COP26: What's Going On And Why It Matters - Week 1
COP26: What's Going On And Why It Matters
The 26th round of Conference of the Parties (COP) on climate talks has been in session since Oct. 31 in Glasgow. COPs have been held for three decades now but this one is critical to climate change mitigation, given that it comes in a year of an unprecedented pandemic, floods, forest fires and other emergent situations.
COP26 goals are
Secure global net zero by mid-century and keep 1.5 degrees within reach
Adapt to protect communities and natural habitats
Mobilise finance
Work together to deliver
Here's a roundup of all things important that have been discussed so far.
What Happens At COP Meetings? Why Is This Year Special? Who Is Lagging On Their Commitments?
U.S. President Joe Biden’s climate envoy, John Kerry, has said COP26 will be the last chance for the world to avoid climate disaster, highlighting why the United Nation's convened-Glasgow meeting may be the most important one ever.
Read more here.
(Source: Bloomberg)
Top Energy Agency Says COP26 Pledges Signal 1.8°C Of Warming
Among the dozens of new promises made by countries at COP26 this week, India announced a target for net zero emissions by 2070, while nearly 100 nations signed a joint U.S.-European Union pledge on Tuesday to collectively reduce global methane emissions 30% below 2020 levels by 2030.
These put the world on track for 1.8 degrees Celsius of global warming, according to the International Energy Agency.
Is that good enough? Read this.
Prime Minister Narendra Modi, center, embraces Antonio Guterres, secretary general of the United Nations, as he is greeted by Boris Johnson, U.K. prime minster, left, during the COP26 climate talks in Glasgow on Mon. Nov. 1, 2021. (Photographer: Robert Perry/EPA/Bloomberg)
Developing Nations At COP26 Press Rich Countries To Fund Climate Goals
From Honduras to India, from Libya to the Seychelles, leaders from developing countries imparted this same message to those from wealthier nations.
“For many developing nations, climate change is a big danger to their very existence,” said India Prime Minister Narendra Modi. He called on developed nations to make $1 trillion in climate finance available “as soon as possible.”
More on that here.
COP26: India’s Glasgow Offering, Elon Musk, And What Rich Countries Choose To Ignore
Prime Minister Narendra Modi’s announcement that India would target net-zero carbon emissions by 2070 is pragmatic, in a United Nations Climate Change Conference otherwise marked by bluster and artifice, writes Rathin Roy, noted economist and Managing Director at the Overseas Development Institute.
Read more on Roy's view of the India approach here.
(Source: Bloomberg)
(Source: Bloomberg)
China’s Deafening Silence Speaks Loudest At Global Climate Talks
It’s hard to make progress on climate change when the biggest polluter doesn’t show up.
Read: The China Factor
The Global Carbon Market Hurdle
Plans for a rigorous and regulated international carbon market to help countries and businesses reach their climate goals are becoming a key part of the fight against climate change.
Read: How a Global Carbon Market Could Accelerate Net-Zero
Talks at COP26 on international carbon markets are running into difficulties, as the U.S. lines up behind the European Union with objections to a key demand from developing countries, according to people familiar with the situation.
Read: COP Carbon-Market Talks Struggle As U.S. Lines Up Behind EU
Central Banks Join The Climate Fight
On the eve of the COP26 conference of global leaders, the Bank of England threatened to “come down pretty hard” on companies failing to manage climate risk starting from 2022.
What about other central banks? Read this.
Top Financiers Commit $130 Trillion In Climate Finance
Banks and asset managers representing 40% of the world’s financial assets have now pledged to meet the goals set out in the Paris climate agreement, an alliance championed by former central banker Mark Carney.
More than 450 firms representing $130 trillion of assets now belong to the Glasgow Financial Alliance for Net Zero. Signatories must commit to use science-based guidelines to reach net zero carbon emissions by mid-century, and to provide 2030 interim goals.
Read: Too little, too late?
Read: What about returns?
Protest on "Youth Day" at the COP26 climate talks in Glasgow on Nov. 5, 2021. (Photographer: Jonne Roriz/Bloomberg)
Protest on "Youth Day" at the COP26 climate talks in Glasgow on Nov. 5, 2021. (Photographer: Jonne Roriz/Bloomberg)
Greta Thunberg, Swedish environmentalist, at a demonstration on "Youth Day" at the COP26 in Glasgow on Nov. 5, 2021. (Photographer: Jonne Roriz/Bloomberg)
Greta Thunberg chose the day that finance chiefs rallied trillions of dollars to deploy in the fight against climate change to make her presence felt at COP26.
Read: Greta Thunberg Attacks CO2 Offset Projects As ‘Greenwash’ At COP26
The parade of announcements this week from world leaders, finance figures and climate diplomats at the COP26 summit culminated in a weekend parade of protesters through Glasgow, Scotland.
The message from the thousands carrying placards around the venue of the meeting is one most insiders would agree with: The progress is still not enough to avoid catastrophe.
Read: Protestors Expose The Stark Reality Of Climate Progress At COP26