London, Mar 31 (Sputnik) :The UK will host an international virtual ministerial meeting on Wednesday aimed at coordinating how developed countries can better support most vulnerable states deal with flooding, drought and extreme temperature, in the run-up to the UN climate change conference in Glasgow this November, the UK government announced.
The event, which will be co-chaired by UK COP26 President Alok Sharma and Foreign Minister Dominic Raab, aims to seek consensus on practical solutions that will translate into better international cooperation to address climate change-related losses and damage, less fiscal pressure on developing countries and better access to finance so they can decarbonize their economies and adapt to climate change.
“We must acknowledge that the people who have done the least to cause the climate crisis are suffering the most. That is a searing injustice. And so developed countries have a particular responsibility to support the response of communities, which are most vulnerable to climate change,” Sharma is expected to say.
Ahead of the event, the UK government pledged £500,000 ($686,000) to fund low-carbon investment in developing countries, as part of the new Initiative for Voluntary Carbon Market Integrity.
“We know that lack of finance creates barriers to countries implementing the Paris Agreement. Combined with the challenge of recovering from the pandemic, this threatens to set back progress,” foreign secretary Raab will tell ministers from around 35 countries and representatives of youth groups, indigenous people and financial institutions.
The UK government, which committed £11.6 billion ($15.9 billion) over the next five years in climate finance, has also pledged to achieve net zero carbon emissions by 2050 at the latest.(UNI)