It’s THE Decade for Action – Are We Ready to Spend Like We Mean It?

The road to this Conference of the Parties in Glasgow – or COP26 – has been heavy with anticipation. Will the pledges from governments be bold enough? Will corporations meet the challenge ahead? Will the world have what it takes to fight the dual emergencies of climate crisis and biodiversity loss?

In short – will it be enough?

As we conclude the first five days, I remain hopeful. Below, I outline and give context to some of the headlines that you might want to watch.

Saving our Forests

Given the enormous pressures facing our planet’s remaining forests, it’s no surprise that early headlines have been dominated by this?major agreement ?– brokered by the UK government and signed by over 100 world leaders including those from the U.S., Brazil, Canada, Democratic Republic of Congo, China, Colombia, Indonesia, and Russia – to halt and reverse forest loss and land degradation by 2030. Our take: while this flagship commitment is welcome, the devil as always is in the detail – and 2030 is still a way off. Given current rates of deforestation and land degradation/conversion in many tropical countries, we look forward to more detail on country roadmaps and actions as well as other vital considerations like enforcement mechanisms, reforestation strategies, funding commitments and ensuring sufficient protection for indigenous forest communities.

?Sustainable Food Systems

One of the highlights of COP26 so far has been the announcement of the Innovative Finance for the Amazon, Cerrado and Chaco (IFACC) initiative, an example of a critical need for farmer financing at scale, to accelerate the transition in sustainable production of soy and beef – two of the commodities most often associated with deforestation and land conversion in these critical South American ecosystems. I really believe that the level of ambition shown by the eight IFACC Declaration signatories – & Green Fund, AGRI3, DuAgro, Grupo Gaia, JGP Asset Management, Syngenta, Sustainable Investment Management, and VERT – to achieving $10 billion in commitments and $1 billion in disbursements by 2025, demonstrates the depth of our shared commitment to achieving a world where, as the industry expands to meet growing global demand, deforestation-and-conversion-free soy and cattle production becomes the norm rather than the exception across the world’s most biodiverse continent.

?Curbing Methane

Led by the United States and European Union, more than 100 countries signed up to a global methane pledge, committing them to at least a 30% cut in emissions by the end of this decade. In the U.S. alone, steps will be taken to reduce the millions of tonnes of the potent greenhouse gas that currently leaks from oil and gas infrastructure each year, under the Methane Emissions Reduction Action Plan. We are pleased to see affirmative global action on a problem that’s for too long played second fiddle to CO2.

?Aid for Adaptation

As temperatures continue to rise, so investment in helping the most vulnerable communities adapt to the accelerating effects of the climate crisis becomes ever more paramount. The Biden Administration’s launch of PREPARE – the PResident’s Emergency Plan for Adaptation and REsilience – pledges to distribute US $3 billion in financial support annually by 2024 to those on the frontlines of climate change – representing the United States’ largest-ever adaptation commitment to date. By coordinating a cross-government approach to this challenge, bringing together diplomatic, development and technical experts in service of more than half a billion people in developing countries, PREPARE represents a promising new blueprint for adaptation aid, which also mirrors the 2030 timeline required by the Sustainable Development Goals.

?Beginning of the End for Coal?

Nearly 40 countries committed to phasing out coal-fired power, in an effort to lower global emissions from the energy sector. This is a critical first step in delivering a global energy transition, and we encourage other countries to strongly consider their energy production models and move towards a low carbon future immediately.

?Financing for Our Oceans

Today, The Nature Conservancy (TNC) and the Government of Belize announced an innovative financial transaction that will enable the country to reduce its debt burden and increase its investment in conservation. This is especially meaningful to the people of Belize as the country’s tourist-based economy continues to suffer from the impacts of COVID-19. The deal announced today is part of our larger sustainable ocean finance effort, an ambitious plan to drastically scale-up ocean conservation around the world. This conservation model is an innovative strategy to work with governments to refinance a portion of their sovereign debt, securing long-term sustainable financing for the management of valuable natural resources and allowing governments to unlock funds at scale to deliver on their conservation goals and support the well-being of their communities and economies.

All in all, we are taking steps toward linking transformative action from governments and financial organizations to the communities that need it – but our science shows that we need to be taking giant leaps. In my remarks to the World Leaders Summit and in conversations with presidents, prime ministers and CEOs, I have reiterated that we must raise ambition, increase transparency, ensure that Indigenous People and local communities are at the table and – hardest of all, make it as simple as possible.

The Earth has been telling us – in quantifiable and measurable data – what we need to know, and what we need to do. Our job in civil society is to be the stewards of that message — to leverage the scientific data, drive partnerships and policy, and ensure that transformative finance touches down where it matters most.

For expert comment on these or any other COP26 storylines, please contact?[email protected]