5:40 a.m.: Caribbean Development Bank makes proposal for investment into island nations
Hyginus ‘Gene’ Leon, president of the Caribbean Development Bank (CDB), has said that small island developing states are facing some of the worst impacts of climate change.
“For the past 40 years, islands have been battered by natural hazards, yet access to finance remains completely inadequate,” he said at a COP26 plenary session on Tuesday. “To better finance our development needs, we need to address economic recovery, climate action and human welfare. Partnerships will be critical.”
The CDB, along with the Inter-American Development Bank and the Green Climate Fund, is proposing the creation of a multi-donor financing facility to enable private and public investments into Caribbean states.
— Chloe Taylor
4:59 a.m.: What’s on the agenda for Tuesday?
Speeches from world leaders will continue on Tuesday, starting at 9:00 a.m. Glasgow time (5:00 a.m. ET).
Speakers will include Japanese Prime Minister Fumio Kishida, Irish Prime Minister Micheal Martin and Lebanese Prime Minister Najib Makati.
The leaders of some island nations already facing the impacts of climate change are also billed to speak on Tuesday, including Keith C. Rowley, prime minister of Trinidad and Tobago, and Philip E. Davis, prime minister of the Bahamas.
— Chloe Taylor
4:37 a.m.: World leaders speak to CNBC at COP26
U.S. Special Presidential Envoy for Climate John Kerry, Swedish Prime Minister Stefan Lofven and Greek Prime Minister Kyriakos Mitsotakis have spoken to CNBC at COP26.
Kerry said he has high hopes for the summit as it seems “people are certainly talking urgently.”
Sweden’s Lofven said it was down to wealthier nations to show that they can and want to contribute when it comes to financing, while Mitsotakis said Greece could play a leading role in tackling climate change on various fronts, such as shipping.
Watch the video below to hear more of what they had to say.
04:21 a.m.: World leaders pledge to end deforestation by 2030
More than 100 world leaders, including U.S. President Joe Biden, China’s Xi Jinping and Brazilian President Jair Bolsonaro, have committed to end deforestation by 2030.
The deal was agreed on Monday evening, but countries will become signatories on Tuesday.
Countries participating in the scheme pledged to work collectively “to halt and reverse forest loss and land degradation by 2030.”
They also promised to facilitate trade and development policies that promoted sustainable development and sustainable commodity production and consumption, and said they would implement or redesign agricultural policies to incentivize sustainable agriculture.
— Chloe Taylor
3:42 a.m.: Bezos and World Bank-backed energy alliance launched
Tuesday saw the launch of The Global Energy Alliance for People and Planet, which is pledging to unlock $100 billion in public and private financing to give 1 billion people in developing and emerging economies access to renewable energy.
Partners in the scheme include the Bezos Earth Fund, the World Bank, the European Investment Bank and The Rockerfeller Foundation.
By making availability of renewable power more equitable, the alliance claims that 4 billion tons of carbon emissions will be avoided and more than 150 million jobs will be created or improved.
— Chloe Taylor
2:31 a.m.: What happened at COP on Monday?
US President Joe Biden delivers a speech on stage during a meeting at the COP26 UN Climate Change Conference in Glasgow, Scotland, on November 1, 2021.
Brendan Smialowski | AFP | Getty Images
World leaders are heading back to Glasgow’s Scottish Event Campus on Tuesday for the third day of the much-anticipated COP26 climate summit.
Here are some of the key developments from Monday’s session:
More than 100 world leaders, including U.S. President Joe Biden, China’s Xi Jinping and Brazilian President Jair Bolsonaro, committed to end deforestation by 2030.
Indian Prime Minister Narendra Modi pledged to reach net-zero carbon emissions by 2070, a date two decades beyond the target set by COP26 organizers.
U.S. President Joe Biden said the world was “still falling short” when it came to tackling climate change, warning there was “no more time to hang back or sit on the fence.”
British Prime Minister Boris Johnson warned that it is “one minute to midnight” in the race to prevent global heating from surpassing a critical threshold.
Queen Elizabeth II called on world leaders to create a “safer, stabler future” for the planet.
— Chloe Taylor