The World Leaders Summit wrapped up on Day 2 of COP and brought about a commitment to end deforestation and a global pledge to cut emissions of the potent greenhouse gas methane by 30% of 2020 levels by 2030.

According to President Joe Biden, “This isn’t just something we have to do to protect the environment, our future,” but also an “enormous opportunity” to create jobs.

World leaders have now left Glasgow, and as we move to Day 3 the focus has shifted towards finances.

The good news is that some of the world’s biggest investors, banks and insurers who together control $130 trillion in assets announced they will use this capital to hit the net zero emission target by 2050.

The EU has also taken a concrete step towards ending deforestation by pledging €1 billion ($1.1 billion) to help protect forests over the next five years, a quarter of which will be reserved for the Congo Basin. And the US president has promised $9 billion for forest conservation.

China, however, said it has still not received the $100 billion in climate finance that it had been promised for before 2020. Special Envoy for Climate Change Xie Zhenhua said Tuesday his country was “not resisting” the target of limiting warming to 1.5 degrees Celsius even though the country remains the biggest polluter.

Countries that are most at risk have also urged richer countries. 48 ‘at risk’ countries mostly from Africa convened a meeting at COP26 on Tuesday in what’s called the Climate Vulnerable Forum (CVF) and asked developed nations to provide at least $2.5bn a year for the next five years in climate finance to help them fight climate change.

Surangel Whipps Jr, the President of Palau told world leaders “You might as well bomb us,” speaking about the environmental impact his country was facing.


From : pk.mashable.com

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

New lizard species, Liolaemus warjantay, discovered in Peru

A new lizard species, Liolaemus warjantay, has been discovered in Peru according…

12 more localities in Lahore placed under smart lockdown

The Punjab government has placed 12 more localities in Lahore under smart…

Pakistan develops first batch of local covid-19 vaccine ‘PakVac’

Pakistan has successfully developed the first batch of local covid-19 vaccine, PakVac,…

Pakistan customs increases taxes on import of used computers and laptops

Pakistan customs increases taxes on import of used computers and laptops –…