GLASGOW: British finance minister Rishi Sunak kicked off day three of COP26 on Wednesday with a pledge to “rewire” the global financial system for net zero.
Sunak said London would also commit $136.19m to make climate finance more accessible to developing countries.
The morning announcement – that most of the world already knew the previous day – followed Tuesday’s run of news which saw world leaders reach agreements on deforestation and curtailing methane emissions.
Here are the highlights of the events of day 3, Wednesday as they unfold (all times are GMT)
11:00am: Asian Development Bank (ADB) launched a plan to speed the closure of coal-fired power plants in Indonesia and the Philippines to lower the biggest source of carbon emissions.
The proposal – announced at COP26 – called Energy Transition Mechanism (ETM), plans to create public-private partnerships to buy out the plants and wind them down within 15 years, far sooner than their usual life.
09:23am: British finance minister Rishi Sunak said London would commit $136.19m to make climate finance more accessible to developing countries.
09:00am: US climate envoy John Kerry said on Wednesday that current commitments on cutting carbon emissions meant the world had a 60 percent chance of capping a rise in the average temperature at 1.5 degrees Celsius.
08:00am: Although not at COP26, China announced it was targetting a 1.8% reduction in average coal use for electricity generation at power plants over the next five years, in a bid to lower greenhouse gas emissions.
