COP26 is nominally about reducing carbon emissions, but in practice it’s largely about cash and so far, there’s not nearly enough. COP26 just wrapped up its third day, and the focus was on finance. But first, here’s what’s happened at the summit so far.
On ending deforestation, more than 100 countries signed a pledge to end deforestation by 2030, and a group of asset managers with $8.7 trillion under management committed to purging commodities-linked deforestation from their portfolios by 2025.
India’s Prime Minister, Narendra Modi made a promise: India committed to its first net-zero target; the country pledged to be carbon neutral by 2070. The promise, however, falls short of a COP26 hope for countries to carry out that target by 2050.
Methane gets its moment: Led by the US, more than 100 countries signed an agreement to cut methane emissions 30% below 2020 levels by 2030 (China, India, and Russia were not among them). Curbing methane is widely seen as the lowest-hanging fruit for climate.
COP apology: The event has seen hour-long lines into the venue, a faulty virtual conference platform, and delegates turned away, including a wheelchair-using minister unable to enter the site. Organizers sent a contrite email calling it “a learning process.”
Summarizing by 105 countries, including the US, Japan and Canada, have pledged to significantly cut emissions of methane, a short-lived but powerful greenhouse gas: Signatories to the Global Methane Pledge, including Brazil, covering 50% of global methane emissions.
$900/ton price of leaked methane to be paid by the largest US energy companies, starting in 2024.South Africa will receive to help end its reliance on coal (South Africa is set to receive $8.5bn (£6.2bn) to help end its reliance on coal in a deal announced at the COP26 climate summit).
Pledge by 450+ financial institution in 45 countries billed as one of the success at COP26 summit: Financial institutions with a commitment to net-zero greenhouse gas emissions.
$19.2 billion amount was pledged to halt (end) and reverse forest loss (deforestation).$4.13 trillion Climate finance needed by 2030 in order to limit global warming to 1.5ºC.
Hundreds of the world’s biggest banks and pension funds with assets worth $130tn have committed themselves to a key goal in limiting greenhouse gas emissions.
Reported by: Pius OKO, Project Officer, Climate and Sustainable Development Network (CSDevNet), pius.oko@csdevnet.org.