Question

To ask the President of COP26, what recent steps he has taken to mobilise long-term climate finance of a further US$100 billion a year by 2020, as agreed at the 2009 Copenhagen Climate Change Conference.

Throughout the UK’s COP26 and G7 Presidencies, we have made significant progress. The $100bn Delivery Plan, which the COP President has asked Germany and Canada to lead, shows that the goal to mobilise $100 billion per year for developing countries will be met by 2023 at the latest, continuing on a rising trajectory through to 2025. In the five years to 2025, $500bn will be mobilised. This is significant progress, driven by ambitious new climate finance commitments that have been made in recent months.

We have also prioritised the issue of fiscal space and debt sustainability, for example in engagements with the IMF, World Bank and climate vulnerable countries. We welcome the progress that has been made. The IMF has implemented an historic $650bn allocation of Special Drawing Rights (SDRs) to boost global liquidity and provide fiscal space. G7 Leaders have also agreed to consider options for voluntary SDR channelling of $100bn to further support developing and vulnerable countries. The G20 and Paris Club agreed to a further final extension of the Debt-Service Suspension Initiative in April and have continued implementation of the Common Framework for Debt Treatments.