The United Kingdom hosted this 26th United Nations Conference of the Parties on Climate Change, in Glasgow from 31 October to 13 November 2021.
More than a day after the originally scheduled end date, the negotiators from nearly 200 countries reached an agreement, the “Glasgow Climate Pact” aimed at keeping the goals of the 2015 Paris Agreement alive.
During the summit, notable commitments were announced:
- Phase out coal,
- Halt and revert deforestation,
- Inception of the Glasgow Net Zero Financial Alliance (GFANZ), a consortium of over 450 financial institutions representing $130 trillion in assets.
- ask countries to come back next year for the COP27 in Egypt with more ambitious 2030 reduction targets in line with Paris Agreement.
Before the COP26, the world was on track for a 2.7°C rise in temperatures by the end of the century. Thanks to the pledges announced by the 140 countries representing 90% of the world’s GDP, this scenario now looks now very different. According to the International Energy Association (IEA), the COP26 pledges will put world on track for 1.8°C warming by the end of the century. In total, 140 countries have announced or consider a net zero target, covering 90% of global emissions (vs. 70% six months ago).
To get an overview and insights into the relevance of the pledges made, take a look on the ESG Thema Special Edition COP26