The latest report from the UN Climate Panel shows that the ability to achieve the 1,5 degree Paris Agreement target depends on rapid and large emission reductions by 2030. The Paris Agreement requires all countries to report enhanced climate targets every five years. For the first time in 2020, Norway was one of the few countries to do so on time.

While some high-emitting countries have reported stricter targets, overall they are not sufficient to limit global warming to 1,5 degrees. There is also a need for increased efforts to adapt to climate change and to finance the climate.

The Glasgow Climate Summit is underway. NOK 14 billion annually for the climate

- Norway will be the driving force behind greater ambitions in terms of emissions reduction, adaptation and financing. That is why we announced today that we intend to double the financing of climate action to NOK 14 billion a year by 2026, including mobilized private capital, says Prime Minister Jonas Gahr Støre.

Common goal of mobilizing $ 100 billion a year to finance climate action

Industrialized countries have a common goal of mobilizing $ 100 billion a year to finance climate action from 2020. However, OECD calculations now show that this target will not be met by 2020. Norway is increasing climate finance to contribute to change, adaptation and ecology. solutions in developing countries.

An important objective of the negotiations is to complete the set of rules of the Paris Agreement to ensure the good implementation of the agreement.

Source: regjeringen.no

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