November 3 at COP26 was the "day of finances" — a cross-cutting issue of the entire conference, as countries will have to spend large sums on decarbonization and adaptation measures.
Rishi Sunak, Chancellor of the Exchequer, has unveiled new plans to combat climate change. He said companies that manage 40% of global assets have committed to keeping global warming below 1.5 degrees. They control $130 trillion in assets.
"Six years ago, Paris set ambitions. Today in Glasgow, we are providing the investment needed to realize that ambition," he said. The chancellor noted that public investment is needed to combat climate change, but governments also need the help of the private sector.
The Glasgow Financial Alliance for Net Zero is a global coalition of leading financial institutions seeking to accelerate the decarbonization of the global economy and achieve zero emissions by 2050.
Helen Mountford, vice president of climate and economics at the World Resources Institute, commented on the importance of the agreement:
"The Alliance shows the recognition by banks and asset owners of the business case for climate change. And also the significant risks of investing in a high-carbon economy of the past that pollutes the environment."
Wealthy countries have also promised to raise $100 billion a year to help developing countries fight and adapt to global warming. But they could not close their commitments until 2020. According to the latest estimate, it will not be reached by 2023.
In particular, the UK will allocate £100 million to the Working Group on Access to Climate Finance to help developing countries get the money they need faster and easier.
The summit is planned to review the deadline for achieving the goal by 2025, Deputy Environment Minister Iryna Stavchuk said in a comment to the EP.
Olga Stefanyshyna, Deputy Prime Minister for European Integration and head of the Ukrainian delegation, told the EP about the plans of the Ukrainian delegation at the summit.
Thus, Ukraine outlined its proposals, which will be included in the final document of the summit on funding from wealthy countries. For example, that countries with developing economies should have access to the Green Climate Fund.
During the ratification of the Paris Agreement, Ukraine was included in the appendix, which identifies only developed countries. Because of this, "we are constantly fighting to ensure that we are not discriminated against in terms of access to relevant resources."
Ukraine also proposed to change the global approach to funding so that it is distributed in proportion to the ambitions of each country. Namely, each country's contribution to climate neutrality and decarbonization.
"Ukraine has one of the largest IBAs, we are the only country on the European continent outside the EU that has launched a dialogue on a green course with the EU. Therefore, we believe that funding should depend on each country's individual ambitions and contribution to climate neutrality," she declared.
This story was originally published in Ukrainian in Ekonomichna Pravda on November 3, 2021. 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.