The UK is drafting a COP26 plan to ensure that the money promised by Reuters arrives

By Kate Abnett and Valerie Volcovici

GLASGOW (Reuters) – British hosts of the UN’s COP26 climate talks released a proposal on Saturday to ensure that rich countries provide climate finance to the world’s poorest nations in the years to come, following the promises of the past.

Finance proved one of the toughest issues at https://www.reuters.com/business/environment/climate-finance-could-make-or-break-cop26-summit-heres-why meeting in Glasgown, In Scotland. Developing nations say the rich nations responsible for the majority of human-caused climate change have failed to deliver on their long-standing promise to provide $ 100,000 billion a year by 2020 to help address the effects of global warming.

The draft document, one of the many that Britain will publish at the end of COP26, needs the approval of nearly 200 countries represented at the summit. It calls on a UN commission to report on the progress made in delivering $ 100 billion next year. They would also meet in 2022, 2024 and 2026 with government ministers to discuss the financial issue.

The purpose of regular check-ins would be to put pressure on rich countries to meet their commitment to mobilize money when they do not meet the 2020 target.

The writing of the UK proposal “notes with serious concern” that $ 100,000 billion has not yet been met, and calls on countries to increase their contributions to deliver it.

Wealthy countries expect to deliver $ 100,000 billion by 2023, although some have suggested it could be met next year.

The European Union and Italy were making a last-minute proposal on Friday that it would use special draw rights to ensure that the $ 100,000 billion target is met next year, an EU official said.