Climate finance delivery plan ‘bare minimum’ needed to build trust in COP26
ActionAid responds to the launch of the UK COP Presidency’s plans to ensure countries deliver on their pledge, made in 2009, to provide $100billion a year in climate finance from 2020 to 2025.
Teresa Anderson, climate policy coordinator at ActionAid International, says:
“For rich nations to finally deliver an average of $100bn a year, is the bare minimum needed to build trust in the climate talks. Making good on a promise made more than a decade ago is setting a pretty low bar for a successful COP26.
“It is vital that climate finance comes in the form of grants. But we are seeing 71% of existing support being provided as loans. This is pushing climate vulnerable communities, and the women and girls on the frontlines of the crisis, deeper into debt and poverty.
“It is also crucial that adaptation projects receive at least 50% of climate funding, and that these are led and designed by women and their communities in the Global South who are most affected by climate change.
“World leaders must recognise and address the glaring gap between the current $100bn a year target and the trillions needed to tackle the scale and urgency of the crisis."