NEW DELHI, Nov 1 (Reuters) — British Prime Minister Boris Johnson is set to announce a sovereign guarantee for a $1 billion World Bank loan for India to develop green infrastructure, three sources familiar with the matter told Reuters on Monday.

The announcement is likely to be made during the United Nations COP26 summit in Glasgow, Scotland, which has been billed as a make-or -break chance to save the planet from the most calamitous effects of climate change.

Spokespeople for the Indian and UK governments did not immediately respond to requests for comment.

Delayed by a year because of the COVID-19 pandemic, COP26 aims to keep alive a target of capping global warming at 1.5 degrees Celsius  above pre-industrial levels — the limit scientists say would avoid its most destructive consequences.

Wealthy nations face mounting pressure to deliver on an unmet pledge, made in 2009, to spend $100 billion a year to help finance an adequate response by developing countries to rising global temperatures.

Source:  Reuters, November 1, 2021

Last Updated on 01.11.2021 by iskova