UN urges leaders to deliver £72 billion for climate change fight

Developing a carbon market framework will be a focal topic at COP26. A carbon market would effectively allow a country with high emissions (usually wealthy nations) to buy carbon credits from a country with low emissions (usually poorer nations) in order to keep operating.

This new market would help bolster the global economy and use international trading to help achieve emission reduction targets.

Also on the agenda is funding for loss and damage. Resisted by many wealthy nations, it will be a policy which decides who will fund responses when countries vulnerable to climate change inevitably experience environmental hardship.

Funding for loss and damage was a central part of the Paris Agreement, but no solution has been put in place to date.

📣 #ICYMI: @COP26 People's Advocate Sir David Attenborough sent a strong message to @G7 leaders, ahead of #G7UK.

"We know in detail what is happening to our planet… We have the skills to address it in time. All we need is the political will to do so."pic.twitter.com/XjU0VxEj3N

— UN Biodiversity (@UNBiodiversity) June 21, 2021

That said, a lack of currency isn’t the only thing that’s hindered global climate action in the past.

The most obvious delay to plans in the last year was the pandemic, which saw national survival becoming government’s main focus. We’ve already highlighted how improved vaccine distribution has become a top priority on the international agenda.

Additionally, climate professionals who joined past conferences have criticised the strategy of attendees. A lack of common ground between nations poses a huge problem for reaching agreement on the next steps.

It appears that one of the biggest challenges for COP26 will be for world leaders to look beyond their political differences and find a compromise for the sake of our planet.

One would hope so, as many are at their wits end with their government’s approach to the climate crisis. While collective individual action does make a difference, developing a stronger international policy to reduce carbon emissions will create an immediate and significant impact.

To sum things up, this year’s COP26 meeting could be a serious turning point for world leader’s cohesive action against climate change and the urgency of the UN is warranted, if not necessary.

‘It is essential. We cannot afford a lack of success. COP26 should be able to give some sense of hope to the world,’ UN climate leader Espinosa said.

Like always, we’ll be waiting on the edge of our seats to hear the outcome.