COP26 - Day 3: Mobilising public and private finance

Finance Ministers, International Finance Institutions and the financial sector met at COP26 today to get global finance flowing for climate action.

Mobilising finance is critical if we are to deliver the urgent action we need to limit global temperature rises to 1.5C. Trillions of dollars of additional investment a year are needed to secure a low-carbon future and support countries already living with the devastating impacts of climate change.

• Meeting the $100 billion commitment and financing adaptation: Countries made new commitments to increase finance to support developing countries to deal with the impacts of climate change. This built on the plan set out ahead of COP26 to deliver the $100 billion per year to developing countries.
• Public finance for a net zero future: Leaders from South Africa, UK, US, France, Germany and the EU announced the $8.5 billion Just Energy Transition to help South Africa move to clean energy. This fund is to support South Africa - the world's most carbon-intensive electricity producer - to achieve the most ambitious emissions reduction target within its upgraded and ambitious Nationally Determined Contribution.
• Mobilizing private finance: Public finance must also be used to leverage the trillions of dollars in private finance needed for a climate resilient, net zero future, and how to support developing countries to access that finance. There was also the launch of an innovative new financing mechanism - the Climate Investment Funds' Capital Markets Mechanism (CCMM) that will boost investment into clean energy like solar and wind power in developing countries.

Whilst working on the Finance Portfolio on Mayor Dave Hodgson's Executive, Councillor Michael Headley has overseen significant investment in green projects including upgrading street lights to LED and installing electric vehicle charging points and solar arrays across the borough. Councillor Headley and Mayor Dave have also launched the Council's Climate Fund which can provide up to 50% match funding (from £5,000 up to £20,000) for improvements that reduce carbon emissions and energy costs of community buildings within Bedford Borough.