Royal Institute of Traditional Arts implements Saudi-Chinese cultural exchange program    Localization in Saudi military industries rises to 19.35%    Logistics park for vehicles worth SR300 million to be set up at Dammam port    Commerce Ministry recalls 6,500 Genesis cars due to risk of fire    HONOR KSA expands its presence with new flagship Experience Store in Riyadh HONOR's first flagship store in KSA provides visitors with a premium experience, exciting offers and free services    Saudi, Iranian foreign ministers discuss Oman-mediated talks with US    Prince Sultan University launches first bachelor's program in language and media    Al-Falih: Eastern Province hosts 700 investment opportunities worth SR330 billion    Putin announces three-day Russian ceasefire in Ukraine from 8 May    Crown Prince donates SR1 billion to support housing for eligible families    Pakistani military says it killed 54 militants attempting to cross border from Afghanistan    Suspect charged after Vancouver car ramming leaves 11 dead    Eight hundred Houthi targets hit after weeks of strikes, says US    Rock & Roll Hall of Fame picks Outkast but not Oasis    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Al Ahli cruise past Buriram into AFC Champions League Elite semi-finals    Saudi orchestra to perform at Sydney Opera House in May    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



On day 3 as focus turns to climate finance in COP26
Published in The Saudi Gazette on 03 - 11 - 2021

With many world leaders now making their way back from COP26, "the eyes of the world" are on negotiators who are working out the details of the climate commitments made over the last two days.
And on day three, the focus of the summit was finance. Chancellor of the Exchequer Rishi Sunak announced plans Wednesday to make the UK the world's first "net-zero" aligned finance center.
To that end, he said British financial institutions would be required to disclose their climate impacts — but he won't make going net-zero mandatory.
As home to the City of London, one of the world's major financial centers, the UK "has a responsibility to lead the way" in financing efforts to fight global warming, said Sunak.
Sunak also welcomed "historic" climate commitments from private companies that cover $130 trillion (€112.16 trillion) of financial assets. Known as the Glasgow Financial Alliance for Net Zero or GFanz, it covers more than 450 firms based in 45 countries across six continents and from all parts of the financial industry.
To guard against greenwashing, Gfanz will form its plans using "the most rigorous science-based scenarios". To check in on its climate progress there will be an advisory panel that is made up of 20 independent experts and seven NGOs.
The UK government said that this "huge pool of cash" could fund the transition to net-zero emissions including a move away from coal, the shift to electric cars and the planting of more trees.
Meanwhile, environmental groups say finance plan has too much 'wiggle room'.
Climate campaigners say this means a net-zero financial center could just be business as usual with a flashy marketing slogan.
"The world's first net-zero aligned financial center would be one in which financial institutions and companies are required by law at the outset to bring their lending and investments in line with the global goal to limit warming to 1.5 degrees," said Greenpeace UK's head of politics Rebecca Newsom.
"Instead, these new rules seem to allow plenty of wiggle room for financial institutions to continue with business as usual, rather than 'rewiring' the system as the Chancellor claims."
She said that transition pathways must be science-based and not determined by "industry participants in cosy alliances." She added, "The Chancellor is once again falling short of what the climate emergency requires."
In another development, developed countries have once again reiterated their pledge to provide climate funding for those most vulnerable.
"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.
But this funding target was meant to be met in 2020 and now it is expected in 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.
Sunak also said that the UK would commit £100 million (€118 million) to the Task Force on Access to Climate Finance. He added that this is meant to make it "quicker and easier for developing countries to access the finance they need."
Also, members of the Least Developed Countries (LDC) Group told COP26 Wednesday that with climate change and the COVID-19 pandemic, access to funding was a "huge issue".
"For us, it takes anywhere between four to five years to secure a loan," said Sonam P Wangdi, chair of the group.
Made up of 46 countries with 1 billion people, LDCs are responsible for less than 1 percent of the world's emissions. Yet they suffer disproportionally from the effects of climate change.
From the LDCs perspective, Wangdi believes the process needs to be simplified so that money can be more easily accessed in an emergency.
"If you have a climate disaster and you apply for a loan, it takes four or five years, it doesn't make sense. You're not able to help your people, you aren't able to finance a rebuild or secure livelihoods.
"We end up borrowing and most of the LDCs are now getting into debt traps. We have borrowed up to the eyeballs." — Euronews


Clic here to read the story from its source.