COP26 report on climate finance could be delayed: minister

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Progress report on Canada’s efforts to raise $ 100 billion to help developing countries tackle climate change may be delayed, as world leaders prepare to attend the United Nations Conference on Change climate change (COP26) in Scotland later this month.

In July, Minister of Environment and Climate Change Jonathan Wilkinson and Germany’s top environmental official, Jochen Flasbarth, have been loaded get developed countries to pay more money to help developing countries fight climate change.

This is one of the four key objectives of the conference, along with keeping temperature increases below 1.5 ° C, preserving natural habitats and finalizing the rules of the Paris Agreement.

At a press conference on October 1, Wilkinson called the fundraising effort a “backbone” of the Paris Agreement and said that a progress report would be released the week of October 18.

READ MORE: Canada’s COP 26 is the “backbone” of the Paris Agreement, says Minister

It will either be sometime next week (starting October 18) or early next week, ”Wilkinson told iPolitics in an October 14 interview.

“There is a process that we have to follow, not only with Germany, but with the UK (which is hosting COP26) and others,” he said. “But it absolutely comes out next weekend or early next week.”

Despite the possible delay, Wilkinson says he and his German counterpart will raise the money.

I am confident (we will reach) the $ 100 billion figure, ”he said. “We still have work to do and we are not done yet. But I am more and more convinced that we will be able to achieve this, and I believe that this is an essential element in ensuring the success of COP 26. ”

Fundraising is an important “exercise in building trust between the developed and developing world,” Wilkinson said on October 1. “It is intended to ensure that the developed world helps the developing world, both to mitigate and reduce the impacts of climate change.

Developed countries, however, have failed every year, according to data from the Organization for Economic Co-operation and Development.

In 2019, the latest year for data, they raised nearly $ 80 billion.

The plan is supposed to outline the methods and dollar figures “in a very transparent way,” Wilkinson said on Oct. 1. It should indicate where the money will come from, whether it will come with conditions, whether in the form of loans or grants, and how countries will access it, said Géraud de Lassus Saint-Geniès, professor of law at Laval University.

The plan should also consider how developed countries will close annual deficits if they continue to miss the $ 100 billion target, said Eddy Pérez, director of international climate diplomacy at Climate Action Network Canada. .

There could be three reasons for the delay, Pérez said.

First, countries might not have accepted the content of the plan.

Second, Wilkinson and Flasbarth might need to negotiate with other countries at the last minute to get them to confirm their promises.

Third, the two ministers might hope that the G20 summit at the end of October will create “a lot more momentum,” he said.

In 2009, developed countries have agreed to increase $ 100 billion per year from 2020 to 2025 for climate change mitigation and adaptation in the developing world. At the time, the European Union and several developing countries said that was not enough; $ 400 billion was needed.

However, negotiations were at a standstill and the $ 100 billion figure was a compromise.

Negotiations for post-2025 climate finance are expected to start at COP26.

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