COP26 is a major event in the world climate change agenda. It will unite governments around the world to address climate change issues. There will also be a number of announcements at this conference. Let’s take a look at some of the key announcements that you should be aware of.
COP26 emergency
The urgency of COP26 climate talks cannot be overstated. The climate crisis is becoming a global emergency that must be tackled now. The upcoming conference in Glasgow, UK, is a pivotal moment in the global climate movement. As the world watched the talks in Glasgow, the movement became more powerful. Although the talks did not reach their full potential, it is important to note that the climate emergency has finally become a global priority.
At the COP26 summit, world leaders declared global climate emergency. The declaration is a declaration that will ensure that global warming is addressed. It also outlines a list of the top priorities for COP26. This agreement was the result of comprehensive demands by countries that are most affected by global warming. The Climate Vulnerable Forum Declaration, which was adopted at the World Leaders Summit in Glasgow, details the demands and priorities of these countries.
The US and China have a lot riding on the outcome of COP26. The US has been in deep negotiations with China, trying to persuade them to take more aggressive action on climate change. China is the world’s largest polluter, and its participation at COP26 will have an enormous impact on global climate action.
The United Kingdom is hosting COP26, the next major climate conference in the world. The United Kingdom is working with the UNFCCC and the secretariat to ensure the safety of the conference.
COP26 market mechanism
At COP26, countries agreed on new market mechanisms to transfer emission reductions between countries. These mechanisms will encourage private investment in climate-friendly solutions. They will also facilitate stronger cooperation among countries on adaptation and mitigation. However, the COP26 market mechanism was not without its own set of controversial issues. Here are some of the key points from the meeting.
COP26 adopted new rules for Article 6 of the Paris Agreement, offering an international governance framework for carbon markets. These rules will be vital for the implementation of the Paris Agreement, which was adopted six years ago. The new rules and mechanisms will drive ambition and deliver real emissions abatement, but they will only work if there are clear rules, transparency, and accountability.
COP26 decision on nature for reducing emissions
Negotiations in the run up to COP26 on nature for reducing emissions were intense this week. Ministers, heads of delegations, and issue leads fought for language that would make the Paris Agreement work for everyone. Each five years, countries are required to strengthen their climate commitments, and this year’s COP26 negotiations are focused on items in the Glasgow Package and the updates to countries’ national mitigation plans (NDCs). The language of the decision text will be challenging, as it must strike a delicate balance between ambition and competing interests.
A number of major changes were made to the draft text, including a call for nations to phase out coal and fossil fuel subsidies. The COP also recognised the need for accelerated action on emissions reductions in this decade. However, the text did include troubling new qualifiers related to mitigation and the use of fossil fuels.
The Paris Agreement also outlined the rules for international carbon markets. These rules will help ensure that countries do not double count their reductions by claiming they have reduced their emissions by a smaller amount than what they actually did. This means that the COP26 decision on nature for reducing emissions has a higher degree of relevance than in previous years.
A key objective of COP26 was to mobilize finance for the climate transition, a potentially unprecedented opportunity given the US$130 trillion in private assets. With this goal in mind, Deputy Prime Minister Freeland hosted a high-level roundtable on private finance to support the transition to a low-carbon economy. Along with Ministers Wilkinson and Guilbeault, Freeland hosted a sustainable markets initiative with the Caisse de depot et placement du Québec.
COP26 decision on the Glasgow Climate Pact
The COP26 decision on the Glasgow Climate Pacy calls on countries to align their 2030 targets with those of the Paris Agreement, and to submit long-term strategies for 2030 and beyond. The aim of these long-term strategies is to help countries transition to a net-zero emissions future by the middle of the century. Ideally, these targets should coincide with the Paris Agreement’s five-year cycle.
In addition, the decision makes provisions for adaptation finance. The deal includes an amendment to the current pact that will encourage countries to increase their adaptation finance, and it calls for more climate finance. However, it will not provide the full funding needed by the poorest countries. Currently, around 25% of climate finance goes towards the development of green technologies, and seventy-five percent is used to curb greenhouse gas emissions. The pact also includes a work programme to identify collective needs and solutions to the climate crisis.
The Glasgow Climate Pact was the first cover decision to explicitly target fossil fuels as a contributor to global warming. But the strong language was diluted by the use of restrictive qualifiers, and the language still does not go far enough to cut emissions of these fossil fuels. As a result, only a phase-out of coal power and inefficient fossil fuel subsidies will be required under the new pact. This is not as ambitious as many had hoped, and many countries criticized the decision.
The COP26 decision on the Glasgow Climate Pacy does not include a commitment from multilateral development banks. The MDBs’ joint commitment to align investments with the Paris Agreement by 2023 had been criticized for not adding new details, and for not committing to curtail the financing of oil and gas projects. It also does not commit to ban the development of coal and peat-fired power plants.
