COP26- Glasgow Conference

The 26th Conference of the Parties (COP26) to the United Nations Framework Convention on Climate Change (UNFCCC) was held in Glasgow, Scotland, from October 31 to November 12, 2021. The conference brought together representatives from nearly 200 countries to discuss and agree on actions to address the global climate crisis. 

Objectives and Aims of COP26:

The primary objective of COP26 was to accelerate the implementation of the Paris Agreement, which aims to limit global warming to well below 2°C above pre-industrial levels and pursue efforts to limit it to 1.5°C.

To achieve this, the conference focused on four main aims:

1. Secure global net-zero carbon emissions by mid-century and keep 1.5°C within reach.

2. Adapt to protect communities and natural habitats.

3. Mobilize finance.

4. Work together to deliver.

New Targets in COP26:

One of the significant outcomes of COP26 was the agreement by 197 parties to the Paris Agreement to update their Nationally Determined Contributions (NDCs) by the end of 2022, reflecting their highest possible ambition. Additionally, countries agreed to phase down coal power and phase out inefficient fossil fuel subsidies.

-Recognizing the emergency:

    – Reaffirmation of Paris Agreement’s goal to limit global average temperature increase:

        – Below 2°C above pre-industrial levels.

        – Pursuing efforts for 1.5°C.

    – Concern over human-induced warming of 1.1°C.

    – Emphasize on impacts felt globally and dwindling carbon budgets.

    – Acknowledgment of lower impacts at 1.5°C compared to 2°C.

– Accelerating action:

    – Urgency stressed for action in the critical decade.

    – Call for 45% reduction in CO2 emissions by mid-century for net zero.

    – Nations urged to enhance climate plans sooner, with annual NDC Synthesis Reports.

– Moving away from fossil fuels:

    – Agreement on phase-down of coal power and phase-out of inefficient fossil fuel subsidies.

    – Dissatisfaction over weakened language on coal phase-down.

– Delivering on climate finance:

    – Developed countries urged to meet US$100 billion/year commitment for developing nations.

    – “Regret” expressed over shortfall; confidence in target meeting by 2023.

– Stepping up support for adaptation:

    – Call for doubling finance for adaptation in developing countries.

    – Establishment of work program for global adaptation goal.

– Completing the Paris rulebook:

    – Agreement on operational details for Paris Agreement implementation.

    – Inclusion of norms related to carbon markets and enhanced transparency framework.

– Focusing on loss & damage:

    – Strengthening of Santiago Network to address climate risks.

    – Launch of Glasgow dialogue to discuss funding for loss and damage activities.

– New deals and announcements:

    – Forests:

        – Commitment from 137 countries to halt and reverse forest loss by 2030.

    – Methane:

        – Pledge by 103 countries to limit methane emissions by 30% by 2030.

    – Cars:

        – Determination for all new car and van sales to be zero-emission by 2040 globally.

    – Coal:

        – Partnership to support South Africa’s transition from coal to low-carbon economy.

    – Private finance:

        – Realignment of private finance towards global net zero emissions, including the Glasgow Financial Alliance for Net Zero.

Outcomes:

COP26 resulted in several significant outcomes, including:

1. The Glasgow Climate Pact, which calls for countries to revisit and strengthen their 2030 NDCs by the end of 2022.

2. The agreement to phase down coal power and phase out inefficient fossil fuel subsidies.

3. The launch of the Glasgow Financial Alliance for Net Zero (GFANZ), which aims to mobilize private sector finance to support the transition to a net-zero economy.

4. The agreement to establish a new work program on the global goal on adaptation.

5. The commitment to double adaptation finance for developing countries by 2025.

Opinions of Developing Countries:

Developing countries have expressed mixed opinions about COP26. While many have welcomed the progress made on issues such as finance and adaptation, others have criticized the lack of ambition and the slow pace of action. Some developing countries have also raised concerns about the impact of climate change on their economies and the need for support to transition to a low-carbon economy.

COP26 was a significant step forward in the global effort to address the climate crisis. While there is still much work to be done, the conference has set the stage for increased ambition and action in the coming years. Marketers have a critical role to play in this effort, as they can help drive consumer demand for sustainable products and services and contribute to the transition to a net-zero economy. By learning about the climate crisis, reducing the carbon impact of their advertising productions, and promoting sustainable practices, marketers can help build a better future for all.

Source: UN

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