On the third day at COP26, delegates and participants discussed perhaps the most critical issue of all: money via climate finance.
But, what is climate finance? According to the UNFCCC, it can be defined as financing “that seeks to support mitigation and adaptation actions that will address climate change.”
In plainer terms, Dr. Chi-Ming Peng, Chief Executive Officer at WeatherRisk Explore and a member of Tzu Chi’s UN Delegation, says it “means the rich countries should give the money to the developing countries” to help them handle the consequences of climate change.
But, there remain some caveats: “until now, only less than 10% of the money reached the goal, so it’s not easy to make the climate finance [work] especially country-to-country.”Learn more about these challenges in our latest video coverage of COP26.