A sneak peek at the Glasgow Climate Pact..!!
The relevance of the Glasgow Climate Pact in addressing the continuing climate problem makes it all the more important to concentrate on it and critically examine its consequences in 2024, even next COPs has been taken place with many promising stance.
With lofty goals of COP 26, for lowering emissions of greenhouse gases, keeping global warming well below 2°C, and aiming for a 1.5°C temperature increase, the deal establishes itself as one of the most all-encompassing global agreements on climate change. Emissions are still going up and the globe is still a long way from reaching these targets, so it's critical to evaluate the pact's terms and the measures nations have until taken to fulfill their promises. In order to accelerate climate action, mobilize resources, and hold governments and industry responsible for their part in reducing climate change, critical analysis can assist uncover gaps, obstacles, and opportunities. In addition, by continuing to analyze the Glasgow Climate Pact, we can learn more about how to negotiate, implement, and plan for a future where everyone can thrive despite climate change.
On 13 November 2021, the participating 197 countries reached a new agreement, called the Glasgow Climate Pact, with the goal of preventing harmful climate change. The pact emphasizes the importance of adhering to the temperature goals set in the Paris Agreement, which aim to keep the global average temperature increase well below 2°C above pre-industrial levels and strive for a limit of 1.5°C. It acknowledges that achieving this requires urgent and significant reductions in global greenhouse gas emissions, including a 45% reduction in global carbon dioxide emissions by 2030 compared to 2010 levels, and reaching net zero emissions by the middle of the century. It was also highlighted the need for substantial reductions in other greenhouse gases. However, there is no guarantee of achieving the target, as the existing pledges indicate that emissions in the year 2030 will be 14% higher than in 2010.
The final agreement specifically addressed the issue of coal, which has a significant impact on climate change. Unlike previous COP agreements, the Glasgow Climate Pact stands out as the first-ever climate deal to address the issue of uncontrolled use of coal-based power. It explicitly recognizes the need to reduce the impact of coal, oil, and gas on climate change, marking a significant step forward in tackling this global challenge. The language used in the agreement indicates a desire to gradually reduce the reliance on unfiltered coal power, rather than completely eliminating it. Based on this wording, it is suggested that coal power can be used with the goal of achieving net-zero emissions by neutralizing the carbon dioxide through the CO2-to-stone process, without the need for reduction. However, the cost of implementing carbon capture and storage technology is often prohibitive for many coal-fired power stations. More than 140 countries have committed to achieving net-zero emissions. This encompasses a significant portion of the world's economic output.
The Glasgow Climate Pact's final text emphasizes the need to expedite efforts in phasing out inefficient fossil fuel subsidies. Thirty-four countries, along with several banks and financial agencies, have committed to ending international funding for the fossil fuel energy sector by the end of 2022, except in specific cases that align with the 1.5°C warming limit and the goals of the Paris Agreement. They have also pledged to increase financing for more sustainable projects. This includes countries like Canada, France, Germany, Italy, and Spain, who are leading the way in providing such finances within the European Union.
Over 40 countries have made commitments to transition away from coal. The United States and China have come to a mutual understanding regarding the importance of addressing climate change. They have agreed to work together on various measures such as reducing methane emissions, transitioning away from coal, and promoting forest conservation. India has made a commitment to obtain 50% of its energy from renewable sources by 2030 and strive for carbon neutrality by 2070.
This global transition is targeted to be achieved by 2040, with leading markets aiming to achieve this goal no later than 2035. Not all major car manufacturing nations and companies have agreed to the pledge. China, the US, Japan, Germany, and South Korea, along with Toyota, Volkswagen, Nissan-Renault-Mitsubishi, Stellantis, Honda, and Hyundai, have not signed up.
According to Climate Action Tracker, the results were described that there is a prediction that the global temperature will increase by 2.7°C by the end of the century if current policies remain unchanged. The temperature will increase by 2.4°C if only the pledges for 2030 are implemented, by 2.1°C if the long-term targets are also achieved, and by 1.8°C if all the announced targets are fully achieved.
