Let’s take a moment to recap how COP26 ended yesterday:
- After two days of speeches and announcements, world leaders departed the U.N. climate summit, leaving the nitty gritty of negotiations to country delegates for the remainder of the conference.
- Wealthy nations have pledged £6.2bn to help South Africa end its reliance on coal. The country is one of the planet’s biggest emitters, so this has been described by president Cyril Ramaphosa as a “watershed moment.”
- Also stepping in to help the natural world was Amazon founder Jeff Bezos, who announced 2 billion US dollars (£1.47 billion) for restoring land in Africa.
Here is what to pay attention to on Day Three (Finance Day)
- Private Funding: Delegates will be discussing ways to entice more private money to tasks including decarbonizing economies and adapting to climate impacts.
- Global Resilience Index: will improve the way insurers, financiers and investors measure the resilience of countries, companies and supply chains.
- Government Funding: Richer countries and emerging economies are expected to discuss delivering finance more effectively to developing nations to help move to a zero-emissions economy.
- Climate envoy John Kerry said that national pledges for cutting climate-warming emissions so far gave the world a 60% chance of containing global warming to 1.5 degrees Celsius above pre industrial temperatures. How do you feel about 60%?
- Delegates will focus on issues including how companies measure climate risk exposure, plan to tackle their emissions and report their sustainability credentials.
Tune in later today to get updates on how these finance discussions progress!
