First draft of COP26 deal needs to go further faster

“The recognition that developing countries are sinking deeper and deeper into debt to cope with the impacts of climate change is welcome as well as the need for more finance to be grants, not loans. So too the acknowledgement that the pledge of US$100bn in climate finance has yet to be met and the need to push for this before 2023.

"The vital importance of keeping the 1.5°C target in reach, though, requires this COP to go further and faster in ensuring that developing countries are properly supported with accessible, high-quality climate finance that reaches communities at the frontline of the climate crisis.  Finance matters for climate justice but it is also critical for unlocking effective global action on mitigation.

“There’s a lack of urgency to double funding to help countries adapt to climate change as well as no mention of measures to ensure what is counted as adaptation finance is of a good enough quality to be worthy of the name.

"There’s no mention of funding to address the losses and damage suffered by countries as a result of global warming. Nor of locally-led adaptation, despite the number of parties endorsing the principles to get money to people and communities on the front line of climate change. And no explicit measures are laid out to address increasing debt.

“It's not too late to address these deficiencies but developed countries will need to work hard over the next couple of days to improve the offer on climate finance and save this COP from failure.”