COP26 draft decision shifts the goalpost on climate financing

Sticks to $100 billion figure, no separate loss & damage fund proposed; calls for phasing out coal

The draft placed by the 2021 United Nations (UN) Climate Change Conference, also kno­wn as COP26 presidency, which will serve as the negotiating text for the final outcome of the global climate conference, has offered no further enhancement to the climate financing budget and has “urged” the developed world to meet the $100 billion per year target set in 2009. The draft text, for the first time, has also called for phasing out coal and subsidies for fossil fuel.

The negotiating text has, however, steered clear of mentioning a separate fund for loss and damage, something the developing nations have been