Agreements at Cop26 so Far
The 26th United Nations Climate Change Conference of the Parties (COP26) is currently underway in Glasgow, Scotland. This conference, which started on November 1st and will conclude on November 12th, is a critical global event that has brought together world leaders to discuss climate change and the actions needed to address it.
Several agreements have been reached at COP26 so far. One of the most significant is the Glasgow Leaders’ Declaration on Forests and Land Use. This declaration, signed by 132 countries, aims to halt and reverse global deforestation and forest degradation by 2030. The declaration recognizes the importance of forests in mitigating climate change, providing livelihoods, and preserving biodiversity. It also calls for increased investment in sustainable land use practices and the restoration of degraded ecosystems.
Another notable agreement is the Glasgow Financial Alliance for Net Zero (GFANZ). This initiative, which includes over 160 financial institutions and over $130 trillion in assets under management, aims to accelerate the transition to a net-zero emissions economy by 2050. The GFANZ commits its members to aligning their investments with the Paris Agreement’s goal of limiting global temperature rise to 1.5°C above pre-industrial levels.
In addition, several countries have announced new commitments to reduce carbon emissions. The European Union pledged to reduce its emissions by at least 55% by 2030 compared to 1990 levels, while the United States committed to cutting its emissions by 50-52% by 2030 compared to 2005 levels. India also announced its intention to achieve net-zero emissions by 2070.
However, there are still several areas where progress is needed. One of the most contentious issues is the phasing out of coal. Despite calls from civil society groups, several countries, including China and India, have not committed to a firm deadline for phasing out coal. Meanwhile, wealthy countries have been criticized for not providing enough financial support to developing countries to help them transition to a low-carbon economy.
Overall, the agreements reached at COP26 so far represent important steps towards addressing the global climate crisis. However, much more needs to be done to reach the Paris Agreement’s goal of limiting global temperature rise to 1.5°C above pre-industrial levels. As the conference continues, it is crucial that world leaders continue to work towards ambitious, concrete actions to tackle the urgent threat of climate change.
