Business Energy Broker
COP26 has come to an end on Saturday 13th November as nearly 200 countries agree to the Glasgow Climate Pact.
The Glasgow Climate Pact has marked the end of the 2-week negotiations at COP26 to complete a Paris Rulebook, guidelines of how to deliver on the Paris Agreement, after 6 years of discussions.
The Paris Rulebook will finally enable the delivery of the Paris Agreement accord and hold countries accountable for delivering on their targets through a transparency process agreement.
Nearly 200 countries have signed the Glasgow Climate Pact and agree to keep the 1.5C increase cap alive and finalise the remaining Paris Agreement points. This is the first time COP has agreed to the phasing down of unabated coal power.
The finalised text will shorten target dates and increase the pace of climate actions. One of the agreements includes the revisiting and strengthening of current national emissions targets, or Nationally Determined Contributions (NDCs), to 2030 by the end of 2022.
To limit the global temperature to 1.5C, the focus has gone to short term emissions reductions through public and private finance. In addition, finance will also be made available to support communities in adapting to climate impacts.
An important contribution to COP26 milestones has been the shift in coal. The single largest source for carbon emissions has been targeted with an increase to countries that have committed to ending international financing and phasing out unabated coal generation.
Over the almost 2-year duration of the UK COP26 Presidency, 154 representing parties have submitted new NDCs that represent 80% of global emissions. In the same period, they have achieved an increase to 90% of the world coverage for net-zero targets from only 30%.
Amongst some of the largest milestones at COP26 is the commitment to end deforestation by 2030, with 130 countries pledging to protect natural habitats that cover 90% of the world’s forest.
As previously mentioned in the first draft, the COP26 agreements have gone further to recognise and address the loss and damage suffered by vulnerable and developing countries due to climate change.
The agreement makes commitments to increase the Adaptation Fund, financially supporting vulnerable countries. However, developed counties were only ‘urged’ to double their support by 2025 without actionable language.
Despite climate action commitments made before and during COP26, climate change will continue to impact our planet and communities. Current policies keep the world on track to permanently damaging temperature rises while fully delivered actions on new commitments would increase to 1.5C.
COP26 President, Alok Sharma, said:
“We can now say with credibility that we have kept 1.5 degrees alive. But, its pulse is weak and it will only survive if we keep our promises and translate commitments into rapid action. I am grateful to the UNFCCC for working with us to deliver a successful COP26.”