ALOK Sharma has stressed he remains “cautiously optimistic” that COP26 can bring forward the action needed to avert climate catastrophe.
Speaking on finance day at the Glasgow climate summit, the COP26 president told journalists that “we are off to a good start”, insisting that “leaders came armed with the ambition” needed to make the gathering a success.
Mr Sharma was speaking after it was confirmed that more than $130tn of private finance is now committed to science-based net zero targets through the Glasgow Financial Alliance for Net Zero, led by former governor of the Bank of England, Mark Carney.
The president said the shift showed that “the force of the private sector is plain to see”.
He added: “The world is firmly united in delivering a net zero resilient future.
“Paris promised and therefore Glasgow must now deliver.”
But Mr Sharma acknowledged it was “regrettable” the $100 billion of annual funding promised to global south nations on the front line of the climate crisis, pledged to begin in 2020, has not yet been delivered.
But he said he expects countries to “make significant progress” by 2022 and is confident the funding can be delivered from 2023.
It is also expected that a increased annual funding pledge could be rolled out from 2025.
Mr Sharma said following the world leaders summit, which took place on Monday and Tuesday, he was “cautiously optimistic that we are making progress across a significant spectrum of issues”.
He added: “I’m very pleased that the can-do attitude being show by leaders is, so far, being reflected in the negotiating rooms.”
Finance ministers have discussed that the billions of dollars in public finance must be used to leverage the trillions of dollars in private finance needed for a climate resilient, net zero future, and how developing countries can be supported to access that finance.
The United States, the European Commission and the UK also committed to work in partnership with countries to support a green and resilient recovery from Covid-19 and boost investment for clean, green infrastructure in developing countries.
The UK also pledged £576 million for a package of initiatives to mobilise finance into emerging markets and developing economies.
Mr Sharma said: “Today, there is more public and private finance for climate action than ever before.
“But to meet the commitments made in the Paris Agreement and keep 1.5 alive, we need developed countries to deliver on public finance, and to unleash the trillions required in private investment to create a net zero future and protect lives and livelihoods from the devastating effects of climate change.”
He added: “That is why we have made finance such a key focus of COP26, why these new commitments from nations and the private finance sector are so welcome and why we continue to push for countries to do more to meet their finance obligations.
“I am delighted that work is underway to mobilise finance into developing countries to help with their energy transition. Countries are telling us what they need, now global finance needs to respond.”
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