Representational image of extreme weather events due to climate change. (Image: AP) While it recognises the need for urgent climate finance by developed economies, the draft agreement hammered out at COP26 after nine days of intense negotiations does not put a final target on the total amount of finance or the minimum level of funds to be raised. "The draft agreement has mentioned the need for significantly scaling up the $100-billion climate finance target manifold, and has suggested that this may reach more than $1 trillion. However, there is scant movement beyond this," a senior official present at the summit said. Climate finance refers to local, national or transnational financing—drawn from public, private and alternative sources of financing—that seeks to support mitigation and adaptation actions that will address climate change. Even before COP26 began in Glasgow, the Organisation for Economic Cooperation and Development had said developed countries would likely reach the $100-billion goal only in 2023. Among other things, the draft agreement also calls for ending further coal exploration and production, as well as subsidies for fossil fuel. The first draft would go through multiple revisions before a concrete deal emerges. Close Contentious issue Meanwhile, international media has reported from… Read full this story
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