The World Bank has backed the issue of $500mn of green bonds ever year for 10 years in a bid to raise private capital to scale up clean energy and sustainable infrastructure in emerging economies.
UK Chancellor Rishi Sunak said at COP26 that the world’s rich nations would make good on their promise of $100bn per year of climate financing for poor countries by 2023.
The US has joined the High Ambition Coalition and has signed up to the goal of limiting global warming to 1.5°C by 2100, halving global emissions by 2030 and making good on the promise of $100bn per year of climate finance for poor nations.
COP26 is trying to put flesh on the bones of the targets and promises made at the 2015 Paris meeting.
A majority of G20 net-zero pledges made so far are not strong enough and are not backed up by meaningful and effective promises of action.