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Today at COP26 is all about finance - and under new Treasury rules, most big UK firms and financial institutions will be forced to show how they intend to hit climate change targets.

By 2023, they will have to set out detailed public plans for how they will move to a low-carbon future - in line with the UK's 2050 net-zero target.

Plans will be submitted to an expert panel to ensure they are not just spin.

But net-zero commitments will not be mandatory and green groups say the proposals do not go far enough.

Firms and their shareholders will be left to decide how their businesses adapt to this transition, including how they intend to decarbonise the emissions they finance.

• Read more on this story here

Helen Briggs

What’s happening today?

With world leaders out of the picture, the task of getting 197 countries to agree on climate goals falls to negotiating teams, who will head for backrooms to try to find common ground on gaps in the Paris agreement and ramping up climate action. For everyone else, it’s finance day, with finance ministers and senior industry leaders in attendance to hear from big names.

What to watch?

Chancellor Rishi Sunak is expected to outline plans to make the UK the world’s first net-zero financial centre in his speech at 09:00 GMT. There could be international announcements on funding for greener technologies. And we should hear an update about efforts to make up the pot for the $100bn (£73bn) a year promised to poorer countries to help them adjust to climate change.

How does it affect me?

The world will require trillions of pounds of investment to switch to a low-carbon economy. Banks and other financial institutions can influence this shift through the money they lend to energy companies. How you save and invest can make a difference to the climate. You can demand action or choose greener organisations.

Before we cover today’s developments, let’s look back at what happened yesterday at the summit.

It was the final day of the conference for many world leaders:

• US President Joe Biden used a final speech to hail the progress made so far - and criticise China and Russia’s leaders for not attending
• “I can't think of any two days where more has been accomplished when dealing with climate,” he said
• UK Prime Minister Boris Johnson was upbeat - saying: “I am cautiously optimistic… With talks with around 120 world leaders, we have pulled back a goal or perhaps even two"
• Canada Prime Minister Justin Trudeau called for countries to push harder
• “We have seen hard things not get done in the past, but that is no reason to not continue to believe we can push harder and bring more people along, and rise to the moment, that quite frankly, citizens around the world are expecting of us collectively,” he said

There were several key announcements:

• Clean power: 42 countries including the US, UK, EU, and China committed to ensure clean power is the most affordable and reliable option for all countries to meet their power needs efficiently by 2030, external
• Cut methane: More than 80 countries pledged to reduce methane emissions by at least 30% by 2030, from 2020 levels. But China, Russia and India refused to sign up
• Stop and reverse deforestation: 122 world leaders, representing over 85% of the world’s forests agree to halt and reverse deforestation and land degradation by 2030, external
• UK committed an additional £1bn to climate finance, £40m in aid for Small Island Developing States capacity building, and unlocking £1.45bn of new financing for Africa Adaptation projects
• A five-point Build Back Better World plan , externalwas launched by President Biden

Hello and welcome to our live coverage of developments at COP26 - the ongoing UN climate summit in Glasgow.

We’ll bring you updates throughout the day as the conference focuses on financing the world’s climate goals.

• What is the Glasgow climate conference and why is it important?