Question

To ask the President of COP26, what steps he is taking to negotiate a global fund to support the transition to net zero in less wealthy countries.

We must support the poorest and most vulnerable countries to mitigate and adapt to the climate crisis, and mobilise finance to enable their net zero transition. The commitment to jointly mobilise $100bn of climate finance a year is critically important; it helps countries raise ambition and supports their transition. The UK Presidency has been very clear that developed countries must meet existing commitments and come forward with ambitious post-2020 climate finance pledges, to achieve and surpass the $100bn a year goal. I have also asked Germany and Canada to lead on the development of a Delivery Plan which sets out how donor countries will meet the goal.

Public finance alone will not be enough to achieve the trillions needed in developing countries. The UK Presidency is working with other donors, Multilateral Development Banks (MDBs) and the private sector to promote and support a range of targeted initiatives that mobilise finance globally and tackle barriers to and promote investment into developing countries. There are a range of financing mechanisms including the dedicated UN backed climate funds which we support - including the Green Climate Fund, Climate Investment Funds and the Global Environmental Facility. The recently launched Glasgow Financial Alliance for Net Zero will also accelerate global flows into activities that support a net zero and resilient future.