With The Big Names Gone, The Hard Part Begins. Day 3 Brings A Focus On Money.

President Biden and other heads of state have wrapped up their big speeches at the international climate summit in Glasgow. Now, the tough negotiations begin, largely behind closed doors. The first two days of the talks, known as the “World Leaders Summit,” featured some high-profile announcements on deforestation and cutting emissions of methane. Over the remaining 10 days, negotiators from nearly 200 countries will discuss what other steps they can take to make further progress on climate change. One of the biggest sticking points remains money. Poorer countries have long demanded more aid from wealthier ones, whose emissions are principally responsible for temperature rises so far, both to accelerate the shift to cleaner sources of energy and to help them adapt to the dangers of climate change.

A New $10.5 Billion Fund Aims To Spur Green Energy Projects In Poor Countries:

A group of philanthropic foundations and international development banks on Wednesday announced a $10.5 billion fund to help emerging economies with growing energy needs make the switch from fossil fuels to renewable sources. The group, known as the Global Energy Alliance, aims to draw in more donors in the coming weeks. 

Yellen Says The U.S. Will Help Raise $500 Million For Green Bonds:

Treasury Secretary Janet Yellen said on Wednesday that the United States would support a financing mechanism that aims to direct $500 million a year to move developing countries away from coal-based energy and toward wind, solar and other low- and zero-carbon energy sources.

Global Finance Industry Says It Has $130 Trillion To Invest In Efforts To Tackle Climate Change:

A coalition of the world’s biggest investors, banks and insurers that collectively control $130 trillion in assets said on Wednesday that they were committing to use that capital to hit net zero emissions targets in their investments by 2050, in a push that would make limiting climate change a central focus of most major financial decisions for decades to come. The group, called the United Nations Glasgow Financial Alliance for Net Zero, is made up of 450 banks, insurers and asset managers in 45 countries. 

By Brad Plumer, Lisa Friedman, Somini Sengupta, Liz Alderman and Eshe Nelson. New York Times. November 3, 2021.

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