United Nations Secretary-General Antonio Guterres warned that the world is “still careening towards climate catastrophe”, while saying leaders of rich nations must do more to help poorer countries. According to the UN, at COP26, the countries should funnel more funds to developing countries to strengthen their ability to respond to the impacts of climate change. This is an important factor in helping vulnerable countries cope with extreme weather events.
COP26 hopes to witness a record number of countries committing to net zero emissions of greenhouse gases by 2050 as well as the number of governments participating in Nationally Determined Contributions, contributing to limiting the increase in the global average temperature. As of September, 86 countries in total and 27 members of the European Union (EU) have submitted NDCs. The EU has set a target of reducing emissions by at least 55% by 2030, while the US has pledged to reduce greenhouse gas emissions by 50%–52% from 2005 levels by 2030. China, the world's largest emitter of carbon dioxide, set a goal of becoming carbon neutral by 2060.
One of the most urgent requirements today is that developed countries should fulfill their commitment to mobilising US$100 billion annually to support developing countries in coping with climate change in the context that funding commitments have not been completed in 2020 as scheduled. According to the Organisation for Economic Co-operation and Development (OECD), several countries have pledged to increase funds for climate protection efforts. Based on actual plans, developing countries will have access to about US$97 billion in funds in 2022 and US$106 billion in 2023.
Strengthening Resilience to Climate Change and dealing with the negative economic and non-economic impacts of climate change is one of the main goals of COP26. The world needs to act quickly before it is too late. However, there is still a big gap between commitments and action. A common political will and increased awareness from all countries are needed to protect the earth.
