Question

To ask the President of COP26, what progress he has made on securing additional funding for climate change initiatives in developing countries ahead of COP27.

By COP26, 95% of the largest developed country climate finance providers made new, climate finance commitments to support developing countries. These have delivered significant progress towards the $100 billion goal, which will be reached by 2023 and continue rising through to 2025. It is now likely that $500 billion will be mobilised over the period 2021-25.

Parties agreed to at least double their collective provision of climate finance for adaptation to developing countries from 2019 levels by 2025. Parties also made new pledges to the Adaptation Fund of over $350m, around three times the previous highest level, and contributions to the Least Developed Country Fund worth $600m. The UK, with Fiji, also initiated the Taskforce on Access to Climate Finance which will run trials with five developing countries to support faster, easier access to climate finance. The UK committed £100 million to support implementation of the Taskforce’s approach. Mobilising finance to developing countries remains a top priority for the UK COP Presidency in 2022.