he Paris Agreement works on a five-year cycle. Twice a decade, each country is expected to increase its ambition on national climate action through a formal submission, known as the Nationally Determined Contribution (NDC).
For the first time since signing the Paris Agreement in 2015, countries will be formally submitting their revised versions of “increased ambition”. For this reason alone, COP26 – the annual climate talks taking place in Glasgow next month – has taken the global centre stage.
Ambitious action, however, needs money. Finance then naturally becomes a critical discussion block at climate change negotiations. Over the past six years, not only the pandemic, but also a set of economic and political developments have taken place outside the UN negotiations that will influence climate finance discussions at COP26.
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