UK PM Boris Johnson, Spanish PM Pedro Sánchez and UN Secretary General, António Guterres in Glasgow. / EFE

Sánchez announces 50% climate funding increase at COP 26

Spain will now invest up to 1.35 billion euros from 2025 and beyond, directed towards developing countries

SHAY CONAGHAN MALAGA.

Spain's prime minister, Pedro Sánchez, announced this week that the country will be putting more money into climate funding for developing countries at the United Nations Climate Change Conference, more commonly known as COP26, currently being held in Glasgow.

Sánchez, the first to speak at the event after Madrid hosted COP25, revealed that Spain will increase how much it will spend on fighting climate change, with the intention of investing 50 per cent more by 2025 and beyond. "Our objective is to reach 1.35 billion euros annually from 2025 in financial aid to underdeveloped nations, so that they can undergo a sustainable and fair energy transition," he said.

The announcement means that Spain will contribute to the 100 billion US dollars that countries have pledged to give annually to developing countries so that they too may have an ecological transition, which Sánchez said is a "big test" for the nations involved.

" Spain will play its part"

"This will allow us to recover the confidence between Northern and Southern countries. Spain will play its part," he added.

During his speech to delegates, Sánchez highlighted the need for greater political determination as well as immediate action to start up a new international order that recognises the roles of governments, citizens, businesses and the financial sector as essential actors for change.

He also called for working together and in a coordinated fashion so that COP26 can be the turning point that drives a real change of course for the planet through unified and urgent action.

"This decade is key"

In a similar way to how the UK's prime minister, Boris Johnson, warned at COP26 that there's "only one minute to midnight" to prevent a climate catastrophe, Sánchez believes that "this decade is key" and wants to "align short-term ambition with a long-term outlook" by reducing greenhouse gas emissions and sticking to the G20's objective of limiting the planet's temperature rise by at least 1.5ºC.

In order to do so, Sánchez has demanded the end of fossil fuels, the protection of biodiversity, the preservation of oceans and the Antarctic, by getting behind renewable energies, energetic efficiency, clean transport, the conservation and restoration of ecosystems and urban rehabilitation.

Sánchez also announced that Spain had reduced its coal electricity generation by 90per cent over the last four years, aligning public and private investments with the objective of reaching carbon neutrality. He believes that "dialogue and social cohesion" are essential because "the transition must be fair or it won't happen".