What was COP26 Summit?
The COP26 Summit was the 26th United Nations Climate Change Conference held in Glasgow, 'COP' stands for Conference of the Parties.
The main goal of the conference was to determine how to secure NET ZERO by mid-century and keep 1.5 degrees within reach.
What Was Agreed At The Summit?
Recognising the Emergency - Countries reaffirmed the Paris Agreement goal of limiting the increase in the global average temperature to well below 2°C above pre-industrial levels and pursuing efforts to limit it to 1.5 °C.
Accelerating Action - Countries stressed the urgency of action “in this critical decade,” when carbon dioxide emissions must be reduced by 45 per cent to reach net zero around mid-century.
Moving Away From Fossil Fuels - Countries ultimately agreed to a provision calling for a phase-down of coal power and a phase-out of “inefficient” fossil fuel subsidies – despite coal, oil and gas being the main drivers of global warming.
Delivering on Climate Finance - The Glasgow outcome reaffirms the pledge and urges developed countries to fully deliver on the US$100 billion goal urgently. Developed countries, in a report, expressed confidence that the target would be met in 2023.
Stepping Up Support For Adaption - The Glasgow Pact called for a doubling of finance to support developing countries in adapting to the impacts of climate change and building resilience. This won’t provide all the funding that poorer countries need, but it would significantly increase finance, which so far made up only about 25 per cent of all climate finance (with 75 per cent going towards green technologies to mitigate greenhouse gas emissions).
Completing The Paris Rulebook - Countries reached an agreement on the remaining issues of the so-called Paris rulebook, the operational details for the practical implementation of the Paris Agreement. Negotiations were also concluded on an Enhanced Transparency Framework, providing for common timeframes and agreed formats for countries to regularly report on progress, designed to build trust and confidence that all countries are contributing their share to the global effort.
Focusing On Loss & Damage - Acknowledging that climate change is having increasing impacts on people, especially in the developing world, countries agreed to strengthen a network— known as the Santiago Network – that connects vulnerable countries with providers of technical assistance, knowledge and resources to address climate risks.
New Deals and Announcements
Forests - 137 countries took a landmark step forward by committing to halt and reverse forest loss and land degradation by 2030. The pledge is backed by $12bn in public and $7.2bn in private funding.
Methane - 103 countries, including 15 major emitters, signed up to the Global Methane Pledge, which aims to limit methane emissions by 30 per cent by 2030, compared to 2020 levels.
Cars - Over 30 countries, six major vehicle manufacturers and other actors, like cities, set out their determination for all new car and van sales to be zero-emission vehicles by 2040 globally and 2035 in leading markets, accelerating the decarbonization of road transport, which currently accounts for about 10 per cent of global greenhouse gas emissions.
Coal - Leaders from South Africa, the United Kingdom, the United States, France, Germany, and the European Union announced a ground-breaking partnership to support South Africa – the world’s most carbon-intensive electricity producer— with $8.5 billion over the next 3-5 years to make a just transition away from coal, to a low-carbon economy.
Private finance - Private financial institutions and central banks announced moves to realign trillions of dollars towards achieving global net zero emissions.
Goals of COP26
To deliver the goal stated above, countries will need:
- Accelerate the phase-out of Coal
- Curtail deforestation
- Speed up the switch to electric vehicles
- Encourage investment in renewables
- Protect and restore ecosystems
- Build defences, warning systems and resilient infrastructure and agriculture
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