COP26 Outcomes: "An Admission of Failure"?
GLASGOW - World leaders, activists, and delegates from all 197 nation-states got together in Glasgow the last two weeks both in person and virtually to take the "last chance to turn the tide" on climate change, as per the words of the UN Secretary-General Antonio Guterres. This year's climate conference was especially important as it marked the first iteration of the "ratchet mechanism" where each country submits enhanced nationally determined contributions, which shall be taken into account during the "global stocktake" in 2023.
Some of the key takeaways from the conference are:
World leaders from over 100 countries promised to stop deforestation by 2030.
A planned scheme to cut 30% of current methane emissions by 2030, confirmed by over 100 countries.
450 financial organizations, with shared financial control of $130 trillion, agreed to back technology such as renewable energy and finance away from fossil fuels.
Countries are requested to reveal their national plans to reduce greenhouse gas emissions at a much faster rate than previously demanded.
Developed nations are asked to provide at least double the amount of adaptation finance that they currently give to countries that are already feeling the damaging effects of climate change.
The US and China announced a joint pledge to boost climate cooperation over the next decade, collaborating on methane emissions, transitioning to clean energy, decarbonization, and more.
After two long weeks of high-level negotiations, events, and protests, the COP26 presidency released a draft agreement which is set to be reviewed by all members, finalized, and signed over the weekend. Scientists have warned that keeping temperature rises to 1.5C, beyond which the worst impacts of climate change will be felt, requires global emissions to be cut by 45 percent by 2030 and to zero overall by mid-century. Greenpeace International executive director Jennifer Morgan said "The job of this conference was always to get that number down to 1.5C, but with this text (COP26 draft agreement), world leaders are punting it to next year. Gordon Brown, former Prime Minister of UK described the draft agreement as an "admission of failure".