September 19, 2021: Prime Minister Boris Johnson climbs aboard the RAF Voyager at Stansted Airport prior to a visit to the United States.

Stefan Rousseau – PA Pictures | PA pictures | Getty Images

There is a six-in-ten chance of reaching an agreement on climate finance ahead of the upcoming COP26 climate change summit, UK Prime Minister Boris Johnson said.

In remarks to the media during his trip to New York over the weekend, Johnson was asked if he had any commitments related to climate finance as well according to the BBC, Environmental goals in the next few days.

“Getting everything ready this week will be a chore,” he is reported to have said. “But I think it’s all done by the COP, six out of 10. It’s going to be tough, but people need to understand that this is vital to the world.”

Financial discussions will be a key part of COP26, which will be held from October 31st to November 12th in the UK’s Scottish city of Glasgow.

According to the United Nations, the industrialized nations had previously announced that they would “collectively mobilize 100 billion US dollars per year by 2020 to support climate protection in developing countries”.

This goal is proving to be a challenge. Last week, the OECD said that climate finance provided and mobilized by developed countries amounted to $ 79.6 billion in 2019. This is an increase from $ 78.3 billion in 2018, but is still below the $ 100 billion.

“The limited progress in the total volume of climate finance between 2018 and 2019 is disappointing, especially before COP26,” said Mathias Cormann, Secretary General of the OECD, in a statement on the figures.

“Even if appropriately verified data for 2020 will not be available until the beginning of next year, it is clear that climate finance is lagging far behind its target,” said Cormann. “More needs to be done.”

Johnson’s remarks were made public by a number of media outlets, and the BBC aired an excerpt from the discussion on Monday morning. Johnson said Britain made a “big, big promise” and “cut our carbon a lot,” but it needs other countries to get going.

“We’ve been issuing for centuries and these emerging economies are saying, ‘Well why should we pay such a high price?’ The 100 billion US dollars that we have to raise each year are therefore used to support these countries [to] make the transition. ”

The UK’s official website for COP26 states that it will “bring parties together to accelerate action to achieve the goals of the Paris Agreement and the UN Framework Convention on Climate Change”.

Described by the United Nations as a legally binding international treaty on climate change, the Paris Agreement aims to “limit global warming to well below 2, preferably 1.5 degrees Celsius compared to pre-industrial levels”.

On Monday, Johnson and UN Secretary General António Guterres will hold an “informal round table of heads of state and government on climate protection”.