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COP26: European leaders call for delivery of $100 billion fund this year

Highlights

Climate Finance commitment lagging behind

Transparency of funding crucial: Macron

Spain allocates 20% of IMF drawing rights

European leaders addressing the opening day of the UN's Climate Change Conference in Glasgow called on developed nations to step up and complete the Paris Agreement's $100 billion/year Climate Finance Delivery Plan during the two-week event.

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Recent analysis by the Organization for Economic Cooperation and Development showed the annual financial commitment to help developing nations invest in climate action would only be achieved in 2023.

"The first target of the COP26 talks is for the world's largest emitters to scale up their ambitions to keep 1.5 degrees [global warming] in reach," said French President Emmanuel Macron.

Related factbox: Delivery of international carbon market rulebook a key goal for COP26

The second target was to deliver $100 billion/yr of finance for developing nations between 2020 and 2025 ahead of an increase thereafter, he said.

"The EU has gone beyond its commitment and will spend $25 billion/yr, while France has raised its target to over $7 billion/yr, with a third dedicated to adaptation," he said.

It was crucial to build trust and transparency around the funding, Macron said, via an annual stock-taking of initiatives to be undertaken by the Organisation for Economic Co-operation and Development.

Spanish President Pedro Sanchez said Spain would commit to increase its climate fund contribution by 50% by 2025 "with the objective to provide $1.35 billion by 2025."

Further, Spain would allocate 20% of its new Special Drawing Rights from the International Monetary Fund to developing countries, equating to a minimum Eur350 million.

Addressing COP26 delegates, US President Joe Biden restated he was working with Congress to quadruple the US' financial contribution to developing countries by 2024, including significant increases in support for adaptation efforts.

"Governments, the private sector and multi-lateral banks must also do their work to go from billions to trillions" to deliver the energy transition, he said.

Finally the President of Kenya, Uhuru Kenyatta, called on the talks to deliver "a quantum increase in climate finance" to help offset the impact of floods and droughts, that were causing annual losses of between 3% and 5% of GDP.