China has announced its commitment to reaching the peak of carbon dioxide emissions before 2030 and achieving carbon neutrality by 2060. It was suggested that setting an earlier date would greatly benefit the Paris Agreement targets. Officials later stated that the 2030 target should be seen as a goal to work towards, rather than a guarantee.
Brazil, known for its vast expanse of the Amazon rainforest, has made a commitment to combat deforestation and work towards its reversal by the year 2030. (Virtual cast from Brasilia on 3 September 2021 by the National Confederation of Industry).
Leaders from over 100 countries, including Canada, Russia, the Democratic Republic of the Congo, and the United States, have come together to make a commitment to end deforestation by 2030.
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This agreement builds upon a previous one from 2014, which included Brazil, Indonesia, businesses, and additional financial resources. Despite the commitments made in the 2014 agreement, the New York Declaration on Forests, deforestation has unfortunately continued to rise during the 2014-2020 period.
There will be discussions about carrying forward pre-2020 Kyoto carbon credits, but it is highly unlikely that an agreement will be reached. Therefore, Article 6 rules have the potential to significantly impact future emissions. Climate finance for adaptation and mitigation was a key focus of discussion.
Developing nations are seeking increased funding for adaptation, while donors are inclined to support mitigation efforts due to their potential for financial returns. Mark Carney, the former Governor of the Bank of England, was appointed to the role of Climate Finance Adviser. The Paris agreement included a commitment to provide US$100 billion annually for developing countries by 2020.
However, affluent nations have not fulfilled their promise, as members of the OECD are lagging behind in their commitments and are unlikely to reach the agreed amount before 2023. A group of prominent finance companies have made a firm commitment to achieving net zero portfolios and loan books by 2050. Scotland made history by being the first country to contribute to a fund dedicated to addressing loss and damage.
South Africa is poised to receive a substantial amount of funding, amounting to $8.5 billion, to reduce its dependence on coal. However, there is a lack of information regarding the specific measures to limit mining activities, control exports, and provide support to the local communities and workers affected by this industry.
Several countries, such as Chile, Poland, Ukraine, South Korea, Indonesia, and Vietnam, have made a commitment to gradually eliminate coal usage. Major economies aim to phase out coal by the 2030s, while poorer nations plan to do so by the 2040s. These nations are known for their heavy reliance on coal. However, it's worth noting that China, India, and the United States of America, which are among the world's largest users of the fuel, are not included in these statistics. Japan has announced a significant investment of $100 million towards the conversion of fossil-fired plants into more sustainable alternatives that utilize ammonia and hydrogen fuel.
Many countries, including the US, have reached an agreement to restrict methane emissions. Over 80 countries have committed to a global methane pledge, vowing to reduce emissions by 30% by the end of the decade.
Tackling the potent greenhouse gas is emphasized by US and European leaders as crucial in order to limit warming to 1.5°C (2.7°F). Australia, China, Russia, India, and Iran chose not to sign the deal, but there is optimism that additional countries will come on board in the future. Russia strongly requested the lifting of sanctions on green investment projects for energy companies like Gazprom. Russia’s climate envoy Ruslan Edelgeriyev criticized Western countries for what he sees as hypocrisy. He pointed out that while these countries are urging Russia to reduce methane leakages, they have also placed sanctions on Gazprom.
Several participants at the conference made firm commitments to achieve net-zero carbon emissions, including India and Japan. India, has recently announced its goal to achieve net-zero emissions by 2070. Japan has announced a significant financial commitment of up to $10 billion to support decarbonization efforts in Asia. China, which is the largest emitter of carbon dioxide by jurisdiction, made a commitment to achieve net-zero carbon emissions by 2060. The British government had hoped that India would also make a similar commitment. Surprisingly, this marked the first instance of India's climate policy including a specific date for achieving carbon neutrality.
Green hydrogen has become a key focus for companies looking to work together and make a substantial impact on decarbonizing industries.