ESG Updates

COP 26-Day 11

COP26 president updates draft progress

As COP26 reaches its final stretch, COP26 president Alok Sharma shares there is more work to be done before the summit concludes. He touched on the issue of finance and the difficulties it presents. He accentuates the need for funding for developing nations in order for them to confront the climate disaster. Subsequently, Sharma revealed his intentions to adjust the new draft to include more specific terms on funding. Coincidingly, he shares “I am under no illusion that any [country] is really satisfied with where the [draft agreement] text stands. There is still a lot more to be done.”

The UK pledged support for Urban Climate Action Programme

The UK continues its efforts in aiding developing countries in confronting climate change. Pledging £27.5 million for the new Urban Climate Action Programme (UCAP) to support cities targeting net zero, funded through the International Climate Finance. The new fund aims to support cities across Africa, Asia and Latin America establish and implement ambitious climate action plans to become carbon neutral by 2050.

UK government called on for debt cancellation

Forty-three British members of parliament write a letter to the foreign secretary, Liz Truss, urging the UK government to cancel debt for countries facing the consequences of climate change. The letter states, “the global South is now being forced to confront the climate emergency with both hands tied behind its back.” MP Ribeiro-Addy adds, “many of these countries are unable to prioritise their response to the climate emergency because they are still being forced to pay back debt.”