Valerie Volcovici and Kate Abnett

GLASGOW, (Reuters) – The British host of the COP26 U.N. Klimagespräche veröffentlichte Saturday a proposal for climate finance. It would be used to help poor countries receive climate finance in the future.

Finance has proved one of the toughest issues https://www.reuters.com/business/environment/climate-finance-could-make-or-break-cop26-summit-heres-why-2021-11-01 to solve at the meeting in Glasgow, Scotland. According to the developing nations, rich countries whose greenhouse gas emissions cause the most of the human-caused global warming have not fulfilled a promise of $100 billion annually by 2020 in support of their efforts to combat the problem.

A draft document that Britain created, and which will be published after COP26 ends, must be approved by the almost 200 nations represented at this summit. The U.N. asks for a report on next year’s progress toward delivering $100 billion. The finance issue would be addressed by the ministers of governments in 2022, 2024, and 2026.

These regular checks would serve to continue to put pressure on the rich to honour their commitments to raise cash, even if they fail to achieve their 2020 goals.

British proposals “note with grave concern” the fact that the goal of $100 billion is still un met. They urge countries to raise their contribution to make it happen.

Although rich nations expect to reach $100 billion by 2023, others have indicated that it might be possible next year.

According to an EU official, the European Union was working with Italy on Friday in a last-minute proposal that would have special drawing rights. This will help ensure that next year’s $100 billion target is achieved.