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InvestmentsBritain drafts COP26 plan to make sure promised climate cash arrives By...

Britain drafts COP26 plan to make sure promised climate cash arrives By Reuters

¬© Reuters. FILE PHOTO: Britain’s Prime Minister Boris Johnson arrives for the UN Climate Change Conference (COP26) in Glasgow, Scotland, Britain, November 10, 2021. REUTERS/Phil Noble/Pool

By Kate Abnett and Valerie Volcovici

GLASGOW (Reuters) – The British hosts of the COP26 U.N. climate talks revealed a proposal on Saturday to make sure wealthy international locations ship climate finance to the world’s poorest nations in future years, after previous guarantees stay unfulfilled.

Finance has proved one of many hardest points https://www.reuters.com/business/environment/climate-finance-could-make-or-break-cop26-summit-heres-why-2021-11-01 to clear up on the assembly in Glasgow, Scotland. Developing nations say wealthy nations whose emissions are accountable for almost all of human-caused climate change have failed to meet a long-held promise to ship $100 billion per yr by 2020 to help their efforts to deal with the results of worldwide warming.

The draft doc, which is considered one of many drawn up by Britain to be revealed on the finish of COP26, wants approval from the almost 200 international locations represented on the summit. It asks a U.N. committee to report subsequent yr on progress in direction of delivering the $100 billion. Government ministers would additionally meet in 2022, 2024 and 2026 to focus on the problem of finance.

The intention of the common check-ins could be to sustain stress on wealthy international locations to make good on their guarantees to mobilise the cash after they failed to meet their 2020 objective.

The wording of the British proposal “notes with serious concern” that the $100 billion has nonetheless not been met, and urges international locations to enhance their contributions to ship it.

Rich international locations count on to ship the $100 billion in 2023, though some have instructed it might be met subsequent yr.

The European Union and Italy have been drawing up a last-minute proposal on Friday that will use particular drawing rights to assist make sure the $100 billion goal is met subsequent yr, an EU official stated.

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