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COP26: Two new draft texts on climate finance published
COP26: The draft on a new quantified goal for post-2025 suggests setting a new collective finance from a floor of $100 billion per year in the context of meaningful mitigation actions and transparency of implementation and taking into account the needs and priorities of developing countries
Two new draft texts on setting a new collective quantified climate finance goal and long term finance were published on Thursday, which will be of priority to India and other developing countries. There are many bracketed sections and options which are yet to be agreed upon as on Thursday afternoon.
The draft on a new quantified goal for post-2025 suggests setting a new collective finance from a floor of $100 billion per year in the context of meaningful mitigation actions and transparency of implementation and taking into account the needs and priorities of developing countries. Alternately, it suggests parties will define an annual mobilisation goal in the form of an ambitious figure, taking into account the needs and priorities of developing countries as expressed in NDCs. On long term finance, there are two sections that could be of importance to developing countries -- coming up with a multilaterally agreed definition on climate finance, and establishing a measurement and tracking platform to be maintained by the secretariat.
“The thing to be careful of here is that most of the points are bracketed and are still being debated. So, these are not final and there is a good chance that these will remain provisional even after COP26,” said Arjun Dutt, Programme Lead at Council on Energy, Environment and Water.
