COP26 closes with ‘compromise’ deal on climate

After extending the COP26 climate negotiations an extra day, nearly 200 countries meeting in Glasgow, Scotland, adopted on Saturday an outcome document that, according to the UN Secretary-General Antonio Guterres, “reflects the interests, the contradictions, and the state of political will in the world today”.

“It is an important step but is not enough. We must accelerate climate action to keep alive the goal of limiting global temperature rise to 1.5 degrees”, said Antonio Guterres in a video statement released at the close of the two-week meeting.

The UN chief added that it is time to go “into emergency mode”, ending fossil fuel subsidies, phasing out coal, putting a price on carbon, protecting vulnerable communities, and delivering the $100 billion climate finance commitment.

“We did not achieve these goals at this conference. But we have some building blocks for progress,” he said.

Mr. Guterres also had a message to young people, indigenous communities, women leaders, and all those leading the charge on climate action. “I know you are disappointed. But the path of progress is not always a straight line. Sometimes there are detours. Sometimes there are ditches. But I know we can get there. We are in the fight of our lives, and this fight must be won. Never give up. Never retreat. Keep pushing forward”.

Snapshot of Glasgow Climate Pact
The outcome document, known as the Glasgow Climate Pact, calls on 197 countries to report their progress towards more climate ambition next year, at COP27, set to take place in Egypt. It also firms up the global agreement to accelerate action on climate this decade.

Following the announcement of a last-minute change to the pact, by China and India, the statement circulated in an earlier draft about “the phase-out of unabated coal power and of inefficient subsidies for fossil fuels” was softened. As adopted on Saturday, that language was revised to “phase down” coal use.

COP26 president Alok Sharma apologized for “the way the process has unfolded” and added that he understood some delegations would be “deeply disappointed” that the stronger language had not made it into the final agreement.

By other terms of the wide-ranging set of decisions, resolutions and statements that make up the outcome of COP26, governments were,among other things, asked to provide tighter deadlines for updating their plans to reduce emissions.

On the thorny question of financing from developed countries in support of climate action in developing countries, the text emphasizes the need to mobilize climate finance “from all sources to reach the level needed to achieve the goals of the Paris Agreement, including significantly increasing support for developing country Parties, beyond $100 billion per year”.

COP26 achievements
Beyond the political negotiations and the Leaders’ Summit, COP26 brought together about 50,000 participants online and in-person to share innovative ideas, solutions, attend cultural events and build partnerships and coalitions.

The conference heard many encouraging announcements. One of the biggest was that leaders from over 120 countries, representing about 90 per cent of the world’s forests, pledged to halt and reverse deforestation by 2030,  the date by which the Sustainable Development Goals (SDGs) to curb poverty and secure the planet’s future are supposed to have been achieved.

There was also a methane pledge, led by the United States and the European Union, by which more than 100 countries agreed to cut emissions of this greenhouse gas by 2030.

Meanwhile, more than 40 countries – including major coal-users such as Poland, Vietnam and Chile – agreed to shift away from coal, one of the biggest generators CO2 emissions.

The private sector also showed strong engagement with nearly 500 global financial services firms agreeing to align $130 trillion – some 40 percent of the world’s financial assets – with the goals set out in the Paris Agreement, including limiting global warming to 1.5 degrees Celsius.

Also, in a surprise for many, the United States and China pledged to boost climate cooperation over the next decade. In a joint declaration they said they had agreed to take steps on a range of issues, including methane emissions, transition to clean energy and decarbonization. They also reiterated their commitment to keep the 1.5C goal alive.

Regarding green transport, more than 100 national governments, cities, states and major car companies signed the Glasgow Declaration on Zero-Emission Cars and Vans to end the sale of internal combustion engines by 2035 in leading markets, and by 2040 worldwide.  At least 13 nations also committed to end the sale of fossil fuel-powered heavy duty vehicles by 2040.