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myFT COP26: where does all the climate finance money go?

https://www.ft.com/content/d9e832b7-525b-470b-89db-6275853315dd

Rich governments have pledged $100bn to help poorer countries reduce emissions. But there is no agreement on how to spend the funds

On the Caribbean island of Antigua, builders will soon put hurricane reinforcements on hospital roofs and strengthen the windows on police stations. As climate change makes tropical storms more intense and more devastating, Antiguans are getting prepared. This $46m storm-proofing project is just one part of a much bigger flow of money: a promised $100bn a year that rich countries pledged to spend helping poorer countries to cut their emissions and adapt to climate change.

The funding is shaping up to be a make or break issue at the COP26 climate summit in Glasgow. The $100bn target is an “acid test” for whether rich countries are sincere about tackling climate change, says Molwyn Joseph, minister of the environment for Antigua and Barbuda. “We are not asking for handouts, we are asking for compensation for damages, as a result of the profligacy of these developed countries,” he says. “Those that emit this carbon, that is causing climate events, should pay.”

Many countries say they need the money to reach their climate targets and invest in projects that lower emissions. When Indian prime minister Narendra Modi pledged on Monday to reach net zero emissions by 2070, there was a demand attached: $1tn in climate finance to developing countries.

https://www.ft.com/content/d9e832b7-525b-470b-89db-6275853315dd