Thursday, January 20

COP26: Sánchez commits to increasing climate finance to the poorest countries by 50% | Climate and Environment


Spain will increase its financial contribution by up to 50% to help the poorest countries develop their energy transition, reaching the figure of 1,350 million euros per year from 2025. The President of the Government, Pedro Sánchez, has been the first leader to present their national commitments to curb climate change this Monday before the COP26 plenary. The UN recognized with this deference the decisive role of Spain in organizing the 2019 annual conference, after the resignation of Chile.

120 Heads of State and Government participate in the high-level event at the Glasgow Summit. And the interventions are priced: about three minutes for each speech. Sánchez has reached almost four minutes, in which he has endorsed Spain’s commitment to “keep the 1.5 degree objective within reach by the end of the century”, as agreed six years ago in Paris. Sánchez also wanted to announce in Glasgow the will of the Spanish Government to make possible one of the most important objectives of this UN summit: to consolidate the promise made in 2009 to allocate 100 billion dollars annually to climate finance so that emerging countries they can also make their necessary energetic transitions. “This is going to be the litmus test of COP26 to regain trust between the countries of the north and the south. Spain will do its part ”, said Sánchez. “Let us all work together so that this summit is a turning point that promotes a true change in the course of the planet through an action of solidarity, forceful and urgent”.

The President of the Government has also announced immediate aid, in 2022, to the UN Adaptation Fund of 30 million euros. It is the fund for the protection of the poorest countries against adverse meteorological phenomena that have increased in recent years. Finally, the Spanish Government will cede to these countries 350 million euros of its drawing rights, the rights to withdraw funds managed by the International Monetary Fund. Regarding efforts to reduce carbon dioxide emissions, Sánchez recalled that Spain has reduced electricity generation from coal by 90% in just four years.

Sánchez has assured in his speech that “scientists have already verified the red code in which we find ourselves”. “The good news is that we know what to do, but we need political determination and immediate action,” he added. The first goal, he said, should be to focus on further reducing carbon dioxide emissions and raising the ambition level of the summit.

The Prime Minister will return to Madrid this Monday. Spain’s negotiating team will be headed by the fourth vice president and minister for the Ecological Transition and the Demographic Challenge, Teresa Ribera. COP26 will have two weeks to specify the commitments of each country and check if its main objective is possible: to keep alive the idea of ​​the Paris conference that the temperature of the planet does not exceed, at the end of this century, 1.5 degrees above pre-industrial levels.

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