Cop26, the day there was talk of money. “Private finance in the first row” – Corriere.it

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Glasgow Yesterday in Glasgow we began to see the color of money: and it wants to be green. Alla Cop26 Funding day was: iBritish Chancellor of the Exchequer Rishi Sunak promised to do Great Britain is the first financial center in the world In line with zero emissions.
But it above all put on the table the commitment of the 450-based group 45 countries With one goal: to allocate 40% of the world’s monetary resources to fighting heating. The tool is the Glasgow Financial Alliance for Net Zero (Gfanz), led by Mark Carney, former Canadian governor of the Bank of England: In her arsenal there More than $100 trillion to fund environmental transformation over three decades.

Investment funds, pension funds and banks with groups such as HSBC, Bank of America and Santander will contribute to this. We now have the equipment to — Carney said — to move climate change from the periphery to the forefront of finance, so that every financial decision takes that into account. He will join the former ruler Michael Bloomberg, former New York mayor, leads the coalition.

But the money issue runs the risk of introducing another element of contention into the COP. The Rich countries had already promised to allocate $100 billion annually to a green transition in developing countries: it now appears that this goal will only be achieved in 2023. This is not well taken up by the potential beneficiaries. It is true that Japan announced an additional $10 billion spending over five years: enabling US climate envoy John Kerry to say that the $100 billion target will be achieved early next year. But the doubt has not completely dissipated.

Charity comes to the rescueAn initiative sponsored by former British Prime Minister Gordon Brown, the charities of the Rockefellers, Jeff Bezos and Ikea promised to fill the gap left by governments to help less developed countries.

But there’s more: because weak nations want to be compensated for the losses and damages caused by climate change. So far, only Scotland has promised to do so. It is clear that governments cannot do this alone: As COP26 President Alok Sharma has pointed out, developed countries must unleash the trillions needed in private investment to guard against the devastating effects of climate change.