As discourse on climate finance is taking place at the COP26 conference, mobilising public and private finance is key. Financial services firms have agreed to align $130 trillion with climate goals, and a new financial mechanism of green bonds has been announced…
But while energy coalesces around this aspect of tackling the crises we face, developing nations are still waiting for the $100 billion a year promised to help them transition – and far more will be required.
Looking at what developing nations desire in terms of key outcomes from the conference and developed world priorities shows that one aspect of developing nation’s objectives have not yet been addressed: compensation for loss and damage from other people’s emissions.
Talking about historic responsibility and climate injustice is something that many developed nation politicians will be reluctant to address. But tackling this issue is important if we are truly to find ways to truly deliver on climate finance.
Of course, words are cheap. And whether promises and targets will really (and sufficiently quickly) translate to action still remains to be seen.