Summary

  • On day four of the climate summit, the focus turns to how the world finances the transition to green economies

  • World leaders have left Glasgow with some important deals agreed but many difficult issues remain on the negotiating table

  • Developing countries are angry that $100bn in promised annual climate finance is yet to materialise

  • They say that those with the most historical responsibility for climate change should pay for efforts to tackle it and adapt to its effects

  • UK Chancellor Rishi Sunak promises to accelerate that finance and says the global financial system is being rewired for net zero

  • COP26's overarching goal is to keep the world on track for 1.5C of warming, which scientists say will help us avoid the worst impacts

  1. What did we learn from the COP26 president's news conference?published at 14:51 Greenwich Mean Time 3 November 2021

    Adam Fleming
    Chief political correspondent

    The COP26 President Alok Sharma and his UN counterpart Patricia Espinosa have been holding a news conference, as the more intense technical negotiations get under way. They struck some familiar notes but gave some interesting hints.

    Sharma suggested that the OECD, the rich nations’ financial think tank, might like to update their analysis of how much money has been committed to poor countries to reflect some pledges made at the conference.

    This is a big dividing line in Glasgow.

    Espinosa hinted that there could be an updated tally of countries’ latest carbon reduction pledges and how they compared to the targets in the Paris Climate Change Agreement later this week.

    Sharma also politely rebuffed the Chinese, who said yesterday they would prefer to focus on avoiding 2C of warming rather than the more stretching 1.5C, by saying the UK's was an “unapologetically high ambition presidency”.

    And both expressed their regrets about logistical issues that led to complaints about big queues and too little access to the negotiations for observers and charities.

  2. Rubbish piles up as Glasgow bin strike takes toll on host citypublished at 14:40 Greenwich Mean Time 3 November 2021

    Paul O'Hare
    BBC Scotland News

    Glasgow rubbish bins

    The grim impact of a strike called by refuse staff and street cleaners as world leaders arrived in Glasgow on Monday is becoming more and more visible.

    On Victoria Road, bins that are normally emptied every two days are overflowing with rubbish and dozens of filthy bags lie discarded next to many of them.

    The busy street is just over two miles from the Scottish Event Campus, which is hosting COP26.

    Ann Marie Richford, 54, has lived in Glasgow all her life and has never known it to be so bad. Her main fear is that the excess rubbish will attract rats.

    Ann Marie Richford
    Image caption,

    Ann Marie Richford fears the issue is only going to get worse

    “I think it is disgusting," she says. “If that’s it after a day, what is it going to be like in a couple of days' time?

    “I watched someone just walk past and dump a bag in the street. Every bin is full.”

    BBC News understands that Glasgow City Council is considering bringing in private contractors to cope with the rubbish.

    In particular, they may be drafted in to clear possible safety hazards, including clearing bin sheds in high rise flats and collecting overflowing rubbish in the streets.

  3. Sea level rise could make Gaza's water source unusablepublished at 14:30 Greenwich Mean Time 3 November 2021

    Tom Bateman
    BBC Middle East correspondent

    Abu Mansour al-Dajni (L) at his home in the Gaza Strip
    Image caption,

    Abu Mansour al-Dajni (L) at his home in the Gaza Strip

    When Abu Mansour al-Dajni turns on the tap at his home in Gaza City the salty mix of groundwater and seawater that comes out is undrinkable.

    “During the past two or three years it has become unbearable,” he says. “My young son had ulcers in his skin and the doctor said it was because of [washing with] the contaminated water.”

    The piped supply for Gaza’s two million residents is drawn from a natural aquifer under the Strip. But it is polluted because over-pumping causes Mediterranean seawater to flood in.

    And as COP26 focuses on the impact of climate change, scientists warn rising sea levels could lead to “catastrophic” contamination of Gaza’s aquifer.

    “Sea level rise and over-extraction combined could have very severe consequences. Almost the whole aquifer could become contaminated with salt... making it unusable for human or other uses,” says Prof Akbar Javadi of the University of Exeter.

    Meanwhile, Dajni walks to a grocery store where he spends up to £35 ($47) per month to fill a can with clean water from filtration and desalination plants in the blockaded strip.

    “If the water is that bad now, what will happen after 10 years,” he asks. “How will we guarantee our children a good future?”

  4. What does 'net zero' mean?published at 14:20 Greenwich Mean Time 3 November 2021

    A BA jet over some housesImage source, PA Media

    Net zero - it’s a phrase you might have heard a lot in recent weeks and months.

    If you haven’t, you’re certainly going to be hearing it mentioned again and again during this conference.

    So, what does it mean?

    In simple terms, that means not adding to the amount of greenhouse gases in the atmosphere.

    Greenhouse gases like CO2 are released when we burn oil, gas and coal for our homes, factories and transport.

