COP26: The United Kingdom pledges £290 million to assist poorer countries in dealing with climate change
As the COP26 climate change summit begins its second week, the United Kingdom has pledged £290 million to help poorer countries cope with the effects of climate change.
Ministers from around the world have gathered in Glasgow for more discussions.
They’ll talk about ways to help poorer countries and whether or not natural disaster damage should be compensated.
Poorer countries have requested $100 billion in financial assistance, claiming that they are currently suffering and would be disproportionately harmed by climate change.
Developing countries have historically contributed a modest percentage of the harmful emissions that cause climate change, but today the richest 1% of the world’s population accounts for more than double the combined emissions of the poorest 50%.
According to the government, the majority of the money will be used to help Asian and Pacific countries plan and invest in climate action, boost conservation, and encourage low-carbon development.
The International, Commonwealth, and Development Office defined the £290 million as “new financing” from the foreign aid budget.Last month, the government announced that cuts to the UK’s foreign aid budget, which have been reduced to 0.5 percent of national revenue, will be maintained until at least 2024-25.
Prior to COP26, senior government climate change advisers cautioned that the cuts demonstrated the UK was “neither dedicated nor serious” about assisting climate-vulnerable countries.
Because the bill may be in the trillions of dollars, wealthy nations have never admitted legal responsibility for the consequences of their emissions.
So far, Scotland is the only country that has pledged a £1 million donation to a compensation fund for countries whose economies have been harmed by climate change.
Scotland’s vow is the first time any industrialised nation has tacitly recognised responsibility for contributing to global warming, according to Saleemul Huq, head of the International Centre for Climate Change and Development in Bangladesh, and he believes it will not be the last.