04:58 GMT14 June 2021
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    Barbara Buchner, senior director of Climate Policy Initiative, said that it is possible that the final agreement on climate change will mark a breakthrough in the way climate action is supported.

    PARIS (Sputnik) Anastasia Levchenko — Emerging economies have an opportunity to play a more active role in financing climate action around the world, Barbara Buchner, senior director of Climate Policy Initiative, told Sputnik on Wednesday.

    "Certainly the more advanced emerging economies have an opportunity of financing more actively the development of renewable energy in the least developed countries,” Buchner said on the sidelines of UN Climate Change Conference in Paris.

    She added that China's role in funding of climate action was extremely significant as some 22 percent of global finance flows through this country.

    According to Buchner, it is possible that the final agreement on climate change will mark a breakthrough in the way climate action is supported.

    "I certainly hope that there will be a breakthrough on financing in the final agreement. Financing is the sticking point. But I do believe that there will be a new direction set," Buchner said.

    Paris is currently hosting the 21st UN Climate Change Conference, due to end on December 11. Representatives of 195 countries are expected to reach an agreement to address global warming and cut carbon emissions, introducing a legally binding and universal strategy on the issue, which is due to replace the 1997 Kyoto Protocol.

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    Tags:
    Paris Climate Change Conference, Climate Policy Initiative, Barbara Buchner
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