    Net zero can be achieved by reducing greenhouse gas emissions as much as possible and balancing out any that remain by removing an equivalent amount. For example, almost every country is planting trees as a cheap way of absorbing carbon.

    Why are we talking about it?

    In order to limit temperature rises well below 1.5C and avoid the worst impacts of climate change, experts say countries will need to reduce carbon dioxide (CO2) emissions to net zero by 2050 and many governments have already pledged to do that.

    But there is some controversy about how some states might try to reach net zero.

    For example, Country A might record lower emissions if it shuts down energy-intensive industries such as steel production. But if Country A were then to import steel from Country B, it's effectively handed on its carbon emissions to Country B, rather than reduce the sum total of greenhouse gases.

  5. Thunberg goes net zero on profanities after sweary speechespublished at 14:13 Greenwich Mean Time 3 November 2021

    Great ThunbergImage source, PA Media

    Climate activist Greta Thunberg has been in Glasgow this week, appearing alongside protesters on the sidelines of COP26.

    The 18-year-old was cheered on when she embarked on a rather sweary speech at one demonstration on Tuesday. On Monday, she swore during a song about climate change.

    She questioned what on earth politicians were doing in the conference centre (it's fair to say her language was a little stronger than that...).

    "We're sick and tired of it, we're going to make the change, whether they like it or not," she added.

    After videos of the song and her speech went viral, Thunberg announced she will go "net zero on swear words".

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  6. PM hopes China keeps its promisespublished at 14:03 Greenwich Mean Time 3 November 2021

    Boris JohnsonImage source, PA Media

    The debate on COP26 has continued in the House of Commons with Boris Johnson responding to MPs' questions.

    Conservative MP Philip Hollobone asks if China's commitment to reach peak coal by 2030 is "an aspiration or a binding target".

    The prime minister says that President Xi Jinping says that "China keeps its promises" and says that we will have to hope that is the case.

    Labour MP Janet Daby asks if the government will rethink a cut on air passenger duty for short haul domestic flights announced in the Budget.

    Johnson says that there is "a very clear climate reason for putting up duty on long-haul" but says it is useful to remove barriers to travel in the "far flung" isles of the UK.

  7. What do developing countries want from the climate summit?published at 13:53 Greenwich Mean Time 3 November 2021

    By Daniel Kraemer

    Boy in waterImage source, gett

    Developing countries have historically contributed a very small proportion of the damaging emissions that are driving climate change.

    But they far are more vulnerable to its effects such as extreme weather.

    The group of Least Developed Countries (LDC) has set out its priorities for the climate negotiations.

    These include a demand for wealthy nations to fulfil their pledge to provide $100bn each year to the poorest nations.

    They’re also calling on the major emitters to set more ambitious targets for greenhouse gas reductions and to acknowledge the loss and damage that poorer countries have suffered.

    "This crisis isn't being treated like a crisis. That has to change here in Glasgow," says Sonam Wangdi, chair of the Least Developed Countries (LDC) group.

    You can read more about what developing countries want here.

  8. What is COP26 and what to expect todaypublished at 13:43 Greenwich Mean Time 3 November 2021

    A climate protester in GlasgowImage source, PA Media

    If you are just joining our coverage here is an idea of what to expect this Wednesday.

    What is COP26? COP stands for Conference of the Parties. For the 26th conference, almost 200 countries are being brought together in Glasgow to discuss their plans to tackle climate change. It follows on from the 2015 Paris Agreement which saw countries agree to make changes to keep global warming "well below" 2C above pre-industrial levels.

    What has happened today? There is a focus on finance today and the UK Chancellor Rishi Sunak got things started by reaffirming the G20 group of countries' commitment to delivering $100bn a year in funding to help developing countries go green. He also announced that organisations with assets worth $130tn had agreed to create a "wall of capital" to help the switch to net zero as well as plans to "rewire" the global financial system. There have also been speeches from other financial leaders including US Treasury Secretary Janet Yellen and former Bank of England boss Mark Carney

    What else can I expect today? A little later we'll be bringing experts together to answer your questions on climate change right here on our live page. We are also expecting the current Bank of England governor to talk about the net zero financial system.

  9. Analysis

    Not just about huge figures when it comes to climate financepublished at 13:31 Greenwich Mean Time 3 November 2021

    Matt McGrath
    Environment correspondent

    These truly mind boggling finance numbers are certainly impressive – but some experts caution that it’s not all about size.

    “'We urgently need to focus on the quality and integrity of promises made by financial institutions, not simply their quantity,” said Dr Ben Caldecott, Director of the Oxford Sustainable Finance Group at the University of Oxford.

    It is also worth noting that the new stance outlined by Mark Carney and Rishi Sunak does not mean that these trillions will switch to green projects at the drop of a hat.

    “It does not mean that $130 trillion is in a war chest promised for deployment into a solutions to climate change today,” said Dr Caldecott.

