"UK, Germany, and Canada Expected to Announce Support Plans for Climate Fund for Poorest Countries"

Measures to Facilitate Final Agreement at the COP26 Conference

[Image source=AP Yonhap News]

[Asia Economy Reporter Kim Suhwan] Developed countries are expected to offer "carrots," such as providing financial support to the poorest countries, to secure a final agreement at the 26th United Nations Climate Change Conference of the Parties (COP26) held in Glasgow, UK, on the 31st of this month.

The Guardian reported on the 24th (local time) that the UK, the chair country of COP26, along with Germany and Canada, will announce plans to support climate funds for the poorest countries through ministerial-level consultations on the 25th.

This comes amid growing criticism among developing countries that the carbon reduction targets to combat climate change represent a "ladder kicking away" by developed countries, raising concerns that a final agreement at COP26 may not be reached.

The Guardian analyzed that this climate fund support plan aims to quell opposition from developing countries by having developed countries pledge climate finance to the poorest countries, thereby gaining support for the final agreement targeted by developed countries.

Originally, developed countries promised to provide at least $100 billion annually from 2009 to 2020 in climate funds from both public and private sectors to help developing countries reduce greenhouse gases, but this promise was not fulfilled.

According to a report by the Organisation for Economic Co-operation and Development (OECD) last month, the funds provided to developing countries in 2019 amounted to about $80 billion.

Alok Sharma, UK Secretary of State for Business and the chair of COP26, pointed out, "Developed countries must keep their promise to provide $100 billion annually to developing countries," adding, "This is a matter of trust."

Although some developed countries such as the UK, Germany, Canada, and Japan have announced additional climate fund contributions, the amount remains insufficient to fulfill the promised funds to developing countries.

Accordingly, the new support plan to be announced by the UK and others on the 25th is reported to include a commitment to provide an average of $100 billion annually to the poorest countries from 2020 to 2025, instead of on a yearly basis.

The Guardian forecasts that this fund will likely be used more for climate change adaptation in the poorest countries rather than for carbon emission reduction in middle-income countries.

However, The Guardian added that since UK Chancellor Rishi Sunak has announced further cuts to the UK's foreign aid, it is expected that the UK government's contribution to the climate fund will not be easy.

This content was produced with the assistance of AI translation services.