(Bloomberg) -- Group of 20 nations need to ramp up commitments on climate finance — and start talking in trillions — ahead of a key summit in Glasgow next week, a top United Nations official said.
Patricia Espinosa, executive secretary to the United Nations Framework Convention on Climate Change, said that G-20 countries should be thinking in trillions if they are serious about meeting the Paris accord. It comes after a new report showed that developed countries have failed to reach their target of raising $100 billion a year to poor countries, which threatens to undermine the negotiations known as COP26.
“It's not just about the $100 billion, it is about the trillions,” Espinosa told reporters on a virtual press conference from Glasgow, Scotland. “We must see signals that point to that, as well as signals that G-20 nations are engaging with financial institutions and development banks to align their portfolios with the 1.5 degrees Celsius target.”
G-20 leaders meet in Rome this weekend.
Read more: Rich Nations Fail to Meet Climate Fund Target in Blow to COP
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