The UNFCCC COP26 President, Alok Sharma, visited India to discuss India’s implementation of its COP 26 commitments.
- He also stated that a mechanism is being put in place to achieve the target of climate financing USD 100 billion by 2023.
- It refers to local, national, or transnational financing—drawn from public, private and alternative sources of financing—that seeks to support mitigation and adaptation actions that will address climate change.
- The UNFCCC, Kyoto Protocol, and the Paris Agreement call for financial assistance from Parties with more financial resources (Developed Countries) to those that are less endowed and more vulnerable (Developing Countries).
- This is in accordance with the principle of “Common but Differentiated Responsibility and Respective Capabilities” (CBDR).
- In COP26, new financial pledges to support developing countries in achieving the global goal for adapting to the effects of climate change were made.
- New rules for the international carbon trading mechanisms agreed at COP26 will support adaptation funding.