glasgow, Scotland, Climate Action Network (CAN), has expressed concern that without a package that puts necessary resources at the heart of negotiations, COP26 will not be able to have a successful outcome in the Scottish city.

Last week was dedicated to technical issues that needed to be finalised at COP26 and with the beginning of the final week, challenging issues of the negotiations will now be considered by the high-level segment, which resumes this week.

CAN, the largest environmental network of over 1,500 NGOs fighting the climate crisis charged on Monday that to keep the 1.5 degree within reach, it is necessary to have adequate resources and without it, they will fail to have a successful outcome.

“Will we leave Glasgow without a clear sign that finance will flow,” CAN said in its daily ECO newsletter published here Monday.

According to the network, the key for this COP to be a success lies in properly addressing the finance gaps and not in isolation. It noted that you cannot tackle the $100 billion without tackling the post-2025 finance goal since it is all the same thing and that keeping 1.5°C within reach requires urgently scaling up support for the right reasons.

“For this COP to have any kind of political relevance, the only way forward is a cover decision that recognises and pushes to overcome, with firm commitments, the inadequacies of current finance provision, so as to adequately support adaptation finance, mitigation finance and loss and damage finance.

"Too much money is being wasted on subsidising the dirty fossil fuels industry. Too little is being mobilised for delivery to where it matters most. The priorities are currently set all wrong.” 

It urged the UK Presidency and rich developed nations to acknowledge the shortfalls on the US$100 billion delivery; commit to 50 percent adaptation finance; do an annual review of progress and increase access to new and additional funds, in particular by providing predictable funding to the Green Climate Fund, the Adaptation Fund and the Least Developed Countries Fund. 

On Sunday, the Presidency released a first draft of the proposed elements for the Cover Decision to be adopted at the end of the week. These decisions will provide the main political signal coming out of Glasgow and will therefore be essential in assessing whether the COP ends with a vision or a cover-up.

Critical elements this week, as noted by CAN, include delivering on finance and for this to happen, developed countries need a real delivery plan on the US$ 100 billion goal and to leverage the trillions needed to address the climate crisis and also commitment to reach US$ 50 billion per year in aggregate adaptation finance before 2025.

While loss and damage is a core part of the Paris Agreement there is no mechanism as yet within the United Nations Framework Convention on Climate Change (UNFCCC) to fund responses when vulnerable countries experience loss and damage. This is viewed as a critical  factor by Least Developed Countries (LDCs) to unlock the negotiations but is resisted by many wealthy nations.

Industrialised countries are being asked to take responsibility for the havoc caused by the decades of climate inaction by prioritising and making real progress towards delivering adequate loss and damage finance and the need for a system to deliver it to vulnerable developing countries.

Also critical, is the element of the 'Paris rule book' which requires agreement is on common time frames for countries' Nationally Determined Contributions (NDCs) – that is, whether those time frames should be five years or ten years. The shorter time frame means revision of NDCs more frequently, potentially driving greater ambition than if they were only revised every decade. Another issue relates to ending production and support for fossil fuels

United States former President Barack Obama, who is already in Glasgow, is scheduled to speak at the conference later Monday.

-0- PANA MM/AR 8Nov2021

 


 

This story was originally published by PANAPRESS. It was produced as part of the 2021 Climate Change Media Partnership, a journalism fellowship organized by Internews' Earth Journalism Network and the Stanley Center for Peace and Security.

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