“Together we can deliver a clean, robust world. It’s within our reach,” says Sharma.
The next is Janet Yellen, the US Treasury Secretary.
Sharma opens by talking about the environmental activist Swampy from the 1990s and says that while he was once a household name for his actions, “now there are Swampys all around us”.
Sharma says that significant progress has been made and that the climate assistance target of 100 billion. The USD will be reached by 2023 at the latest. The original target in the 2015 Paris Agreement was 2020.
Sharma says many countries are raising their ambitions and promises to developing countries. He says the private sector can be exploited to “bring a whole new sense of scale” and that he wants more money for adaptation and more subsidies for developing countries.
Up to date
Sunak concludes his short speech by urging delegates to focus on ensuring that the financial sector plays its role in helping the industry become sustainable.
Next up is Cop26 President Alok Sharma.
Sunak says he hopes to “switch the entire financial system” to use it to protect the climate. He says Britain will become Britain’s first net-zero-adjusted financial center ever. That means companies will have a mandatory duty to set their path to net zero, he says.
Sunak tells developing countries that the G20 is escalating and that the $ 100 billion a year target for climate finance for developing countries will be met, even if he does not provide a time frame. The goal of 100 billion. $ was one of the most important promises in the Paris Agreement, but poor countries have been critical of rich countries for still not reaching it six years later. It would be seen as a major coup for the British government if the target could be hit by the end of the conference, but the total amount is still several billion short.
Rishi Sunak has taken the stage after being introduced by a rather hectic video with a very loud alarm clock.
“I look around this room and I feel optimistic,” Sunak says. He says it is the first police officer to bring the financial industry together with such a common purpose.
“The good news is that the will is there – 80% of the world economy has committed to net zero or CO2 neutrality,” he says.
British Chancellor Rishi Sunak has arrived at the conference center with a green version of the traditional red Budget folder.
He will soon be talking about Britain’s plans to move the financial system towards net zero. If you want to see him speak, you can find a livestream here.
My colleague George Monbiot has written about the need to keep fossil fuels in the ground:
It really is that simple. We have the technology required to replace fossil fuels. There is a lot of money that is currently being wasted on the destruction of life on Earth. The transition could take place in months if governments wanted it. The only thing that stands in the way is the power from older industries and the people who profit from them.
Read the whole piece here:
Welcome to the Guardian’s Day 3 coverage of the Cop26 climate conference.
Overnight, we received news that hundreds of major financial institutions have committed to bringing their assets in line with a net zero target by 2050. The UK government sees this as one of the conference’s biggest achievements, although critics have pointed out , that the promise does not stop investors from financing fossil fuels in the short term.
The British Chancellor Rishi Sunak announces this morning that London will be the world’s “first net zero financial center” – we will cover his press conference on it from around 1 p.m.
We also saw an overnight survey published which showed that Europe’s record-breaking hot summer would have been virtually impossible without man-made global warming. The researchers found that we can now expect similarly hot summers about once every three years, where before the climate crisis it would have been about every 10,000 years.
Here’s what you can expect today:
9:00: Rishi Sunak holds press conference
10.15: Mark Carney speaks at a financial event
13.45: press conference held by the British Cop26 presidency
We will also keep you updated with the various protests, promises, discussions and other events surrounding Glasgow.