Will COVID-19 derail climate finance?

One step backward, two steps forward

Why It Matters

2020 was set to be an important year for climate action. COVID-19 will delay progress in the short term as stimulus packages intended to soften the impending recession will stretch public dollars, threatening the climate action the world so urgently needs.

2020 was supposed to be a pivotal year for climate action, reaching its crescendo at COP26 in Glasgow this coming November. The UK Government also intended to create a watershed moment for climate finance — public or private financing for mitigating climate change — and even appointed Mark Carney as its Finance Adviser.

Then the pandemic happened, taking the spotlight off climate change and forcing the UK Government to postpone COP26. Here’s what it could mean for climate finance going forward.

 

Bad news for climate finance commitments

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