COP26: What Happened and What’s Next?
Last Sunday, November 14, the UN Climate Change Conference (COP26) came to an end with a commitment to accelerate #ClimateAction to keep alive the goal of limiting global temperature rise to 1.5 degrees. The outcome document, known as the Glasgow Climate Pact, calls on 197 countries to report their progress towards more climate ambition next year, at COP27, set to take place in Egypt. Here are the key takeaways listed below (from Euronews).
LIFELINE FOR 1.5 DEGREES CELSIUS LIMIT:
As part of the climate deal, countries reaffirmed a "long-term global goal...to pursue efforts to limit the temperature increase to 1.5 °C above pre-industrial levels."
They also recognised that this would require "rapid, deep and sustained reductions in global greenhouse gas emissions, including reducing global carbon dioxide emissions by 45 per cent by 2030 relative to the 2010 level and to net-zero around mid-century, as well as deep reductions in other greenhouse gases."
Several deals brokered on the sidelines of the conference also aimed to cut methane emissions by 30%, reduce deforestation, and phase out coal.
FINALIZING TECHNICAL RULES:
Six years on since the Paris Agreement, negotiators finalised the outstanding elements of the transparency and reporting requirements for countries, known as the "Paris rulebook".
"Coming into COP26, there was no guarantee that we would actually finalise the Paris rulebook; it's something that has dogged COPs for years," Tom Evans, a researcher at E3G, told Euronews.
"I think this COP kind of marks the end of that technical negotiation phase in terms of what the Paris Agreement would do. And now we're looking at actually how you implement the Paris Agreement and how you actually deliver on its goals," he said.
COAL COMPROMISE:
One of the last-minute compromises at the conference included a watering down of language on coal proposed by India. It replaces the words "phase out" with the words "phase down".
The text now reads: "including escalating efforts to phase down unabated coal power, and phase out inefficient fossil fuel subsidies."
Experts said that language on coal and fossil fuels was overdue and that its presence in the text proved that coal was on the path towards being phased out.
RICH COUNTRIES NOT YET PAYING UP:
In 2009, wealthy countries agreed to mobilise $100 billion (€86.4 billion) per year to address the needs of developing countries but that still hasn't happened.
The Glasgow agreement "notes with deep regret" that the goal hasn't been achieved and the agreement encourages wealthy nations to mobilise the funds.
In another key part of negotiations, developing countries demanded reparations from the world's largest historic carbon emitters to pay for the "loss and damage" incurred due to the climate crisis.
• UK will force financial firms and major businesses to publish plans about how they will get to Net Zero
• Rishi Sunak also announced 40% of global assets totalling $130 trillion will align with the Paris Agreement
• Over 40 leaders joined the Breakthrough Agenda, a 10-year plan to work together to create green jobs and growth globally, making clean technologies and solutions the most affordable, accessible and attractive option before 2030 – beginning with power, road transport, steel, hydrogen and agriculture.
• New pledges from COP26 could bring projected warming to below 2°C for the first time in history, researchers say
• At least 110 countries representing 85% of the world's forests agreed to end and reverse deforestation by 2030.
• Scores of world leaders signed a pledge to slash potent climate heating gas methane by 30% by 2030, which significantly help slow short term warming
• Japan committed an extra $10bn climate finance over five years, meaning rich countries could hit $100bn a year target one year sooner than expected, US climate envoy John Kerry said, as it "has the ability to leverage" a further $8bn
• Over 40 world leaders back plan to fund clean technology around the world by 2030, the UK government announced
• India finally came forward with a Net Zero promise - the 2070 target is 20 years later than the key 2050 date but still a big step forward, especially with its commitment to significantly slash emissions by 2030