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.
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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.”