After world leaders left the COP26 global climate summit in Glasgow, sessions were focused on financing of climate goals — how wealthy countries can help poorer ones cut their greenhouse gas emissions, deploy cleaner technologies and mitigate disruption from extreme weather events. (https://www.washingtonpost.com/climate-environment/2021/11/03/cop26-glasgow-climate-summit-carbon-pricing/)

On a day (Nov 3) devoted to financing the high price of fighting emissions, a consortium of philanthropic foundations and international development banks announced a $10.5 billion fund to help emerging economies make the switch from fossil fuels to wind, solar and other renewable energy sources. Some of the world’s biggest financial institutions also vowed to mobilize trillions of dollars to help shift the global economy toward cleaner energy as negotiators at the United Nations climate summit struggled with the question of how to pay for the enormous costs of climate change. For the first time, most of the world’s big banks, its major investors and insurers, and its financial regulators signed up to a coordinated pledge that will incorporate carbon emissions into their most fundamental decisions. (https://www.wsj.com/articles/financial-system-makes-big-promises-on-climate-change-at-cop26-summit-11635897675)

Environmental groups, however, were not impressed by the pledge to marshal trillions of dollars because the details were vague and the financial giants still didn’t commit to stop investing billions of dollars they still invest each year in fossil fuels. “Either they stop financing fossil expansion, or their net-zero commitments are green wash,” said Jason Opeña Disterhoft, senior climate and energy campaigner at Rainforest Action Network, an environmental group.

Moreover, the wealthiest nations are yet to keep their promises of climate aid of $100 billion per year, made a decade ago, to help poorer countries transition to cleaner energy. A large fraction of aid they have handed out till date are as loans, which developing countries often struggle to repay.

Money has long been a big sticking point in the global fight against climate change, and tensions over the topic flared again at the Glasgow summit.

READ MORE: https://www.nytimes.com/2021/11/03/climate/climate-summit-finance-glasgow.html