Channeling funds to fight climate change to developing countries was one of the main metrics for success at the climate summit, yet rich countries apparently have not delivered on their pledges at the ongoing Glasgow conference.
At the 2009 Copenhagen climate talks, rich countries had committed $100 billion a year by 2020 to help underdeveloped countries tackle the effects of climate change.
But this goal has not yet been achieved, and now the COP26 Presidency says it is highly unlikely to reach it this year or next.
It does, however, say it is certain it will be met by 2023 – a pledge that many have seen as a huge disappointment.
Although developed countries continued reiterating their promises to provide climate funding for those most vulnerable, environmental groups say these are already broken promises.
“We’re going to meet the target to provide $100 billion (€86.3 billion) of climate finance to developing countries,” said UK Chancellor Rishi Sunak on Wednesday.
But this funding target was supposed to be reached in 2020 and now it is projected for 2023 – three years late.
“While we know we are not yet meeting it soon enough, we will work closely with developing countries to do more and to reach the target sooner,” he added.
‘COP26 set to be biggest finance greenwash event in history’
Separately, a former Bank of England governor was able to make a host of big Western banks sign up to his Glasgow Financial Alliance for Net Zero, announcing $130 trillion from 450 financial groups directed at decarbonization.
Despite unprecedented commitments from financial institutions to align their portfolios, products, and services with the 2015 Paris Agreement, the quality of pledges was not seen as enough to make a real impact.
Kenneth Haar, a researcher at Corporate Europe Observatory said: “What we see happening here is basically a privatization of crucial parts of the international climate policy.”
Even if a financial firm continues to invest massively in fossil fuels, which will be the case without strong regulation, it can still be actively included in the UN agenda on private finance and climate change.
“Sadly, the upcoming COP26 looks set to become the biggest finance greenwash event in history,” he added.
Brid Brennan, a researcher at Transnational Institute (TNI), said: “COP 26 has become a big Bonanza for the Corporate financiers and polluters – derailing a historic opportunity to achieve a serious reduction targeting of CO2 emissions and disinvestment from fossil fuels.
Climate justice activists also believe that without money, there will be no real change.
Even the promised $100 billion a year is seen as not enough to make necessary investments.
The IPCC estimates $2.4 trillion is needed annually for the energy sector alone through 2035 to limit global warming below 1.5C (2.7 Fahrenheit) to prevent catastrophic consequences.
Source: Anadolu Agency