PM Boris Johnson says goal of limiting global temperature rises to 1.5C is 'in the balance' but with sufficient energy and commitment 'I still think we can achieve it' COP26BBC
Copyright: Reuters
The draft agreement released at COP26 mentions $100bn in financing per year to help developing countries adapt to and tackle climate change. It urges the developed world to deliver on the pledge by 2023, after missing a previous deadline. Why is the figure of $100bn so significant? Let's go back in time to a different age - 2009. MySpace was one of the biggest social media platforms in the world, and Donald Trump still presented The Apprentice., was faltering and needed a boost. Enter Hillary Clinton, then US Secretary of State, who reportedly came up with the $100bn figure to break the deadlock.
The plan made it into the final agreement and was supposed to have been delivered by 2020. Not only was it intended to help emerging economies build infrastructure to shield them from extreme weather, but also to help them reduce emissions by shifting towards renewable energy. But this process can be costly, so - the developing nations argue - it's only natural that richer countries should stump up.
There was dismay and anger when the 2020 deadline was missed. Knowing it would be a sticking point at COP26, the UK governmentThere's little promise of much more money in the draft text - many parties regarded the $100bn target as a floor, not a ceiling. However, there's still all to play for, because finance could be one of the keys that unlocks success at Glasgow.
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