Countries that are most vulnerable to the impacts of climate change will help set the international agenda, in the run up to COP26.
Today 31 March, the UK hosted its Climate and Development Ministerial event, which brought together Caribbean countries such as Antigua and Barbuda, Grenada, Jamaica, Trinidad and Tobago and partners to work on solutions to the challenges many developing countries face.
The virtual event was co-chaired by COP26 President, Alok Sharma and UK Foreign Secretary, Dominic Raab. The UK’s International Champion on Adaptation and Resilience for COP26 Anne-Marie Trevelyan also took part alongside representatives from youth groups, indigenous people and financial institutions.
This is a key moment on the road to COP26 in Glasgow later this year and aims to build consensus on practical actions and solutions across four key areas:
- Responding to Climate Impacts: better coordination and international cooperation to address losses and damages related to climate change
- Fiscal Space and Debt Relief: alleviating fiscal pressure in developing countries so that they are more able to address climate change
- Access to Finance: improving climate vulnerable countries’ and communities’ access to finance to decarbonise their economies and adapt to climate change
- Better Finance: addressing the challenge of how to improve the quantity, quality and composition of climate finance, in particular to mobilise funds for adaptation and resilience and support the most vulnerable
Ahead of the event, the UK Government announced £500,000 of funding for the new Initiative for Voluntary Carbon Market Integrity. High-quality voluntary carbon markets could increase finance flows to where it is most needed, helping to create greener, more inclusive and resilient economies around the world.
COP26 President Alok Sharma said:
“This is one of the most important events we are hosting in the run up to COP26. We must acknowledge that the people who have done the least to cause the climate crisis are suffering the most.
“That is a searing injustice. And so developed countries have a particular responsibility to support the response of communities, which are most vulnerable to climate change. It is absolutely vital that we find solutions because we are running out of time to keep the crucial 1.5 degree target within reach.”
UK Foreign Secretary Dominic Raab said:
“Today is all about hearing from those countries that are most vulnerable to climate change – those on the front line of this fight. We need to consider where international systems can do more to deliver urgent climate action.
“We know that lack of finance creates barriers to countries implementing the Paris Agreement. Combined with the challenge of recovering from the pandemic, this threatens to set back progress.
“The UK is responding. We have committed £11.6 billion over the next five years in climate finance. The way forward must be to engineer a green recovery that delivers for people and planet.”
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