| 24 May 2024, Friday |

EU to push rich nations to increase climate finance at COP26

At the COP26 conference, the European Union will press wealthier countries to commit more funds to help poorer countries reduce emissions and adapt to climate change impacts, according to the European Commission.

The EU will “encourage developed countries to enhance their climate finance to fulfill the $100 billion target,” according to a statement from the Commission, which also noted that the EU and its 27 member countries already pay more than $25 billion annually.

Rich countries have so far failed to meet their 2009 promise to transfer $100 billion per year to poorer nations by 2020. Data produced this week suggested the promise would not be met until 2030, stoking tensions that climate watchers fear could sour talks at the U.N. COP26 summit, which begins on Oct. 31.

  • Reuters