Climate Change

Cop26 written question – answered on 1st October 2021.

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Photo of Baroness Ritchie of Downpatrick Baroness Ritchie of Downpatrick Non-affiliated

To ask Her Majesty's Government what steps they plan to take to mobilise public and private climate finance ahead of COP26.

Photo of Lord Goldsmith of Richmond Park Lord Goldsmith of Richmond Park The Minister of State, Department for Environment, Food and Rural Affairs, Minister of State (Foreign, Commonwealth and Development Office)

The UK Presidency is pushing developed countries to significantly increase their financial commitments for mitigation, adaptation and nature for developing countries and to align global financial flows with the Paris Agreement. This includes setting out a $100 billion delivery plan to be taken forward by Canada and Germany to demonstrate how developed countries are mobilising $100 billion a year.

Public finance will work in tandem with private finance and be used to mobilise far greater sums of private finance. The UK Presidency is working with other donors and multilateral development banks in collaboration with governments, to promote and support a range of targeted initiatives that tackle barriers to and promote investment into developing countries; such as supporting new market structures, improving policy environments, de-risking investments and creating incentives for deal flow. In April 2021 we founded GFANZ, the Glasgow Finance Alliance for Net Zero which accelerates the implementation of net zero commitments and mobilises capital to climate solutions. There are currently over 250 member firms from over 30 countries, representing assets of more than US$88 trillion.

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