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Date Published: 02/11/2021

ARCHIVED - Spain allocates billions to climate change fund

ARCHIVED ARTICLE

Spain is among more than 100 nations contributing to the COP climate summit in Glasgow

<span style='color:#780948'>ARCHIVED</span> - Spain allocates billions to climate change fund

Some 120 world leaders are attending the COP26 climate conference in Glasgow this week, with the President of the Spanish Government, Pedro Sánchez, announcing on Monday November 1 that he plans to allocate 1.35 billion euros to the climate fund from 2025. This is a 50% increase on the current contribution.

Wealthier countries supplement the fund so that developing nations can adopt measures in the fight against climate change, something which Mr Sánchez recommitted to in a Twitter exchange with music sensations Coldplay recently.

Spain’s President was the first of the world leaders to address the summit, and he asked that the global effort be redoubled since scientists have warned that “we are in code red”.

The 2015 Paris Agreement, whereby nations have agreed to limit global warming to a maximum of 1.5 degrees above pre-industrialisations levels, was also a hot topic, with recent reports indicating that the global response needs to improve in order to reach this target. While Spain is one of the countries that has reduced its carbon emissions the most in recent years, the president of the European Commission, Ursula von der Leyen, called on the international community to tax CO2 emissions because “nature can no longer pay that price”.

Meanwhile, the British Government confirmed that one hundred world leaders from countries representing 85% of the planet’s forests have committed to “halting and reversing deforestation and land degradation” by 2030. The signatory states cover an area of 33.6 million kilometres of forest land which are currently disappearing at a rate of 27 football fields every minute.

While these decisions were made on only the first day of the two-week summit, all of the world leaders are in agreement about one fundamental issue: that the time for talking about the climate change crisis is over and the time for action is upon us.

Hay que elevar el nivel de ambición climática mundial y apoyar los objetivos con recursos. Nuestro país se compromete a ello. España incrementará un 50% la financiación contra el cambio climático para llegar a 2025 a la cifra de 1.350 millones de euros anuales. #COP26 pic.twitter.com/qZ5yhJYKs4
— Pedro Sánchez (@sanchezcastejon) November 1, 2021

Image: Pedro Sánchez on Twitter

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