Climate change draft remains mum on finances and technique

• The draft hasn’t enhanced the climate financing budget

• It has called for phasing out subsidies for fossil fuel for the first time

The draft placed by the COP26 Presidency hasn’t enhanced the climate financing budget and has “urged” the developed world to meet the $100 billion per year target set in 2009. The draft text, for the first time, has also called for phasing out coal and subsidies for fossil fuel.

Climate change researchers criticized the document for making vague commitments to cut greenhouse gas emissions and the absence of any firm accountability provisions.

This draft will serve as the negotiating text for the outcome of the global climate conference.

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The draft also does not contain a separate fund for loss and damage, something that the developing nations have been demanding. It regrets the inability of the developed nations to finance the developing countries with $100 billion to build greener energy alternatives. At the same time, the text does not mention a time frame or any enhancement in the budget to meet the goal sooner.

The phasing out of fossil fuel subsidies has been appreciated but researchers complain about how long it took to make this a point of discussion.

Al Jazeera quoted climate activist Jennifer Morgan who had noted it will “go down to the wire” whether the subsidies text will be included in the final COP26 document as world leaders haggle over language.

“Of course Saudi Arabia will be working hard not to include that. This text needs to be strengthened, not weakened, and I think you will see the most vulnerable countries in the world coming out and just fighting for their lives – which is at stake here,” ” said Morgan, reported Al Jazeera.

The leaders of developing nations remain reluctant to curtail fossil-fuel burning until they receive money and assurances for both climate adaptation measures and renewable energy development.

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