As stakeholders on climate change continue to engage world leaders, the president of the Conference of Parties (COP26) ongoing in Glasgow, says there is no turning back as the world is fully united in delivering a net zero resilient future.
COP26 president Alok Sharma, addressing a news conference on Financing Day on week said world leaders are not deviating from passed agreements pledged but is keen on keeping 1.5 degree within reach.
He told journalists that already 90 percent of the world is now covered with a net zero target and with commitments to end deforestation and emissions, they will ensure that finances flow to clean up more resilient infrastructures.
The Financing Day witnessed countries setting up time on ambition finance that needs to be followed as well, reminding developed countries through the Least Developed Countries (LDC) analysis which shows that developing countries are able to make significant progress by 2022.
The COP26 president expressed confidence that said progress will be achievable in 2023, because from 2021 to 2025 the world would have by then reached about 500 billion in aggregate.
He reported that the United Kingdom has doubled its climate finance goal by 11.6 billion pounds and with a further contribution of 1 billion; the UK is providing 12.6 billion pounds with an increase focus towards adaptation.
“In the future, finance flow is what is needed if most countries are supported to shift to clean energy and ensure that no one is left behind.
However, it is unclear what Liberia’s contributions were at this 4th high level minister’s dialogue on long term climate finance, as Samuel Tweah was only spotted during the Heads of State summit at the venue on November1.
Still at the conference, there is an agreement that coal power phases out and that the world direct efforts to a cheaper and cleaner energy renewable.
Making the disclosure during the Energy Day yesterday, the COP26 president told a news conference that developing countries have pumped in 18 billion in new support to gravitate from coal to clean energy power.
“Since the Paris Agreement in 2015, 76 percent cut in the number of new coal plant, planted globally signifying that the end of coal is in sight,” Sharma reiterated. Report by C. Winnie Saywah-Jimmy