Read more<\/button><\/p>\n<\/div>\n<\/div>\n<\/div>\n45. Calls upon <\/i>developed country Parties to provide greater clarity on their pledges referred to in paragraph 44 above through their next biennial communications under Article 9, paragraph 5, of the Paris Agreement;<\/p>\n
46. Urges <\/i>developed country Parties to fully deliver on the USD 100 billion goal urgently and through to 2025 and emphasizes <\/i>the importance of transparency in the implementation of their pledges;<\/p>\n
47. Urges <\/i>the operating entities of the Financial Mechanism, multilateral development banks and other financial institutions to further scale up investments in climate action and calls for <\/i>a continued increase in the scale and effectiveness of climate finance from all sources globally, including grants and other highly concessional forms of finance;<\/p>\n
48. Re-emphasizes <\/i>the need for scaled-up financial resources to take into account the needs of those countries particularly vulnerable to the adverse effects of climate change, and in this regard encourages <\/i>relevant multilateral institutions to consider how climate vulnerabilities should be reflected in the provision and mobilization of concessional financial resources and other forms of support, including special drawing rights;<\/p>\n
49. Welcomes with appreciation <\/i>the initiation of deliberations on a new collective quantified goal on climate finance, and looks forward <\/i>to the ad hoc work programme established under decision -\/CMA.3 and to engaging constructively in the actions contained therein;<\/p>\n
50. Underscores <\/i>the importance of the deliberations referred to in paragraph 49 above being informed by the need to strengthen the global response to the threat of climate change in the context of sustainable development and efforts to eradicate poverty and to make finance flows consistent with a pathway towards low greenhouse gas emission and climate-resilient development taking into account the needs and priorities of developing countries and building on the work of the Standing Committee on Finance;<\/p>\n
51. Emphasizes <\/i>the challenges faced by many developing country Parties in accessing finance and encourages <\/i>further efforts to enhance access to finance, including by the operating entities of the Financial Mechanism;<\/p>\n
52. Notes <\/i>the specific concerns raised with regard to eligibility and ability to access concessional forms of climate finance, and re-emphasizes <\/i>the importance of the provision of scaled-up financial resources, taking into account the needs of developing country Parties that are particularly vulnerable to the adverse effects of climate change;<\/p>\n
53. Encourages <\/i>relevant providers of financial support to consider how vulnerability to the adverse effects of climate change could be reflected in the provision and mobilization of concessional financial resources and how they could simplify and enhance access to finance;<\/p>\n
54. Underscores <\/i>the urgency of enhancing understanding and action to make finance flows consistent with a pathway towards low greenhouse gas emission and climate-resilient development in a transparent and inclusive manner in the context of sustainable development and poverty eradication;<\/p>\n
55. Calls upon <\/i>developed country Parties, multilateral development banks and other financial institutions to accelerate the alignment of their financing activities with the goals of the Paris Agreement;<\/p>\n
56. Acknowledges <\/i>the progress made on capacity-building, particularly in relation to enhancing the coherence and coordination of capacity-building activities towards the implementation of the Convention and the Paris Agreement;<\/p>\n
57. Recognizes <\/i>the need to continue supporting developing country Parties in identifying and addressing both current and emerging capacity-building gaps and needs, and to catalyse climate action and solutions to respond;<\/p>\n
58. Welcomes <\/i>the outcomes of the \u201cCOP26 Catalyst for Climate Action\u201d and the strong commitments made by many Parties to take forward action on capacity-building;<\/p>\n
59. Also welcomes <\/i>the joint annual reports of the Technology Executive Committee and the Climate Technology Centre and Network for 2020 and 2021, and invites <\/i>the two bodies to strengthen their collaboration;<\/p>\n
60. Emphasizes <\/i>the importance of strengthening cooperative action on technology development and transfer for the implementation of mitigation and adaptation action, including accelerating, encouraging and enabling innovation, and the importance of predictable, sustainable and adequate funding from diverse sources for the Technology Mechanism;<\/p>\nVI. Loss and damage<\/h4>\n\n
61. Acknowledges <\/i>that climate change has already caused and will increasingly cause loss and damage16<\/sup><\/mark> and that, as temperatures rise, impacts from climate and weather extremes, as well as slow onset events, will pose an ever-greater social, economic and environmental threat;<\/p>\n\n
