New COP26 draft calls for doubling funding for climate adaptation

Negotiations continue between the representatives of the 197 countries who participate in the COP26 climate summit, although it should have ended on Friday. This Glasgow summit is called upon to develop the Paris Agreement and mark a milestone in the transition decarbonization of the planet.

The new draft agreement presented by the presidency of the COP26 climate summit urges developed countries to “at least double” funding by 2025 for the adaptation of countries in development to climate change.

Climate finance is one of the main stumbling blocks so far. The objective is to find a pact in the summit of Glasgow, in the United Kingdom.

This new text maintains the appeal to speed up carbon removal. It also notes “with serious concern” that with national emission reduction targets, the temperature will rise by 13.7% in 2030.

The document was presented by the president of COP26, Alok Sharma. Parties are asked to “review and strengthen” their national emissions targets for 2030. Although “taking into account different national circumstances”.

In the new draft it is demand that the report be updated about the nationally determined contributions. These include the efforts of each country to reduce its emissions.

A “dialogue mechanism” is established to address how developing countries would be financed from the impact of global warming.

COP26 has been the escenario of the signing of sectoral agreements or commitments such as financing or reforestation. Among the advances, United States and China announced to reinforce their commitment to “climate actions” to achieve the goals of the Paris Agreement.

Another point is the commitment to invest 130 billion dollars, about 112 billion euros, in the transition to a decarbonized economy in 2050. It also highlights the commitment to stop and reverse deforestation, with the horizon set in 2030.

In addition, some thirty countries have signed a declaration to stop sell cars with combustion engine in 2035. Although it does not include the United States, Japan, or Germany or manufacturers such as Volkswagen, Toyota or Hyundai.