COP26 ended on 13 November 2021 after negotiations overran into the weekend. But what results were achieved from it? Though it fell short of delivering actions and commitments, here’s a summary on the main outcomes and key announcements from COP26.
What was the outcome of COP26?
Disappointments and shortcomings at COP26
- Failure to meet 1.5C target
- Phasing coal “down” instead of coal “out” in the Glasgow Climate Pact.
- Not securing $100 billion climate finance
- Promised at COP15, Copenhagen 2009: $100bn per year by 2020.
- Delaying the finance to 2023.
What is the Glasgow Climate Pact?
Agreed on 13 Nov 2021, nearly 200 countries agreed to keep 1.5C alive. It’s a series of decisions and resolutions that build on the Paris Accord, on what needs to be done to tackle climate change.
What is the Paris Rulebook?
The Paris Rulebook states the guidelines for the implementation of the Paris Agreement, and took 6 years of discussion to complete.
What is the Clydebank Declaration?
Launched at COP26 in Nov 2021, the Clydebank Declaration was signed by 22 countries aiming to establish at least 6 green shipping corridors (zero-emission shipping routes between 2 ports) by 2025 to decarbonize shared shipping routes. With Singapore set to become the 23rd signatory in 2022.
KEY ANNOUNCEMENTS AT COP26
1. GLASGOW FINANCIAL ALLIANCE FOR NET ZERO (GFANZ) said over $130 trillion of private capital from over 450 firms across 45 countries, has been committed to accelerate the transition to a net-zero economy. Green finance provided by banks, markets, insurers and active climate-aware institutional investors play a pivotal role in driving climate action.
2. The FIRST MOVERS COALITION with more than 20 members will operate across 8 sectors: steel, cement, aluminium, chemicals, shipping, aviation, trucking, direct air capture. It’s a platform for companies to commit to buying zero-emission goods and services by 2030 and to create demand for low-carbon technologies, make them cost-competitive and to build clean supply chains for the future.
3. Major international banks and financial institutions like HSBC, Fidelity International and Ethos have committed to ending all international public financing of new unabated coal power by the end of 2021.
4. MULTILATERAL DEVELOPMENT BANKS’ (MDBs) made a joint statement on Nature, People, Planet to commit nature into their policies, analysis, assessments, advice, investments and operations.
Who the MDBs are: Asian Development Bank, African Development Bank, Asian Infrastructure Investment Bank, Caribbean Development Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank, IDB Invest, Islamic Development Bank, and World Bank Group.
5. 100+ countries signed up to THE GLOBAL METHANE PLEDGE and agreed to decrease their methane emissions by 30% compared with 2020 levels, by 2030. Methane is one of the most potent greenhouse gases, responsible for a third of the current warming and accounts for approximately 0.5C of the warming of the world to date.
6. World leaders from 144 countries signed a declaration to STOP AND REVERSE DEFORESTATION by 2030. Countries that signed the pledge cover around 85% of the world’s forests and governments of 28 countries committed to remove deforestation from palm oil, soya and cocoa amongst others. The pledge also includes about £14bn ($19.2bn) of private and public funds, some of which will go to developing countries to restore damaged land, tackle wildfires and support indigenous communities.
7. A new requirement for NET ZERO TRANSITION PLANS will be imposed on listed companies in the UK by 2023. UK firms and financial institutions will have to set out detailed public plans on how they will meet the UK’s net-zero target.
Net zero is the achievement of an overall balance between the amount of carbon a business or country is emitting, and the carbon that it’s removing from the atmosphere.
8. A NEW INTERNATIONAL SUSTAINABILITY STANDARDS BOARD (ISSB) has been set up to develop and approve IFRS Sustainability Disclosure Standards (IFRS SDS). Comprising of 14 members, the ISSB has complete responsibility for all sustainability related technical matters of the IFRS Foundation.
9. THE GLASGOW BREAKTHROUGHS is the first set of global leader-led targets aims at driving down the cost by 2030 for sustainable solutions like clean power, electric vehicles, green steel, sustainable agriculture and hydrogen production.
Source House of Commons Library, The Law Society, UK COP26, Gov.uk, The Washington Post, Seatrade Maritime News
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