COP26 latest: Private sector pledges trillions as focus turns to climate finance

Delegates gather inside the venue on another day at the COP26 UN Climate Summit in Glasgow, Scotland, Wednesday, Nov. 3, 2021.
Delegates gather inside the venue on another day at the COP26 UN Climate Summit in Glasgow, Scotland, Wednesday, Nov. 3, 2021. Copyright AP Photo
By Euronews
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It's finance day at COP26. Follow our live updates as the UN Climate Summit turns its focus to cash.


It's finance day at COP26. After the World Leaders Summit wrapped up with major deals on deforestation and methane emissions on Tuesday, the UN climate conference turns its focus to the funds needed to finance the transition to a low-carbon economy.

If you weren't able to follow along on Tuesday, here are the six key takeaways from day 2 of COP26.

Here is what's happened so far today:

  • The world's largest financial players announced $130 trillion of private capital to decarbonise the economy.

  • The UK presidency pledged that wealthy countries would deliver on their promise to provide $100 billion a year to finance climate-related projects in the developing world, after failing to meet the initial 2020 target.

  • The British government outlined plans to make the UK “the world’s first net-zero aligned financial centre.”

  • Climate activists called for scrutiny of investors' motives, warning that the same financial players that profited from fossil fuel were now posing as green champions.

Follow our live updates here:


What is the media's role in climate information?

Our live coverage on Twitter is back again with Marthe de Ferrer covering a panel on the media's role in covering the climate emergency at The New York Times Climate Hub in Glasgow.

READ: Meet the Kenyan climate advocate urging the Global North to step up

Faces of COP26: Meet the climate advocate standing up for young people

"You have to centre young people - especially Indigenous and frontline communities."
Should wealthy countries pay for climate transition and adaptation in the developing world?

Climate change and migration debate

Marthe de Ferrer, our reporter in Glasgow, is tweeting from the New York Times Climate Hub as she follows the debate. 


Moscow responds Biden's climate criticism 

The Kremlin has rejected US President Joe Biden's criticism of Russian President Vladimir Putin for not attending the UN climate conference.

Kremlin spokesman Dmitry Peskov said Wednesday that Moscow does not agree with Biden's characterisation. He said the Russian delegation at COP26 actively participated in the summit.

“Russia’s climate action don’t have the goal of being pegged to an event,” Peskov said. “Of course, we are not belittling the significance of the event in Glasgow, but Russia’s actions are consistent, serious and well-thought-through.”

“The tundra indeed is burning,” Peskov continued. “But let’s not forget that forests are burning in California, and in Turkey, and in other countries. These are the consequences of climate change we’re facing, and Russia, to some extent, is facing more serious challenges.”

Moscow is taking “a very responsible stance” when it comes to tackling climate change, the Kremlin spokesman stressed, and has “concrete work plans.”

With AP


Least Developed Countries disappointed by lack of progress on Loss and Damage 

Sonam Wangdi, Chairman of the Least Developed Countries Group at the UN Climate Change negotiations, regretted the lack of progress regarding Loss and Damage. 
"We need to address Loss and Damage," he said at a press conference. "So far the progress here is disappointing but in a way also frightening."
Loss and Damage is a longtime demand from climate-vulnerable countries, which want funds to compensate them for the spiralling costs of global warming. 
Wangdi recalled that LDCs were disproportionately affected by climate change even though they contributed the least to the problem. 
"One in ten people in LDCs is affected by climate change," he said. 

5 reasons why you should listen out for ‘nature tech’ at COP26

Nature4Climate director Lucy Almond explains why bringing together natural and technological solutions to the climate crisis is key.

These countries are forcing banks to reveal their climate impact

A new law will force New Zealand banks to detail the environmental risk in their business practices.

Thunberg goes 'net zero on swear words'

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