Main Points of Glasgow Climate Pact
Climate justice march on streets of Glasgow,
November 6, 2021
Parties to the UN Framework Convention on
Climate Change, delegates to the Conference of the
Parties (COP26) which was held in Glasgow from
October 31 to November 13, adopted the Glasgow
Climate Pact. The United Nations provided a
summary of the decisions taken which are included
in the formal document, as well as other "side
deals" that were made at the Conference.
Highlights of the UN summation of the Glasgow
Climate Pact include:
- Reaffirmation of the Paris Agreement goal of
limiting the increase in the global average
temperature to well below 2 degrees C above
pre-industrial levels and pursuing efforts to
limit to to 1.3 degrees C.
- Countries stressed the urgency of action "in
this critical decade," when carbon dioxide
emissions must be reduced by 45 per cent to reach
net zero around mid-century. The agreement calls
on all countries to present stronger national
plans next year at COP27.
- Countries agreed to a provision calling for a
phase-down of coal power and a phase-out of
"inefficient" fossil fuel subsidies. It was noted
that many countries and NGOs considered the
language on coal weakened, from phase-out to
phase-down, and not as ambitious as it needs to
be.
- Developed countries having fallen short on
their promise to deliver U.S.$100 billion a year
for developing countries, the pledge was
reaffirmed and the urgency for the developed
countries to fully deliver on the US$100 billion
annually stressed.
- A doubling of finance to support developing
countries in adapting to the impacts of climate
change and building resilience.
- Completion of operational details for the
practical implementation of the Paris Agreement
including norms relating to carbon markets which
allow struggling countries to purchase emissions
reductions from other nations which have exceeded
their targets, and on timelines and formats for
countries to report on their progress.
-To strengthen the Santiago Network that connects
vulnerable countries with providers of technical
assistance, knowledge and resources to address
climate risks.
The UN reports that other deals were made,
outside of the Glasgow Climate Pact, which, if
implemented, "can have major positive impacts."
These include:
- The commitment by 137 countries to halt and
reverse forest loss and land degradation by 2030,
a pledge backed by $12 billion in public funding
and $7.2 billion in private funding, and a
commitment from CEOs of more than 30 financial
institutions with over $8.7 trillion in global
assets to eliminate investment in activities
linked to deforestation.
- A Global Methane Pledge signed by 103
countries, including 14 major emitters, to limit
methane emissions by 30 per cent by 2030, compared
to 2020 levels.
- Acceleration of decarbonisation of road
transport. Over 30 countries, six major vehicle
manufacturers and other actors, like cities, set
out their determination for all new car and van
sales to be zero-emission vehicles by 2040
globally and 2035 in leading markets.
- Leaders from South Africa, the United Kingdom,
the United States, France, Germany and the
European Union announced a partnership to support
South Africa with $8.5 billion over the next three
to five years to transition from coal.
- Private financial institutions and central
banks, including the Glasgow Financial Alliance
for New Zero, with 450 firms across 45 countries
that control $130 trillion in assets, announced
moves to realign trillions of dollars towards
achieving net zero emissions.
This article was published in
Volume 51 Number 12 - December 12, 2021
Article Link:
https://cpcml.ca/Tmlm2021/Articles/M5101212.HTM
Website: www.cpcml.ca
Email: editor@cpcml.ca
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