GLASGOW: A new record of delegate attendance was set at COP26, but what was achieved? It is perhaps justified to be cynical of slow progress, especially of grand sweeping gestures and pledges made on national levels. Certain wealthier nations arrived in Glasgow failing to have provided the promised $100 Billion to help countries cut emissions (2023 is the new target to reach these numbers with an added promise of $500 Billion by 2025).
Cynicism aside, frameworks and targets on a macro level are needed and can lead to regional regulations. However, whether emission reductions are compliance driven or voluntary, a significant amount of financing needs to be mobilized to reach the desired climate targets set forth.
The overarching framework of COP26 is to keep global temperatures within a 1.5 degree Celsius range to mitigate the worst climate risks.
100 countries that contain 85% of the world’s forests pledged to halt deforestation and reverse its effects by 2030.
Nationally Determined Contributions (NDCs):
154 parties submitted their NDCs outlining their committed reduction in emissions.
Glasgow Climate Pact:
A pact calling for more ambitious goals and targets for reducing greenhouse gas emissions to be set made by 2022.
The pact can be read here.
In short, to reach the 1.5 degree target, emissions need to be reduced by 40% by 2030 and reach net-neutral from 2010 levels by 2050.
Global Methane Pledge:
105 countries signed a US and EU led target to reduce methane emissions 30% below 2020 levels by 2030.
US, UK, France, and Germany indicated they would allocate $8.5 billion to help South Africa reduce its reliance on coal.
23 new countries (now totaling 190 countries) committed to phase out or end increases in coal generated energy.
Overseas Public Financing:
25 countries agreed to end public financing of overseas oil, gas, and coal projects by 2022.
India pledged to achieve carbon net-zero by 2070.
Jeff Bezos & Bezos Earth Fund pledged $1.5 Billion to protect forests in the Congo basin.
Right Before COP26:
The US committed to doubling climate finance commitments to $11.4 Billion annually.
China committed to not building new coal plants abroad. (Did not Attend COP26)
Who Wants What?:
Bloc/Country : Topic : Issue : Position
Global goal on adaptation
1.5C compliant plans
Carryover credits from Kyoto