Seven things to look out for at COP26

Leaders from all over the world meet once again to discuss one of the most pressing challenges that threaten the species' survival. After the Paris Agreement in 2015, the current meeting in Glasgow could be a real game-changer in many regards. There are several different views on what kind of shift is needed and on the order of priorities. According to the Indian environment minister, this COP would be about action and implementation, and expectations for a positive outcome are enormous. Many countries, including India, have welcomed five key initiatives (sustainable land use, energy transition, low emission vehicle transition, and adaptation) proposed by the UK COP 26 presidency.

I have been engaged in the climate movement for more than ten years, and this would be my fifth Conference of Parties (COP) on Climate. I grew up in India, and for the last seven years have been living in Sweden, so my perspective is built on a range of experiences. To make it easy for the reader, I am trying to summarize my post into five aspects that I think are vital for this COP;

1) Justice

One of the most apparent reasons countries do not do enough on climate change is the lack of financial resources. The developed countries are addicted to a fossil economy and are still fuelling their economic growth. Massive subsidies continue to drive artificial demand for oil and gas in the world. We Don't Have Time promotes a vital petition to mobilize politicians to stop fossil fuel subsidies currently at the global level of USD 11 million a minute. Countries like India also argue that their carbon space has been stifled due to colonialism. Some estimates suggest that the West owes India 5 trillion USD of the historical carbon space.

On the other hand, the private sector is seeing burgeoning demand for sustainable and climate-neutral products. Moreover, reducing the use of fossil fuels and switching to renewables reduces operational costs and has improved the bottom line for many companies. So the question is, can we finance the transition equitably and profitably for all stakeholders?

2) Knowledge and know-how

There is an immense amount of knowledge and experience among different actors for mitigating and adapting to climate change. However, due to intellectual property restrictions and secretive practices, the world is not sharing enough. We need a mature mindset to tackle climate change, as science clearly shows that we need to scale our efforts in the next ten years. We as humans can never rise if we act in isolation. The pandemic showed us the vital need for open-source solutions such as vaccination or other drugs that could help us scale mitigation of the pandemic. Knowledge around critical technologies such as Solar PV, Heat pumps, Biogas, Wind, and other innovations must be accessible for all countries. We also need universal access to knowledge around agroforestry, permaculture, natural farming that can genuinely scale carbon drawdown and ensure food security for the masses.

3) Towards Credible Carbon Offsets Markets

The carbon markets are again in the limelight, and many expectations have been put into creating certainty around a carbon price in the EU. Most developing countries, including India and China, want to see the CDM and rules of the Kyoto protocol sustained for at least another five years. Currently, the regulated and voluntary carbon markets are somewhat bureaucratic and slow. They have primarily depended on physical verification of forest and agriculture projects with a time interval of once five years. In those five years between verification, forests can be cut or burned down, and the underlying carbon can leak into the atmosphere. The slow manual process and lack of digital auditing and verification processes have created a carbon market that sells carbon credits and offsets that can sometimes lack credibility. Companies like Earthbanc (www.earthbanc.io ) are pioneering the art of carbon auditing through remote sensing and satellite imagery AI, and this audit process can be done for a yearly issuance or even quarterly. The projects we have audited across millions of hectares in the Amazon and entire catchments from the Himalayan foothills to the mangroves of the Sundarbans in West Bengal, India - are showing extremely high accuracy in carbon measurement of trees, vegetation, and soils. Companies including Telia Company AB have purchased carbon offsets from our carbon marketplace because they seek credible carbon offsets, and all companies signed up to net zero and particularly with Science-Based Targets, are very keen to support innovative solutions to improve the efficacy and credibility of Greenhouse Gas (GHG) reductions and storage with regular auditing and also verification. Currently, more than 500 million farmers and landowners owning less than two hectares of land cannot access carbon incentive payments for regenerative agriculture or forestry due to economies of scale issues. Innovative companies like Earthbanc can bridge that gap by minimizing the cost of auditing and verification while also connecting carbon buyers and sellers on the Earthbanc digital platform and other applications via the API and SDK Whitelabel.

4) The youth

Greta and the youth, in general, have established an active voice in the climate movement. We need to watch out for innovative strategies and policies that can equip and inspire a new generation into green jobs. The transition to a low carbon economy will not happen just with demonstrations and communications campaigns, and it requires people with the right skills and attitudes to solve complex problems. The private sector, civil society, and governments worldwide will need people to transition from an extractive fossil fuel economy to a regenerative economy. This requires us to go beyond traditional education, and it requires space for peer-to-peer learning. Social media channels like YouTube, Facebook, and others need to repurpose content to spread tools and stories that facilitate the transition. Countries and companies that can create the greenest jobs will attract a vast amount of capital.

5) Idea of wealth

A system change is the fastest way to battle climate change. We need to shift from measuring GDP to measuring other well-being indicators like GNH. Countries like Bhutan and New Zealand are showing us the way forward. Wealthy nations do not require more things, and they need improved care and services that will enhance people's mental health and well-being who are drowning in material possessions.

6) Accelerating Adaptation Benefit Mechanism and Resilience

Climate change impacts are growing and becoming more severe each year, yet there is little focus on adaptation and resilience. The public sector finance for adaptation in 2014 was about US$ 22.5 billion. The adaptation costs could be as high as $140 to 300 billion per annum in the future, and therefore the gap could be 6 to 13 times greater than international public finance today. This is the reason why we need innovative mechanisms like the Adaptation Benefit Mechanisms to mobilize private sector capital to build resilient supply chains and infrastructure. We expect the African countries and the Least Developed Countries demand demanding accelerated adaptation finance and scaling of the Adaptation Benefit Mechanism (ABM ).

7) Global Methane Pledge

According to the Environmental Investigation Agency, "methane emissions are responsible for 25 percent of the warming experienced today" if global warming has to be kept below 1.5 degrees Celsius warming. Global methane must be reduced by 45 percent by 2030. To achieve this global ambition, we need an international agreement. But first, what is methane? Methane is a greenhouse gas. It has a relatively short lifetime in the atmosphere – about 12 years –, but it is 86 times more potent than carbon dioxide over 20 years. It also contributes to the formation of tropospheric ozone, a very harmful air pollutant that causes approximately one million premature deaths each year. We are expecting a comprehensive action plan and an international agreement on the reduction of methane emissions.

Coming back to Glasgow after many years will be filled with many memories. Being a student at the University of Glasgow back in 2006-2007, redesigning the economy to tackle the climate emergency has been on my mind ever since. Coming back to Glasgow after 15 years, to the home of Smith and Kelvin, I hope that global leaders can find the Time and space to deepen their relationships with each other so that we can collectively heal and restore our relationship with mother earth. Our financial resources and knowledge need to encourage the youth, farmers, and diverse stakeholders to transition to a regenerative economy that cares about people and their well-being. I hope to come back inspired and scale climate action for the sake of future generations.

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