Pay: UN climate summit leader says finance is key to success

PARIS – Britain’s official who will chair an upcoming UN climate summit said on Tuesday he was losing sleep over how to secure long-promised funding for poorer countries to switch to cleaner energy and face the worst impacts of climate change.

Alok Sharma, president of the 26th United Nations Climate Change Conference, used a speech in Paris to push richer nations into action in the last few weeks leading up to October 31-November. 12 event in Glasgow, Scotland.

Sharma said securing the previously pledged annual climate change finance package for the poorest countries “is vital to the summit’s success.”

“Without funding, tackling climate change is almost impossible. Developed countries must therefore honor the 100 billion dollars per year promised to developing countries. He is a totemic figure. A matter of trust. And trust is a hard-earned and fragile commodity in climate negotiations, ”he said.

“Thinking about this keeps me awake at night,” he added.

Sharma, who was UK Secretary of State for Business before stepping down to oversee the COP26 conference, also lobbied the Group of 20 nations which together account for the bulk of global wealth and trade and around 80% of emissions pollutants that contribute to global warming.

In July, the G-20 countries all agreed that ahead of the COP26 meeting, they would each set “ambitious” targets to reduce emissions by 2030, Sharma said. But some have yet to do so and “have to deliver,” he said.

“I say to these G-20 leaders: they just have to move forward before COP26,” he said.

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