COP26: Look under the bonnet

Now the dust has started to settle, we can look back at the events that unfolded in Glasgow. As you are well aware, the UK partnered with Italy to host the 26th United Nations climate change conference. Most of the world leaders got together to discuss every aspect of climate change. And discuss they did!

The ultimate finale of COP26, the Glasgow Climate Pact, turned out to be an agreement signed by nearly 200 countries. The participants agreed to keep the 1.5C target alive and finalised the outstanding elements of the Paris Agreement 2015. Does this mean we are in the clear? Not at all. The 1.5C target will only be achieved with urgent and immediate global efforts.

So let’s look under the bonnet. The main points of GCP included:

• Urgency – the main goal of GCP is to speed up climate action. All countries agreed to revisit and reinforce their current emissions-cutting targets, bringing them forward to 2030. Their efforts will be reviewed on an annual basis.
• Fossil Fuels phase-out – for the first time, the signatories committed to reducing the use of coal (fossil fuel that is responsible for over 40% of total annual carbon emissions). Albeit this is undoubtedly a significant win for the environment, it does not come without controversy. India and China pushed for a “watering down” of the pledge so that initially intended “phasing out” became a final “phasing down.” ?
• Adaptation fund – COP26 recognised the financial burden lying on developing countries. As a result, developed countries were urged to double their financial support to developing countries by 2025.

So this is a very quick summary of GCP. But luckily, the good news does not end here. Apart from finalising the GCP, participating countries agreed on a whole lot of other actions:

• End of deforestation – one of the early wins of COP26, a widespread pledge signed by 130 countries (including key countries like Brazil and Russia), covering 90% of the world forests and promising to end deforestation by 2030. ?
• Methane reduction – a scheme to cut methane emissions by 30% in time for 2030 was signed by more than 100 countries. Critically, China (one of the biggest methane producers) has not signed this agreement. However, China and the US, the two biggest carbon emitters, have surprised the world leaders by agreeing to cooperate on climate actions. The US is looking to plug the abandoned oil and gas wells that are leaking methane.
• Zero Emission vehicles – 38 countries and 41 cities (including Bristol, mind it!) signed the initiative towards all sales of new cars and vans being zero emissions by 2040 or by no later than 2035 in leasing markets. I like to think that Bristol will be on the frontline of that change.
• Private finance commitment – last but not least comes my favourite bit. As of last week, two-fifths of the world’s financial assets ($130trillion!) are controlled by banks, fund managers, insurers and pension administrators that have signed up to 2050 net-zero goals. Why is that important? Because the immense power contained within private assets will be finally used for good causes, making a world a safer place and making lucky investors all the better off for it.

To continue on this subject (after all, finance is what I know and love), the UK has announced new plans to become the world’s first Net Zero-aligned Financial Centre. This means the UK government will push the financial institutions to decarbonise and meet UK’s ambitious and LEGALLY BINDING net-zero targets. This is a welcome move as London is struggling to retain the coveted status of the world’s most important financial centre.

To summarise it all…

All in all, COP26 has turned out to be a bittersweet experience for many of us. It has highlighted the enormity of the challenges ahead of us, as well as the great political pressure that could be applied at the most well-intended effort. The pledges will mean nothing if we, collectively and unitedly, will not rise to meet them. 1.5C is the only sustainable target for many people around the world, as limiting global warming to 2C will mean a death sentence to citizens of Antigua and Barbados, Maldives and Fiji, Kenya and Mozambique.

Yet there is hope. There is a keen sense of solidarity, of willingness to change, of collective understanding. An unprecedented sign-up rate means the governments are waking up to reality. As Barbados Prime Minister Mia Mottley rightly mentioned, it is up to today’s leaders to make a change. Not 2030, not 2050. Today’s leaders have the real power to make the right choice. And I know people are ready to follow.

So let’s make the next decade count. Let’s all do our best. To quote Richard Bach, “A tiny change today brings a dramatically different tomorrow”. So let’s make sure it is a tomorrow we can all share as equals.?

Sources: ukcop26.org, gov.uk, neimagazine.com

Video: https://www.youtube.com/watch?v=PN6THYZ4ngM&ab_channel=UNClimateChange