COP26: A barrage of major announcements, but the thorny problem of money persists
Major agreements have been announced by Joe Biden, Boris Johnson and other world leaders. But almost every discussion mentions money.
Wednesday 3 November 2021 13:17, UK
As world leaders and global figures in the fight against climate change prepare to go home, there was a barrage of major announcements from COP26.
America promoted a global deal to cut methane, a powerful greenhouse gas.
Boris Johnson focused on a major agreement to end deforestation by 2030, supported by billions of dollars from Amazon founder Jeff Bezos and others.
Forty world leaders signed up to a commitment to scale and speed up the development of clean technologies, with a focus on power, steel, hydrogen, road transport and agriculture.
South Africa received support from major Western nations to decarbonise its economy.
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Bill Gates announced more than $300m in funding to support agricultural innovation in developing nations.
The US joined the High Ambition Coalition, a group of island states, developing economies and the European Union focused on securing more ambitious carbon targets.
But a thorny problem persists.
As delegates shuttle between meetings the issue that permeates almost every discussion at this conference is money.
Developing nations say that so far, rich countries have delivered too little, too late.
It is a fault line that threatens to undermine the summit.
China is very focused on this issue, in particular, delays to $100bn of global funding.
Its climate envoy Xie Zhenhua said that there was still a "big gap" between what is needed and what has been provided and that the delay undermined trust between developed and developing nations.
Japan has just pledged an extra $10bn to close that gap.
But US special envoy on climate change John Kerry knows that this is still a matter of credibility and that more needs happen, and quickly.
He told Sky News that "100bn isn't going to cut it", suggesting that trillions will be necessary, and promising big announcements on Wednesday, when the COP will focus on finance.
For climate-vulnerable nations, having enough cash to both adapt to the changes that are already here as a result of global warming and invest in carbon emission reduction measures is a matter of survival.
Palau president Surangel Whipps Jr said that if proper funding doesn't come through, entire island nations will eventually disappear, with language, culture and identities lost forever.
Reflecting on the scale of the challenge before us, Bill Gates put it simply and effectively.
"Humanity has never done anything this hard."
Almost everyone gathered here agrees.
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A monumental challenge at a critical time.
Time, that is running out.
For full coverage of COP26, watch Climate Live on Sky channel 525.
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