    “It doesn’t mean that these $130 trillion of assets are fossil fuel free or that brand new fossil fuel infrastructure is not being financed by these portfolios and loan books.”

    It is also worth bearing in mind that banks and financial institutions will be aiming to be compliant with the IPCC’s definition of 1.5C, and not the more stringent definition of the International Energy Agency which essentially bans any new investment in fossil fuel extraction.

    How many banks are aligned with that goal? Not too many I understand.

    Matt McGrath has been covering climate change for the past 15 years, reporting from 10 COPs along the way.

  10. Least developed nations 'falling into debt traps' over climatepublished at 13:21 Greenwich Mean Time 3 November 2021

    Navin Singh Khadka
    Environment reporter, BBC World Service

    Ethiopian people pumping water in a wellImage source, Getty Images

    The blocs of least developed countries and small island states have said their years of struggle to secure climate finance is still an ongoing battle.

    “It has been a too little and too late kind of situation,” says Sonam Wangdi, chair of the Least Developed Countries (LDC) bloc, that has 46 member countries - many of them in Africa.

    “And we are still not clear about what is happening with the $100bn, but what we know is that we are getting very little."

    As long ago as 2009, the developed world agreed it would provide $100bn a year by 2020 to help poorer countries.

    But a recent investigation by the BBC found that many adaptation plans of least developed countries and small island states are increasingly failing because of their delayed implementation, while climate impacts are accelerating.

    “It takes up to five years to access funds and our needs change a lot by then,” Sonam Wangdi says.

    “As a result, many of the LDCs have fallen into debt traps because they borrow money to deal with the impacts.”

  11. UK not leading by example on climate - Raynerpublished at 13:15 Greenwich Mean Time 3 November 2021

    Angela RaynerImage source, House of Commons

    Responding in the Commons to Boris Johnson's statement Labour's deputy leader Angela Rayner says the next 10 days of the conference need "to move beyond pre-packed announcements".

    She says that the G20 did not provide the springboard needed into COP26 and says that the prime minister is failing to influence world leaders.

    Rayner says that the UK needs to lead by example but says the government is "refusing to make its mind up" about the use of coal - referring to a controversial coal min planned for Cumbria - and also points out that the UK has cut development aid which could be used for vital climate projects.

    She says these things are "undermining our messages and giving a free pass to our friends".

  12. 'I've travelled 1,500 miles to COP26 in a horse a cart'published at 13:02 Greenwich Mean Time 3 November 2021

    Paul O'Hare
    BBC Scotland News

    Michael Ransley and Tarateeno the Marvellous
    Image caption,

    Michael Ransley and Tarateeno the Marvellous have made it to Glasgow after 18 months on the road

    It's been a long road for Michael Ransley to get to COP26... 1,500 miles to be precise, and all by horse and cart.

    Michael and partner Phoebe Beedell set off from Cornwall with their 15-year-old cob Tarateeno the Marvellous in the spring of 2019.

    They criss-crossed country roads for 18 months to avoid disrupting traffic before finally arriving in Glasgow on Saturday.

    Michael Ransley's cart
    Image caption,

    Michael's home on wheels carries a message to politicians

    Michael, who describes himself as a travelling bagpiper, wants to see a complete end to the extraction of fossil fuels.

    The 59-year-old says: “We feel the politicians are behind the times and are impotent. We need to wake them up.

    “We are standing in a street that is very noisy and polluting. I want my grandchildren to grow up in a clean planet.”

    Michael Ransley's cart
  13. Progress being made at COP26 - PMpublished at 12:56 Greenwich Mean Time 3 November 2021

    Boris Johnson says that the world can take hope from what has already been agreed at COP26, with the negotiations set to last two weeks.

    He says that the UK has asked the world for action on coal, cars, cash and trees, with progress being made on three of those in Glasgow.

    The prime minister says that the negotiations have a long way to go and says far more must be done.

    "Whether we can summon the collective wisdom and will to save ourselves from an avoidable disaster still hangs in the balance," he says, vowing to "press on with the hard work" until the last moment.

  14. 'We have now come to the reckoning' - PMpublished at 12:50 Greenwich Mean Time 3 November 2021

    In the House of Commons, UK Prime Minister Boris Johnson is currently giving a statement on COP26 and the G20 summit in Rome.

    He says that after "all the targets and promises" and warnings form scientists, "we now come to the reckoning".

    The prime minister says that "in the end it is a question of will", saying that the technology to reduce emissions is there.

    He argues that there does appear to be that will - and goes through a list of the agreements made by G20 countries in Rome at the weekend.

    But he adds "far more needs to be done" to prevent the catastrophe of global warming.

  15. Watch: Sunak sets out plan to help developing countriespublished at 12:42 Greenwich Mean Time 3 November 2021

    With a focus on how finance can help tackle climate change at COP26 today, UK Chancellor Rishi Sunak kicked off proceedings.

