COP 26 Glasgow summit: Key developments on day 3 of climate conference

Here are the highlights from day 3 of the event:

1. India-led International Solar Alliance in new pact to speed up energy transition

India-led International Solar Alliance on Wednesday announced a partnership with the Global Energy Alliance for People and Planet (GEAPP), for accelerating energy transition in Least Developed Countries (LDCs) and Small Island Developing States (SIDS). The partnership, announced at the COP26 climate summit in Glasgow, will champion significant solar capacity generation globally while supporting grid-based and distributed renewable solutions.

2. End of coal is in sight, says Britain’s government

Britain’s government has claimed that the “end of coal is in sight” after 18 countries including Poland, Vietnam and Chile committed for the first time to phase out and not build or invest in new coal power.

The statement issued late Wednesday said more than 40 nations are committing to end all investment in new coal power generation domestically and internationally, as well as rapidly scale up clean power generation. Participating nations also commit to phasing out coal power in the 2030s for major economies, and the 2040s for smaller economies.

3. Eric Garcetti, US’ next ambassador to India, tests Covid-19 positive

Los Angeles Mayor Eric Garcetti, nominated by US President Joe Biden as the country’s next ambassador to India, has tested positive for Covid-19 while participating in the UN climate conference in Scotland. Garcetti’s office announced on Twitter that he tested positive for coronavirus on Wednesday.

4. Climate change extremes spur UN plan to fund weather forecasting

As climate change triggers deadly heatwaves, droughts and floods, three UN agencies on Wednesday rolled out funding plans to improve weather forecasting in vulnerable countries. The initiative aims to plug gaps in weather monitoring and data collection so developing countries can better prepare for possible climate-fuelled disasters.

The new initiative, called the Systematic Observations Finance Facility, is led by the UN’s World Meteorological Organization, the UN Development Programme and the UN Environment Programme and falls under global plans to provide $100 billion a year in climate financing to poorer nations.

5. COP26 coalition worth $130 trillion vows to put climate at heart of finance

Banks, insurers and investors with $130 trillion at their disposal pledged on Wednesday to put combating climate change at the centre of their work, and gained support in the form of efforts to put green investing on a firmer footing.

In an earlier announcement at the meeting in Scotland, financial institutions accounting for around 40% of the world’s capital committed to assuming a “fair share” of the effort to wean the world off fossil fuels.