A snapshot of the agreement
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. The outcome also firms up the global agreement to accelerate action on climate this decade.
However, COP26 President Alok Sharma struggled to hold back tears following the announcement of a last-minute change to the pact, by China and India, softening language circulated in an earlier draft about “the phase-out of unabated coal power and of inefficient subsidies for fossil fuels”. As adopted on Saturday, that language was revised to “phase down” coal use.
Mr. 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”.
The ‘least worst’ outcome
Earlier during the conference's final stocktaking plenary, many countries lamented that the package of agreed decisions was not enough. Some called it "disappointing", but overall, said they recognized it was balanced for what could be agreed at this moment in time and given their differences.
Countries like Nigeria, Palau, the Philippines, Chile and Turkey all said that although there were imperfections, they broadly supported the text. “It is (an) incremental step forward but not in line with the progress needed. It will be too late for the Maldives. This deal does not bring hope to our hearts,” said the Maldives’ top negotiator in a bittersweet speech.
US climate envoy John Kerry said the text “is a powerful statement” and assured delegates that his country will engage constructively in a dialogue on "loss and damage" and adaptation, two of issues that proved most difficult for the negotiators to agree upon.
“The text represents the ‘least worst’ outcome,” concluded the top negotiator from New Zealand.
Other key 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 per cent 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. Many ‘smaller’ but equally inspiring commitments were made over the past two weeks, including one by 11 countries which created the Beyond Oil and Gas Alliance (BOGA).
Ireland, France, Denmark, and Costa Rica among others, as well as some subnational governments, launched this first-of-its kind alliance to set an end date for national oil and gas exploration and extraction. Source: United Nations