COP26: What's Going On And Why It Matters - Week 1

The 26th round of Conference of the Parties (COP) on climate talks has been in session since Oct. 31 in Glasgow. COPs have been held for three decades now but this one is critical to climate change mitigation, given that it comes in a year of an unprecedented pandemic, floods, forest fires and other emergent situations.

COP26 goals are

• Secure global net zero by mid-century and keep 1.5 degrees within reach

• Adapt to protect communities and natural habitats

• Mobilise finance

• Work together to deliver

Here's a roundup of all things important that have been discussed so far.

U.S. President Joe Biden’s climate envoy, John Kerry, has said COP26 will be the last chance for the world to avoid climate disaster, highlighting why the United Nation's convened-Glasgow meeting may be the most important one ever.

Read more here.

Among the dozens of new promises made by countries at COP26 this week, India announced a target for net zero emissions by 2070, while nearly 100 nations signed a joint U.S.-European Union pledge on Tuesday to collectively reduce global methane emissions 30% below 2020 levels by 2030.

These put the world on track for 1.8 degrees Celsius of global warming, according to the International Energy Agency.

Is that good enough? Read this.

From Honduras to India, from Libya to the Seychelles, leaders from developing countries imparted this same message to those from wealthier nations.

“For many developing nations, climate change is a big danger to their very existence,” said India Prime Minister Narendra Modi. He called on developed nations to make $1 trillion in climate finance available “as soon as possible.”

More on that here.

Prime Minister Narendra Modi’s announcement that India would target net-zero carbon emissions by 2070 is pragmatic, in a United Nations Climate Change Conference otherwise marked by bluster and artifice, writes Rathin Roy, noted economist and Managing Director at the Overseas Development Institute.

Read more on Roy's view of the India approach here.

It’s hard to make progress on climate change when the biggest polluter doesn’t show up.

Read: The China Factor

Plans for a rigorous and regulated international carbon market to help countries and businesses reach their climate goals are becoming a key part of the fight against climate change.

Talks at COP26 on international carbon markets are running into difficulties, as the U.S. lines up behind the European Union with objections to a key demand from developing countries, according to people familiar with the situation.

On the eve of the COP26 conference of global leaders, the Bank of England threatened to “come down pretty hard” on companies failing to manage climate risk starting from 2022.

What about other central banks? Read this.

Banks and asset managers representing 40% of the world’s financial assets have now pledged to meet the goals set out in the Paris climate agreement, an alliance championed by former central banker Mark Carney.

More than 450 firms representing $130 trillion of assets now belong to the Glasgow Financial Alliance for Net Zero. Signatories must commit to use science-based guidelines to reach net zero carbon emissions by mid-century, and to provide 2030 interim goals.

Read: Too little, too late?

Read: What about returns?

Greta Thunberg chose the day that finance chiefs rallied trillions of dollars to deploy in the fight against climate change to make her presence felt at COP26.

The parade of announcements this week from world leaders, finance figures and climate diplomats at the COP26 summit culminated in a weekend parade of protesters through Glasgow, Scotland.

The message from the thousands carrying placards around the venue of the meeting is one most insiders would agree with: The progress is still not enough to avoid catastrophe.