Lack of agreements prolongs COP26: today they presented a new draft that urges doubling financing for climate adaptation

The new draft agreement presented on Saturday by the presidency of the COP26 climate summit urges developed countries to “at least double” by 2025 financing for the adaptation of developing countries to climate change. The issue of climate finance is one of the main stumbling blocks so far to find a deal at the summit in Glasgow (United Kingdom), which should have ended yesterday, Friday. The new text maintains the call to accelerate the elimination of coal and “inefficient fossil fuel subsidies” and notes “with serious concern” that with the national emission reduction targets announced so far the temperature will rise by 13.7% in 2030 compared to 2010.At the same point where it is called to accelerate the end of subsidies to hydrocarbons, the need for “the need” is also now recognized. of support for a just transition”. The document presented by COP26 President Alok Sharma calls on parties to “review and strengthen” their national emissions targets for 2030, in order to align them with the temperature target set in the Paris Agreement, although “taking into account different national circumstances”. It also demands that the report on those Nationally Determined Contributions (NDCs), which reflect each country’s efforts to reduce its emissions, be updated annually. And in the thorny “loss and damage” section, or how developing countries are compensated for the impact of global warming, the draft establishes a “dialogue mechanism” to address how they would be funded. Observers nevertheless agree that the new draft does not bring too much news, and negotiators have acknowledged that there are still several contentious points that will need more effort to attract consensus.

Original source in Spanish