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Sunday, August 1, 2021

UN calls out G7 leaders for failing to secure £72bn per year deal on climate

The head manager of climate change at UN has forewarned how world leaders remains ”far away” from coming up with a deal that limits the catastrophic effects of global warming, especially now that only 5 months are left until the important conference in Glasgow.

Patricia Espinosa, a leader of climate policy in UN, stated how time is ticking, and although some developments have been made at the G7 meeting last week, there has been no progress towards past commitments, such as the £72bn per year deal, which helped developing countries become investors in green tech.

“We’re still very far away from being fully confident of having a full success at Cop26,” she said. The UN meeting on climate is estimated to take place on October 31st in Glasgow, and it’s considered to have a huge significance against global warming.

The G7 conference was optimistic that the process could be developed in advance of Cop26, however Espinosa was disappointed, by saying that: “Regarding finance, I’d have really hoped for a clearer signal on how and when we will be able to see the commitment to mobilise the $100bn fulfilled.”

If developing countries want to honor the pledge, then this means cutting emissions and reducing fossil fuels, however there was a lack of details as to how much rich countries are willing to invest.

“This is one condition to be able to have a good basis to have a successful Cop26,” said Espinosa. “It is essential. We cannot afford a lack of success. Cop26 should be able to give some sense of hope to the world. There isn’t much time. We are already in the second half of June.”

Further, Espinosa also stated that there remain doubts as to how the conference will be held, whether it will be with all delegates attending in person, or if it will be via a virtual format.

“We are working on all possible scenarios, from a fully fledged conference to a conference that could be virtual,” she said. “It is true the UK presidency is working very hard to have a physical meeting.”

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