Draft COP26 Agreement Urges Rich Countries to Scale Up Climate Funds

LONDON (Sputnik) – A draft declaration being negotiated at the COP26 climate summit in Glasgow urged developed nations on Wednesday to "scale up" their contribution to the climate fund after noting "with serious concern" that current finances are insufficient to help developing countries respond and adapt to "worsening climate change impact".

At the COP15 in Copenhagen 12 years ago, rich countries pledged to channel $100 billion a year to less wealthy nations by 2020, to help them cope with climate change, but the promise has not yet been fulfilled.

The text released by the COP26 presidency after 10 days of discussion also "reaffirms" the long-term global goal to hold the increase in the global average temperature to well below 2°C above pre-industrial levels, but "recognises" that the impact of climate change will be "much lower at 1.5°C".

A protester from PETA gatecrashes a protest of the Oxfam 'Big Head' caricatures featuring US President Joe Biden protesting on the fringes of the COP26 U.N. Climate Summit in Glasgow, Scotland, Monday, Nov. 1, 2021.

© AP Photo / Scott Heppell

It also invites countries to consider further opportunities to reduce non-carbon dioxide greenhouse gas emissions, calls them to accelerate the phasing out of coal and subsidies for fossil fuels and emphasises the importance of implementing nature-based solutions and ecosystem-based approaches.

The COP26 running in Glasgow from 31 October till 12 November is seen as the world´s last chance to reach meaningful commitments to fulfil the goals set out by the 2015 Paris Agreement on greenhouse emissions reduction, carbon neutrality, global warming and climate finances.