AMN/ WEB DESK
The most critical climate change conference since the Paris Agreement, the 26th UN Climate Change Conference of the Parties (COP-26) is to be hosted by United Kingdom in Glasgow from 31st of October to 12th of November.
AIR correspondence reports, The Annual Conference of the Parties (COP) drives ambitious action on the priorities from governments as well as businesses and civil society organizations. COP-26, is a conference where the world is coming together to assess progress towards limiting global warming to well below two degrees in addition to strengthening climate action across the public and private sector.
At COP-26, public, social, and private sector leaders will unite to seek solutions, alongside BCG, the exclusive COP-26 consultancy partner.
Climate finance will be a key determinant of success for COP-26. Now, lets see what is climate finance?
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.
The Convention, the Kyoto Protocol and the Paris Agreement call for financial assistance from parties with more financial resources to those that are less endowed and more vulnerable. Climate finance is needed for mitigation because large-scale investments are required to significantly reduce emissions.
The Paris Agreement reaffirms the obligations of developed countries, while for the first time also encouraging voluntary contributions by other parties. Such mobilization of climate finance should represent a progression beyond previous efforts.
It is important for all governments and stakeholders to understand and assess the financial needs of developing countries, as well as to understand how these financial resources can be mobilized. Provision of resources should also aim to achieve a balance between adaptation and mitigation.