Spain pledges 1.35 billion euros to climate solidarity funds

  • Sánchez commits to increase Spanish aid countries most vulnerable to the climate crisis

  • The president is hopeful that COP26 “represents the point of inflection“for the planet

At the start of the Glasgow Climate Summit (COP26), Spain has committed to increasing its contribution to climate solidarity funds to help developing countries cope with the climate crisis. This was announced this Monday by the President of the Government, Pedro Sánchez, during his speech before the leaders of the whole world. “We are committed to increasing climate finance to reach 2025 with an increase of 50% regarding our current commitment. Our goal is to achieve 1,350 million euros per year from 2025“, the president explained in his speech.

Sánchez’s announcement is a direct response to the ‘unfulfilled promise’ of 100,000 million against the climate crisis; an agreement that high-income countries reached a decade ago to help the poorest areas of the planet mitigate the impact of the climate crisis and which, to this day, has not yet been fulfilled. “Meeting the $ 100 billion target is going to be one of the COP26 litmus tests at the time to regain trust between the countries of the North and the South. Spain will do its part, “said the president in relation to the increase in Spanish commitment to this solidarity program.

In his speech, Sánchez also announced that Spain will donate 20% of its new Special Drawing Rights (SDR) to vulnerable countries. This, according to the release Moncloa, “will mean a minimum of 350 million to the Fund for Poverty Reduction of the IMF and the rest to the new Fund for Resilience and Sustainability, once it has been created. “Likewise, Spain has also committed to contribute 30 million euros to the adaptation fund of the United Nations in 2022.

Sustainable goals

Sánchez was the first to speak during the world leaders’ summit on Monday that followed the opening ceremony for the Glasgow negotiations. “Since we met in Madrid two years ago [en la COP25], the certainty of the catastrophic risks of the climate emergency is increasing “, stressed the president.” scientists certify code red in which we find ourselves. The good news is that we know what to do. But we need political determination and immediate action, “he added.

The president used his speech to “align short-term ambition with a long-range view.” Specifically, Sánchez asked reduce greenhouse gas emissions to limit global warming to a maximum of 1.5 degrees Celsius [en línea con el acuerdo alcanzando este fin de semana por el G20 en Roma]. “Must bet on renewable energies, the energy efficiency, clean mobility, conservation and ecosystem restoration and the urban rehabilitation. We must abandon fossil fuels, and it is essential to protect biodiversity and preserve our oceans and Antarctica, “he stressed.

30 billion in transition

Regarding the Spanish ecological transition, Sánchez highlighted that in the last four years Spain has reduced coal power generation by 90%. Another of the achievements that the president showed before his international counterparts was the country’s first climate change and energy transition law and “the decision to allocate almost 30,000 million euros in the next three years to the ecological transition.”

Related news

On the first day of the Glasgow Climate Summit, Sánchez was also hopeful that this COP26 “will mean the turning point that drives true change course of the planet through a solidarity, forceful and urgent actionThis optimism, shared by heads of state and government around the world, has two weeks to translate into new climate agreements. November 12 We will know if COP26 has finally succeeded in transforming theory into practice. The promises, in agreements.

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