Climate finance post-COP26

Louie Woodall

Ahead of the event, hopes were high that the 2021 UN Climate Change Conference in Glasgow (COP26) would be the “finance COP”, where a new, ambitious climate finance target would be agreed among countries – one that would help the global economy shift to a low carbon model and protect vulnerable nations from the physical effects of a heating planet. It was not to be. The parties to the United Nations Framework Convention on Climate Change (UNFCCC) did not embed an updated dollar amount of climate finance to be delivered in the final agreement reached at the conference, the Glasgow Climate Pact (UNFCCC, 2021g).

However, COP26 did set out a framework through which a future climate finance goal could be defined. It also engendered a series of new climate finance aspirations – in relation to climate adaptation, so-called “loss and damage”, climate opportunity, and the mobilisation of private sector resources. Furthermore, COP26 played host to a wide range of climate finance pledges and promises from private financial institutions, most significantly by the members of the Glasgow Financial Alliance for Net Zero (GFANZ) and the Race to Zero (RtZ) campaign.

This chapter will discuss

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