Macroscope | How the fight against climate change can get real at COP26
- The meeting should not result in governments coming up with stricter – and largely meaningless – emission targets, but agreement on a joint public and private sector approach
- The entry of multilateral development banks into the climate change battle on a larger scale could bring organisation and resources into what is a largely uncoordinated exercise
What is critical to the meeting’s outcome is not that governments of advanced and developing economies should come up with stricter – and largely meaningless – emission targets but that they should agree to organise a joint approach between the public and private sectors.
Either that, Fink added, or they must “reinvent existing multilateral development banks” such as the World Bank. They must do this, he argued, because private and public financial institutions are not mobilising anywhere near enough money to get the job done in time.
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COP26 Glasgow, the UN Climate Change Conference: last chance to save the planet?
It is not only developing nations – China and India especially – that need such intervention, however. The United States, Japan and Russia are also at the top of the big league of carbon dioxide emitters.