It is the Finance day of COP 26, the Glasgow climate conference called to accelerate efforts to stop global warming. The work will begin with the British Minister of Finance, Rishi Sunak, who illustrates the progress on financing for the climate: “We must recalibrate the economic system to achieve zero emissions and increase public investment on the climate,” said the owner of the Exchequer. London will pledge £ 100 million ($ 136.19 million) to help lower-middle-income countries make the transition. Also announced a new European capital mechanism for issuing green bonds. “Six years ago the Paris Agreement set our ambitions, today in Glasgow we are putting in place the investments we need to make it happen”.
The day
After the summit of the heads of state and government, the work of the technicians continues to arrive at 12 November – closing date – with concrete results: more stringent decarbonisation commitments, guaranteeing the allocation of a fund of 100 billion dollars a year for poor countries by 2023 (it was due to start in 2020), define a global carbon market. And write the Paris Rulebook the set of rules for applying the Paris Agreement. Alongside the work of the delegates of the States, the collateral events continue: conferences, forums, press conferences of governments, companies, international institutions, study centers, NGOs. Meanwhile Greta Thunberg, in Glasgow, has announced a climate strike for Friday morning and a march for Saturday.
The demonstrations
According to the activist, the political leaders who met in recent days at COP26 “use greenwashing and beautiful rhetoric, but it already seems that they are giving up on the goal of containing emissions by 1.5 degrees. But we will not let them stray from the goal. ” For Greta, “there will be no change from these conferences unless there is great public pressure from outside. So all of you who can, please join our fight!”
An alliance against inequalities
“There is no cure without treating inequalities,” said Ecological Transition Minister Cingolani. A statement announcing Italy’s membership in the Global Energy Alliance, a $ 10 billion fund with Rockefeller Foundation, Ikea Foundation, Jeff Bezos’ Earth Foundation and other international financial institutions to accelerate the ecological transition in least developed countries. “In the next few years it is unthinkable to get rid of gas,” the minister stressed. Furthermore, the Italian government has prepared the allocation of a budget of 3-4 million euros per year to institutionalize the youth conference on climate: the Youth4Climate. It was organized by the Italian government in September in Milan before PreCop26 and the aim now is to give it an annual frequency.