ExecutiveChronicles | The Achievements Of COP 26 | After 13 days of intense negotiations, COP 26 concluded on Saturday 13th November 2021 with every Party at COP 26 – representing almost 200 countries – agreeing to the Glasgow Climate Pact. This global agreement will accelerate action on climate this decade, and finally completes the Paris Rulebook. Some of the main achievements from COP 26 are listed below.
Secured near-global net zero, NDCs from 153 countries and future strengthening of mitigation measures. Over 90 percent of world GDP is now covered by net zero commitments. 153 countries put forward new 2030 emissions targets (NDCs). The Glasgow Climate Pact accelerates the drumbeat and put s in place the underpinning rules and systems. In Glasgow, countries agreed to come back next year with new strengthened commitments, a new United Nations climate programme on mitigation ambition, and they finalised the Paris Rulebook. To deliver on these stretching targets, the Presidency has driven commitments to move away from coal power, halt and reverse deforestation, reduce methane emissions and speed up the switch to electric vehicles.
Adaptation & Loss and Damage
Boosted efforts to deal with climate impacts. 80 countries are now covered by either Adaptation Communications or National Adaptation Plans to increase preparedness to climate risks, with 45 submitted over the last year. The Glasgow – Sharm el-Sheik Work Programme on the Global Goal on Adaptation was agreed, which will drive adaptation action. Record amounts of adaptation finance have been pledged, including committing to doubling 2019 levels of adaptation finance by 2025. This is the first time an adaptation specific financing goal has ever been agreed globally. Nations have announced new partnerships to improve access to finance, including for Indigenous Peoples. A new Glasgow Dialogue on Loss and Damage funding arrangements was created. The Santiago Network on Loss and Damage was brought to life through clear functions and funding.
Mobilised billions and trillions. Developed countries have made progress towards delivering the $100 billion climate finance goal and will reach it by 2023 at the latest. 34 countries and five public finance institutions will stop international support for the unabated fossil fuel energy sector next year. Private financial institutions and central banks are moving to realign trillions towards global net zero. In Glasgow, countries agreed the way forward for the new post 2025 climate finance goal. Developed countries committed significantly increased funding to vital funds such as the Least Developed Countries Fund.
Worked together to deliver. The Glasgow Breakthroughs will accelerate collaboration between governments, businesses and civil society to deliver on climate goals faster, whilst collaborative councils and dialogues in energy, electric vehicles, shipping and commodities will help deliver on commitments. At COP 26, we finalised the Paris Rulebook – agreeing the ‘enhanced transparency framework’ (common reporting of emissions and support), a new mechanism and standards for international carbon markets, and common timeframes for emissions reductions targets.
To find out more about how each of these achievements affect us, then head on over to the Utility Bidder website for a full breakdown.