It's finance day at COP26. Follow our live updates as the UN Climate Summit turns its focus to cash.
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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:
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“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.”
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US special envoy for climate John Kerry said on Wednesday that the COP26 has more energy and focus than previous rounds of climate negotiations in particular because of the strong presence and support of the private sector.
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British Treasury chief Rishi Sunak told the COP26 that developed countries will meet their commitment to provide 100 billion dollars a year to finance climate-related project.
"We're going to meet the target to provide 100 billion dollars of climate finance to developing countries," Sunak said.
"And while we know we are not yet meeting it soon enough, we will work closely with developing countries to do more and to reach the target sooner," he added.
The target should have been met in 2020.
Sunak also said that the United Kingdom will commit 100 million pounds to the Task Force on Access to Climate Finance, "making it quicker and easier for developing countries to access the finance they need."
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Climate groups react to Croatia's pledge to phase out coal by 2033
Croatia became on Tuesday the twenty-first European country to commit to ending the use of coal power since the 2015 Paris Agreement was signed.
Speaking at the COP26 world leaders summit, Croatian Prime Minister Andrej Plenković said his country will become coal-free by 2033 at the latest.
Environmentalists have welcomed the announcement while urging Croatia to ditch coal sooner than 2033.
“Coal closures are accelerating across Europe at a tremendous pace, and we fully expect Croatia to say goodbye to coal by 2030 at the latest, like all other responsible European countries," said Kathrin Gutmann, Europe Beyond Coal campaign director.
"If we want to stay below 1.5 degrees, all European countries including Croatia must quit coal by 2030 at the latest. Croatia’s neighbours Italy, and Hungary have already done this and Croatia should be aiming to join them,” said Zoran Tomić, Director at Greenpeace CEE, Croatia and Slovenia.
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