The purpose of COP26 is to encourage countries to limit the increase in global temperature to “well below” two degrees celsius. This will be done in part by encouraging countries to phase out fossil fuel subsidies and switch to electric vehicles. In addition, COP26 will promote strong near-term targets and efforts to limit emissions of greenhouse gases.
COP26 will continue work on limiting global temperature increase to “well below” 2.0 degrees celsius
The COP26 meeting will continue the work to implement the 2015 Paris Agreement, which aims to keep global temperatures well below 2 degrees Celsius. The meeting will also pursue efforts to limit global temperature increases to 1.5 degrees Celsius.
The WMO is currently working with scientists and the international community to create a framework for global greenhouse gas monitoring. The WMO will collect measurements for atmospheric concentrations of greenhouse gases – not emissions – and will communicate these data to the scientific community.
A recent IPCC report on climate change showed that the global average temperature has risen 1.1 degrees above pre-industrial levels. The warming is due to human-caused greenhouse gas emissions. It has already caused droughts and water scarcity, sea level rise, and more. It has also led to the loss of species and ecosystems, and it is projected that these declines will continue. Even people living in areas that have not contributed to climate change have to deal with its consequences.
While the new pledges made at COP26 have the potential to limit warming to under 2C by 2100, there are many questions about how these promises will be fulfilled in the short-term. The new pledges have a 0.1C warming reduction, according to UNEP and the Climate Reality Project, but this does not reflect the net-zero promise countries have made. It also falls short of the Paris Agreement goal of limiting the rise to 1.5C. Therefore, the Paris Agreement must be complemented with near-term commitments that reflect these new pledges.
The Paris Agreement has become a legally binding international treaty on climate change. It was ratified by 195 countries in December 2015 and entered into force on 4 November 2016. The objective of the Paris Agreement is to stabilize global climate and limit global temperature increase to 1.5degC or less by 2050. This is a huge goal with huge implications for the health of the planet. While some are advocating for 2degC, others are advocating for 1.5degC.
It will encourage countries to set stronger near-term targets
While it is still early to determine whether the COP26 will succeed in its goal of limiting global warming to 1.5C, it is expected that the decision will encourage countries to set stronger near-term goals. The Paris Agreement includes a “ratchet mechanism” that requires countries to review their targets every five years. This mechanism expired on 31 December 2020, but several countries failed to submit NDCs in time. Now, the COP26 is expected to encourage countries to revise their NDCs before the next meeting in December.
The Paris Climate Agreement requires nations to reduce their carbon emissions, while encouraging them to phase out fossil fuel subsidies and phase out coal power. The agreement also calls for countries to reduce their emissions of methane. The Paris Climate Agreement is the first time that coal has been explicitly mentioned in a COP decision text. Countries have also pledged to stop or reverse deforestation and restore natural ecosystems to mitigate climate change.
The UN, UK and US have already admitted that the COP26 will fail to meet its goals, and their NDCs may not be enough to keep the world at 1.5C. The EU has vowed to continue to contribute to international climate finance to support developing nations.
The broader agreement reached at the COP26 represents good progress. However, the decisions made by COP26 highlight the need for stronger, more specific climate action. For example, COP26 called for countries to cut global carbon dioxide emissions by 45 percent by 2030 and reach net zero by mid-century. The conference also called for countries to end fossil fuel subsidies and accelerate the phase-out of coal power.
It will encourage countries to phase out coal and fossil fuel subsidies
In a landmark agreement, the United Kingdom and a coalition of wealthy nations agreed to stop funding coal power by 2030. The announcement marks a major step forward in the global climate fight. In addition to the United Kingdom, a coalition of the G20 and G7 nations also committed to stop coal financing. This agreement aims to phase out coal in developed countries by 2030 and coal in developing countries by 2040. However, many developing countries are still reliant on coal as their only reliable energy source.
The agreement also calls for the phasing out of “inefficient” fossil fuel subsidies and a phase-down of coal power. However, many countries are disappointed with the language of the agreement. The language regarding coal subsidies was changed from “phase out” to “phase down”. This was not as ambitious as many countries wanted it to be.
As the global emissions of fossil fuels have rebounded, the COP26 meeting will also encourage countries to phase out coal and fossil fuel subsidisation. While it is important to encourage countries to reduce their emissions, it is important to note that they should do so gradually and not be rushed into it. Moreover, coal phase-outs should ensure public participation and avoid inciting governments to invest in other fossil fuels.
As the draft climate deal was finalized, a series of voluntary side deals were struck. These included halting deforestation, stopping international coal financing, blocking new oil and gas projects, and curbing methane emissions. This agreement will serve as a blueprint for a global climate deal and will require the signatures of all parties.
It will encourage countries to switch to electric vehicles
The United Nations Climate Change Conference (COP26) starts next week and will focus on the need for zero-emission vehicles, or EVs, for transport. EVs have several advantages over traditional cars, including zero emissions, energy efficiency, and modern driver assistance features. The EV market has made tremendous leaps in recent years, with projections indicating that the global market will increase by 2.5 times between now and 2021.
EVs require new materials and electricity generation and distribution infrastructure, and countries will need different sources of labor and supplies to make them. Electricity grids can be unstable and unreliable, so coordinated action can de-risk new renewable energy investments. In addition, countries can work together to bring costs down more quickly. This can make electric cars cheaper to buy and operate than diesel cars and petrol-powered vehicles. They also emit less pollution than petrol cars, which can damage the environment.
Many countries are already taking steps to reduce their carbon footprint. The UK is planning to phase out petrol and diesel cars by 2030. France has said it will ban the sale of new exhaust gas vehicles after 2025. The EU has also announced a ban on new petrol and diesel cars in the E.U. By 2030, China wants to sell more electric cars than any other country.
The technology behind EVs is advancing rapidly. There are new and improved battery cells and technologies that have improved energy density. This means that EVs can travel twice as far with the same mass. Battery chemistry continues to improve, and some of the highest performing cells, such as Tesla’s 4680, can reach over 300 Wh/kg.
It will encourage investment in renewables
The COP26 climate conference is expected to generate $100 billion worth of investment in renewables and green energy projects around the world in the next decade. Part of this investment is intended to help developing countries transition to renewable energy and reduce carbon emissions. The second part is intended to spur new investment in renewables and green power solutions in emerging economies. Together, these two components are expected to create 150 million jobs and decarbonize the global economy.
At COP26, the world’s financial institutions pledged to put combating climate change at the center of their work. They also committed to assume their “fair share” of the burden of weaning the world off fossil fuels. The main goal of the COP26 talks is to secure national pledges to reduce the emission of greenhouse gases, which are mainly caused by the burning of coal, oil, and natural gas.
However, the private sector still has a key role to play. It needs to be more financially incentivized to increase investment in renewables. The private sector has a pipeline of shovel-ready renewable energy projects that would inject US$1.9 trillion into the global economy over a three-year period. But this investment is hindered by regulatory and policy uncertainty, which reduces the interest of investors. In addition, institutional investors face significant bureaucracy and onerous disclosure requirements.
Aside from encouraging investment in renewables, COP26 also sets aggressive goals to limit CO2 emissions. The goal of COP26 is to lower carbon emissions by 2050, and limit the use of fossil fuels in electricity. Coal power generation is the biggest contributor of carbon emissions. In India alone, the use of coal is responsible for 76% of the nation’s GHG emissions. To achieve the target of reducing CO2 emissions, India would need to invest an additional $450 billion in non-fossil fuel power generation capacity.
