Climate Change: Finance

Cop26 written question – answered on 27th September 2021.

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Photo of Abena Oppong-Asare Abena Oppong-Asare Shadow Exchequer Secretary (Treasury)

To ask the President of COP26, what progress has been made towards the $100 billion climate finance commitment.

Photo of Alok Sharma Alok Sharma Minister without Portfolio , COP26 President (Cabinet Office)

The UK continues to encourage developed countries to increase their climate finance commitments for mitigation and adaptation in developing countries through the UK's G7 and COP26 Presidencies. At the COP President Designate’s request, Germany and Canada are leading the development of a $100 billion Delivery Plan. This will demonstrate, in advance of COP26, how developed countries will mobilise $100 billion a year through to 2025. President Biden has made a major step towards achieving the $100 billion goal, announcing recently at the UN General Assembly that the US is doubling their climate finance to $11.4 billion in 2024.

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