© Reuters. FILE PHOTO: Britain’s Prime Minister Boris Johnson arrives for the UN Local weather Change Convention (COP26) in Glasgow, Scotland, Britain, November 10, 2021. REUTERS/Phil Noble/Pool
By Kate Abnett and Valerie Volcovici
GLASGOW (Reuters) – The British hosts of the COP26 U.N. local weather talks revealed a proposal on Saturday to ensure wealthy nations ship local weather finance to the world’s poorest nations in future years, after previous guarantees stay unfulfilled.
Finance has proved one of many hardest points https://www.reuters.com/enterprise/setting/climate-finance-could-make-or-break-cop26-summit-heres-why-2021-11-01 to unravel on the assembly in Glasgow, Scotland. Growing nations say wealthy nations whose emissions are accountable for almost all of human-caused local weather change have failed to satisfy a long-held promise to ship $100 billion per yr by 2020 to help their efforts to deal with the consequences of world warming.
The draft doc, which is considered one of many drawn up by Britain to be revealed on the finish of COP26, wants approval from the practically 200 nations represented on the summit. It asks a U.N. committee to report subsequent yr on progress in direction of delivering the $100 billion. Authorities ministers would additionally meet in 2022, 2024 and 2026 to debate the difficulty of finance.
The intention of the common check-ins could be to maintain up stress on wealthy nations to make good on their guarantees to mobilise the money after they failed to satisfy their 2020 purpose.
The wording of the British proposal “notes with severe concern” that the $100 billion has nonetheless not been met, and urges nations to extend their contributions to ship it.
Wealthy nations count on to ship the $100 billion in 2023, though some have instructed it might be met subsequent yr.
The European Union and Italy had been drawing up a last-minute proposal on Friday that may use particular drawing rights to assist be certain that the $100 billion goal is met subsequent yr, an EU official stated.
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