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16<\/sup> Even if the world stops burning fossil fuels tomorrow, even if countries spend trillions of dollars adapting, the catastrophic consequences of warming are already here. Homes will be lost. Farmland will be damaged. Lives and livelihoods will be destroyed.<\/p>\nRead more<\/button><\/p>\n<\/div>\n<\/div>\n<\/div>\n62. Also acknowledges <\/i>the important role of a broad range of stakeholders at the local, national and regional level, including indigenous peoples and local communities, in averting, minimizing and addressing loss and damage associated with the adverse effects of climate change;<\/p>\n\n
63. Reiterates <\/i>the urgency of scaling up action and support, as appropriate, including finance, technology transfer and capacity-building, for implementing approaches for averting, minimizing and addressing loss and damage associated with the adverse effects of climate change in developing country Parties17<\/sup><\/mark> that are particularly vulnerable to these effects;<\/p>\n\n
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17<\/sup> The countries that contributed the least to climate change will suffer the most. For decades, the world has paid mostly lip service to these unavoidable and unequal impacts, collectively known as \u201closs and damage.\u201d But improvements in climate science have increasingly made it possible to pinpoint the role of climate change in disasters. At COP26, representatives of hard-hit areas pushed for compensation for harms they can now directly link to wealthy countries\u2019 emissions. But rich countries don\u2019t want to be held liable. The issue remains unresolved.<\/p>\n<\/div>\n<\/div>\n<\/div>\n64. Urges <\/i>developed country Parties, the operating entities of the Financial Mechanism, United Nations entities and intergovernmental organizations and other bilateral and multilateral institutions, including non-governmental organizations and private sources, to provide enhanced and additional support for activities addressing loss and damage associated with the adverse effects of climate change;<\/p>\n
65. Recognizes <\/i>the importance of demand-driven technical assistance in building capacity to implement approaches to averting, minimizing and addressing loss and damage associated with the adverse effects of climate change;<\/p>\n\n
66. Welcomes <\/i>the further operationalization of the Santiago network18<\/sup><\/mark>for averting, minimizing and addressing loss and damage associated with the adverse effects of climate change, including the agreement on its functions and process for further developing its institutional arrangements;<\/p>\n\n
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18<\/sup> In 2019, nations agreed to set up a technical assistance program, known as the Santiago Network, to help countries deal with \u201closs and damage\u201d \u2014 unavoidable, irreversible harms caused by climate change. The program was established in name only, without staff or funding. In a statement summarizing the Glasgow conference, Patricia Espinosa, executive secretary of the United Nations Framework Convention on Climate Change, said the agreement\u2019s inclusion of language encouraging countries to build up the Santiago Network was one of the significant accomplishments of the pact.<\/p>\nRead more<\/button><\/p>\n<\/div>\n<\/div>\n<\/div>\n67. Decides <\/i>that the Santiago network will be provided with funds to support technical assistance for the implementation of relevant approaches to avert, minimize and address loss and damage associated with the adverse effects of climate change in developing countries in support of the functions set out in paragraph 9 of decision -\/CMA.3;<\/p>\n
68. Also decides <\/i>that the modalities for the management of funds provided for technical assistance under the Santiago network and the terms for their disbursement shall be determined by the process set out in paragraph 10 of decision -\/CMA.3;<\/p>\n
69. Further decides <\/i>that the body providing secretarial services to facilitate work under the Santiago network to be determined in accordance with paragraph 10 of decision -\/CMA.3 will administer the funds referred to in paragraph 67 above;<\/p>\n
70. Urges <\/i>developed country Parties to provide funds for the operation of the Santiago network and for the provision of technical assistance as set out in paragraph 67 above;<\/p>\n
71. Acknowledges <\/i>the importance of coherent action to respond to the scale of needs caused by the adverse impacts of climate change;<\/p>\n
72. Resolves <\/i>to strengthen partnerships between developing and developed countries, funds, technical agencies, civil society and communities to enhance understanding of how approaches to averting, minimizing and addressing loss and damage can be improved;<\/p>\n
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