Climate Change: Finance

(asked on 15th October 2021) - View Source

Question

To ask the President of COP26, what steps he is taking to help ensure that the international communities that are worst affected by climate change are involved in designing the (a) mitigation and (b) adaptation solutions supported by the $100 billion climate fund.


Answered by
Alok Sharma Portrait
Alok Sharma
COP26 President (Cabinet Office)
This question was answered on 25th October 2021

The UK is ensuring a large majority of our own international climate finance is grant-based. We are pressing other donor countries for similarly ambitious commitments. Under our G7 Presidency, the G7 committed to scaling up adaptation finance, and we have seen concrete new individual pledges from Canada, Japan, the US, and Denmark in recent months to this effect.

The UK has committed to delivering a balance through our scaled up ICF and has launched - with other bilateral donors Ireland, Sweden, the Netherlands and Denmark - a Champions Group on Adaptation Finance, with a commitment to deliver a balance of adaptation in climate finance, in response to calls from developing countries. Since launching, Finland and Germany have joined.

Finance needs to be accessible, particularly for the most marginalised communities. Locally led adaptation is a central priority for the COP26 Presidency, amplifying the calls for greater support for locally led action, and also addressing the barriers that restrict and prevent finance flowing to the local level. Locally led adaptation means communities are directly involved in the design of the solutions.

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