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Mexico Asks for Climate Financing Support Ahead of COP26

By Cas Biekmann | Wed, 10/27/2021 - 11:35

Mexico said it will ask for a more ambitious financing model to tackle the climate crisis ahead of the COP26 climate summit in Glasgow, taking place from Oct. 31 to Nov. 12. The disparity between developed and undeveloped economies and how this shapes decarbonization strategies will be a key talking point at the summit.

Mexico’s Minister of Foreign Affairs, Marcelo Ebrard, confirmed this week that Mexico will be demanding a better financing scheme at COP26, so that developing economies can access the means necessary to finance ambitious and expensive decarbonization plans. “Access to resources is not proportional to what each country is generating [in emissions]. A few years ago, it was announced that there would be US$100 billion dollars available to help [developing] countries. But that money, as far as we know, has not been collected,” said Ebrard, referencing a plan hatched in 2009.

According to Ebrard, his counterparts in the Latin American and Caribbean community are supporting Mexico. “Our ability to access resources cannot be compared to that of the US and the EU. An effort to rectify this must be made, because this is not yet happening as of today,” decried the minister. Countries like Mexico are furthermore considered to be more vulnerable to the effects of climate change precisely because of their lesser-developed economies.

Martha Delgado, Undersecretary of Multilateral Relations for the Ministry of Foreign Affairs, is to head Mexico’s delegation for the COP26. the UK hopes to see all participants pledge net zero goals for 2050, as well as significant reductions by 2030. Climate experts have stated that anything less would be considered a failure, as staving off a dreaded temperature increase of more than 1.5C is already becoming a difficult goal to achieve.

Last week, President López Obrador met with US climate representative John Kerry and pledged that Mexico would support the US’ goal to keep a global temperature increase below 1.5C. Mexico has its own climate goals and asserts to be on track to achieve them. “Mexico's commitment to the Paris Agreement consists of mitigation objectives by 2030 to reduce greenhouse gas emissions by 22 percent and coal use by 51 percent. If we receive financial support, technology transfers and cooperation in developing capacities from the international community, those percentages could go up to 36 percent and 70 percent respectively,” said the Ministry of Environment and Natural Resources (SEMARNAT) last week.

Cas Biekmann Cas Biekmann Journalist and Industry Analyst