COP26 Financing Pledges Made as World Watches
There is no time for “blah, blah, blah” says Mark Carney, the UN Special Envoy for Climate Action and Finance, when referring to commitments made to meet COP26’s financial goals. Here is where the funding numbers stood on ‘Finance Day,’ November 3, 2021, at COP26 in Glasgow:
Almost 500 global financial services companies agreed at COP26 to align $130 trillion—about “40% of the world’s financial assets”—with Paris Agreement climate goals of limiting global warming to 1.5°C.
The commitment from the companies, including most major Western banks, requires using “science-based guidelines” to achieve net-zero emissions by 2050, a 50% reduction by 2030, and a “25% reduction in the next five years.”
The UN Framework Convention on Climate Change (UNFCCC) says their Emissions Gap Report shows that a gap of 500 gigatons (of CO2 emissions) are left under pre-COP26 funding.
Pre-COP26 reduction plans had 4 gigatons of emissions being removed annually while emissions stood at 55 gigatons a year.
At COP15 in 2009, climate finance funding of $100 billion a year by 2020 was agreed upon, but officially delayed to 2023.
COP26’s president reported that “90% of the world’s economy is now covered in a net-zero target. Only 30% was committed at the beginning of 2020.” He expressed confidence during the conference that “we will meet it ($100 billion per year) in 2023.”
The UNFCCC reported that the US and EU pledged at COP26 to fund a South African transition from coal to the tune of “8.5 billion overall.”
According to the UNFCCC, COP26 commitments were made to finance $12 billion for forest-related climate efforts between 2021–2025.
– Source: United Nations