    If you missed his speech earlier, here he is setting out how the G20 plan to help developing countries.

    You can read more about what he had to say here.

    Media caption,

    COP26: Rishi Sunak sets out G20 plan to help developing countries

  16. Police seize giant Loch Ness Monster at poverty protestpublished at 12:31 Greenwich Mean Time 3 November 2021

    loch ness monster inflatableImage source, PA Media

    Protests and protesters have come in all shapes and sizes at COP26.

    But Police Scotland decided a giant inflatable Loch Ness Monster, which anti-poverty campaigners had hoped to float on the River Clyde, was a step too far - and took it into custody.

    At about 4m tall, 8m long and 3m wide, it will need a decent-sized cell.

    The demo by the Jubilee Debt Campaign was due to coincide with finance ministers meeting at the SEC campus in Glasgow.

  17. 'My island home is threatened - we have no hill to run to'published at 12:22 Greenwich Mean Time 3 November 2021

    Kathy Jetn̄il-KijineImage source, 350 Pacific

    The massive impact of climate change on developing countries has been a major theme so far during the summit.

    The Republic of the Marshall Islands - a sprawling nation of more than 1,200 low-lying atolls and islands in the Pacific Ocean - is among the nations are most vulnerable to the damage caused by floods, droughts and wildfires.

    Kathy Jetn̄il-Kijiner, a poet and activist, is at COP26 as a climate envoy for the Marshall Islands. In the latest in a series of first-person accounts from the Glasgow summit, she describes how it feels to fight for her country's very existence.

    "It's quite hard to really convey exactly what it looks like on the ground - the magnitude of the work and the exhausting running from meeting to meeting," she says

    "I think that must be especially hard for those who might have physical disabilities. It's already quite difficult mentally to get through all of the work we're doing - the sheer magnitude of it."

    She adds: "We are one of the most threatened countries in the world - due to the sea level rise caused by climate change. Unlike other island nations, we have no mountains and there's no higher ground to go to."

  18. Reaction to the UK's climate finance planspublished at 12:11 Greenwich Mean Time 3 November 2021

    Smoke rises from chimneysImage source, Getty Images

    Let's take a look at some of the reaction to the announcement made by UK Chancellor Rishi Sunak, who said he wanted the UK to become the world's first "net zero aligned" financial centre and force firms to set out how they intend to decarbonise.

    Environmental campaign group Greenpeace says the plan is welcome but could prove to be a "marketing slogan" - that seems "to allow plenty of wiggle room for financial institutions to continue with business as usual".

    The Green Alliance think tank says the strategy does appear to be world-leading - but there are still lots of unanswered questions.

    "We don't yet have regulation that will say that net zero plan will have to reach a certain date," it says. "In terms of the policing - that's another gap we need to fill."

    Meanwhile, the Christian Aid charity says the announcement "does little to shift the dial now on the trillions still flowing into fossil fuel projects every day, with the deadliest of impacts borne by developing countries".

    "The UK government must mandate the financial sector to act with urgency to end fossil fuel investments," the charity says.

  19. COP26 queues spark Covid concernspublished at 11:56 Greenwich Mean Time 3 November 2021

    Hundreds of people queue to get into the COP26 venueImage source, Getty Images

    Huge queues of delegates trying to get into the COP26 venue in Glasgow have been a big issue all week.

    The images of hundreds of people crammed together for up to an hour at a time have also sparked concerns about a spike in Covid-19 cases.

    Now, Scotland's health secretary Humza Yousaf has warned there are "early signs" that coronavirus case numbers could start to increase again.

    He says that the "scale and worldwide draw" of the summit "poses a risk of spread of Covid-19 both within delegates and to or from the local population of Scotland and the UK".

  20. Greta right to blast world leaders, says former Bank bosspublished at 11:43 Greenwich Mean Time 3 November 2021

    Mark CarneyImage source, PA Media

    As we've been reporting, today at COP26 is all about how the world will finance the climate change commitments needed to limit global warming.

    Among those speaking to finance ministers is former Bank of England governor Mark Carney, who is now an adviser to UK PM Boris Johnson

    He says activist Greta Thunberg was right to "blast" world leaders at the United Nations in 2019. Carney says he was in the room when she told leaders they had stolen her dreams and childhood and says that "right here is where we draw the line".

    He says that green commitments from companies controlling $130tn in assets are "more than is needed" to achieve net zero.

    He says: "A pool of that capital has been carved out for the transition in emerging and developing economies, and not at some distant point in the future, but for this decade."

    Carney, who chairs the Glasgow Financial Alliance for Net Zero which has gathered the organisations with control of $130tn, says that the "money is here but that money needs net-zero aligned projects".

    You can read more about net zero and what it means here.