COP26 turns attention to paying for climate change initiatives

‘We must all do more,’ says Treasury Secretary Janet Yellen

GLASGOW, United Kingdom – The first days of COP26 were spent hearing from world leaders about their plans to address climate change. Now, the summit is focused on how to pay for those initiatives.

The nearly 200 countries represented at United Nations Climate Change Conference being held in Glasgow, Scotland, have already pledged about $100 billion to fund climate-related projects. That is in addition to trillions that have been promised by the private sector.


Special attention is being paid to how the more prosperous countries of the world can help developing nations address climate change.

"I believe we’re on the cusp of a new era where rich countries put more money on the table to support developing countries," said COP26 President Alok Sharma.

Treasury Secretary Janet Yellen said Wednesday that the U.S. is setting aside more money to contribute to the United Kingdom’s Climate Investment Funds Capital Markets Mechanism – aimed at helping developing nations with clean-energy projects. Yellen said the U.S. is also setting aside $500 million to help companies move to renewable energy sources.

"I agree we must all do more, and the United States is stepping up," Yellen said during an address at the day’s opening event.

Yellen reiterated that the U.S. plans to quadruple its contributions to international climate finance -- a point made by President Joe Biden during his two days at the conference.

COP26 will focus on the energy sector during Thursday’s session.

The summit continues through Nov. 12.