The Conversation: COP26: 4 ways rich nations can keep promises to curb emissions and fund climate adaptation
“The time has come for Canada and other rich nations to pony-up and pay for the devastation they have caused countries in the Global South. That means, for a start, providing far greater climate adaptation financing to low-income countries and plugging the holes that siphon their limited fiscal resources to tax havens. Two Canadians have prominent roles at the COP26 climate meeting in Glasgow, Scotland. United Nations Ambassador Bob Rae, is co-chair of the COP26 finance panel, and Mark Carney is the UN special envoy for COP26, responsible for getting financial institutions to join the new Glasgow Financial Alliance for Net-Zero. They are experienced and highly respected individuals with solid reputations as mediators. However, despite Prime Minister Justin Trudeau’s recent climate plan, Canada’s record on greenhouse gas emissions reduction has been abysmal. Furthermore, its failure to meet its climate finance commitments to developing countries will not be viewed favourably as Ambassador Rae attempts to negotiate a meaningful international climate agreement. The UN says more than 160 financial firms are signed onto the alliance. The “Big Six” Canadian banks — BMO, CIBC, National Bank, RBC, Scotiabank and TD — signed on days before the summit was to begin. Their pledge will undoubtedly be met with allegations that this was merely a public relations exercise. Since the Paris deal was signed in 2015, Canada’s five largest banks have provided $700 billion in financing to fossil fuel companies.”