NEW DELHI: The draft agreement COP 26 climate talks in Glasgow on Wednesday, November 10, 2021, called out countries to speed up emissions targets by 2022 taking more ambitious cuts to avoid temperature rise above 1.5°C, ending fossil fuel subsidies. But what could be a red line for developing nations is the weak commitment of rich nations on climate and adaptation finance.
Discussion on the outcome of the talks will now progress based on the draft text also called “cover decision” that recognises the impacts of climate change which will be much lower at the temperature increase of 1.5°C compared to 2°C and resolves to pursue efforts to limit the temperature increase to 1.5°C.
But there are concerns from experts that the texts don’t currently go far enough on the key issues of finance, adaptation and loss and damage as there is no specific date for scaling up adaptation finance. There are also concerns that the text on ambition on emissions won’t remain if the provision of finance is not scaled up.
Acknowledging the growing need of developing country parties, in particular due to the increasing impacts of climate change and increased indebtedness as a consequence of the coronavirus pandemic, and calls for greater support to be channelled through grants and other highly concessional forms of finance.
“The text needs to be stronger on finance and adaptation and needs to include real numbers in the hundreds of billions, with a delivery plan for richer countries to support less developed nations. We need a deal that commits countries to coming back every year with better plans until together they get us over the bar and we can stay below 1.5°C. Wreckers like the Saudi and Australian governments will be working to gut that part before this conference closes,” said Jennifer Morgan, Executive Director, Greenpeace International.