Climate Change: Finance

(asked on 21st September 2021) - View Source

Question

To ask the President of COP26, what steps he is is taking to help ensure that COP26 delivers substantial progress on loss and damage, including mandating work for financing options to increase the level of support to frontline communities, as called for by the Climate Vulnerable Forum and other stakeholders.


Answered by
Alok Sharma Portrait
Alok Sharma
COP26 President (Cabinet Office)
This question was answered on 29th September 2021

As incoming Presidency, the UK has been gathering Parties’ views on what more is needed in addition to the Santiago Network to deliver progress on Loss and Damage. An emerging point is the need for existing funds and action in the international and humanitarian system to be better coordinated and scaled up, and better oriented to local level needs.

We are working with the international community to increase support for locally led action, including through the Adaptation Action Coalition. In parallel the UK is asking other donors to follow our example in supporting the LDC’s Initiative for Effective Adaptation and Resilience (LIFE AR) which has the aim of assisting LDCs to put in place plans, finance and delivery mechanisms to respond to local needs. The UK endorsed the Principles for Locally Led Adaptation at the Climate Adaptation Summit in January 2021, and successfully persuaded other Foreign and Development ministers to do the same under the UK’s G7 Presidency. We are also working to address the barriers that restrict and prevent finance flowing to the local-level through the Taskforce on Access to Climate Finance.

We welcome the input of the Climate Vulnerable Forum and have been engaging with them through their regional dialogues, as well as through bilateral engagement on their suggestions and plans for COP26.

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