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. - Copyright AP Photo

By Euronews

Published on 03/11/2021 - 10:40•Updated 19:11

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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.