COP26: Has global warming threat reduced one week into Glasgow meet?

By Ishika Dangayach on Nov 09, 2021 | 05:39 AM IST

The COP26 climate summit entered the second and final week of the conference, with nations working and pledging to limit global warming and climate change. The new goals, if executed on time could limit the global rise of temperatures by 2050 to 1.8 degrees Celsius.

Global leaders and delegates gathered in Glasgow, Scotland early last week to address the climate problem and work towards re-building a global economy that has been brought to its knees by the COVID-19 pandemic, sustainably.

They discussed a variety of issues including net-zero emissions, cutting down methane emissions, prioritizing clean energy, and innovation in renewable energy.

So, read up what’s been going on in Glasgow so far:

DAY 1, Monday:

Previously, international leaders would turn up in the last few days of the Cops, but they show up early in the summit this year.

Boris Johnson, the host country's prime minister, gave the event's opening remarks. Johnson, embracing the spirit of James Bond, warned that it was "one minute to midnight on the doomsday clock and we need to act now."

The excellent news in Glasgow was that the US had participated after opting out from COP. "Let this be the moment that we answer to history's call here in Glasgow," Joe Biden declared.

While, China's President XI Jinping, the country with the highest coal use and carbon emissions did not appear and instead issued a written statement in which he said nothing.

Brazil's Jair Bolsonaro, president of the world's most deforesting country; Saudi Arabia's Mohammed bin Salman, crown prince of the world's second-largest oil pumper; and Russia's Vladimir Putin, president of the world's second-largest gas producer was also absent.

Moreover, India has established a net-zero objective for 2070 and stated that it would amend its NDC to include a pledge to host 500GW of renewable power by 2030 which accounts for 50% of its energy supply.

The statement was delivered by the country's Prime Minister, Narendra Modi, and it contains important commitments to decarbonize the economy over the next 50 years.

DAY 2, TUESDAY:

Day two of the summit was significantly more upbeat, with the global leaders making several announcements before departing.

First, there was an agreement to cease deforestation by 2030, which is notable not just because of its concept, but also because of the names that signed to it.

The leaders representing more than 85% of the world’s forests will vow to cease, reverse deforestation and land degradation.

The deal is signed by the United Kingdom, Brazil, Australia, China, USA, the European Union, Australia, Belgium, Bhutan, Nepal, Russia, Indonesia, Pakistan New Zealand, Nigeria, and Norway. There are 102 signatures as of November 2 while India, one of the world's worst polluters, was conspicuously absent from the list.

Meanwhile, people around the globe applauded the commitment but also warned that the New York Declaration on Forests in 2014 was a failure. It was a voluntary agreement on deforestation which sought to curb deforestation in half by 2020 and end it entirely by 2030.

Second, U.S. President Joe Biden and EU Commission chief Ursula von der Leyen endorsed a global partnership to cut emissions of methane, by 30% compared to 2020 levels, by the end of this decade.

The initiative, which was first proposed in September, has been signed by more than 80 countries. The pledge now includes six of the world's 10 biggest methane emitters: the U.S., Brazil, Indonesia, Nigeria, Pakistan, and Mexico.

President Biden addressed the representatives and highlighted the need to reduce methane emissions as quickly as possible.

Despite the President's zeal for the new program, significant methane emitters such as Russia, China, and India are not included in the agreement.

Third, Several celebrities, including Leonardo DiCaprio, Bill Gates, and Jeff Bezos, also made visits.

Amazon.com Inc founder Jeff Bezos pledged $2 billion in funding at the COP26summit to help restore nature and transform food systems through the Bezos Earth Fund.

DAY 3, Wednesday:

On day 3 of the summit after the world leaders had left, British Finance Minister Rishi Sunak at COP26 climate summit unveils plans to create the world’s first net-zero financial center by 2050.

Sunak lays out the UK's "responsibility to lead the way" and launch a campaign to decarbonize our world-leading financial hub.

UK financial institutions and listed corporations would be required to produce net-zero transition plans that describe how they will adapt and decarbonize as Britain progresses towards a net-zero economy.

Sunak will also welcome commitments from over 450 global financial institutions with over $130 trillion in assets to comply with the 2015 Paris Agreement's climate targets.

In addition, India and the United Kingdom formed the Green Systems Initiative, which aims to connect electricity grids across borders to assist a speedier transition to renewable energy.

DAY 4, Thursday:

Day 4 of the summit comes with one of the most important commitments made by nations. That is Poland, Vietnam, Chile, and other nations committed for the first time to phase out their use of coal power signaling a defining moment at COP26 in the global clean energy transition.

However, the agreement to phase out domestic use of coal excludes the world's most coal-dependent countries, like Australia, China, and India.

The alliance has pledged to phase out coal power in big economies by 2030 and the rest of the world by 2040.

Moreover, In a push to phase out fossil fuels, 20 countries, including the United States, have agreed to end financing for fossil fuel projects abroad in a deal announced on day 4 at the COP26 climate summit.

The United Kingdom, Canada, Italy, Switzerland, and New Zealand are among the few to sign the agreement to “end new direct public support for the international unabated fossil fuel energy sector by the end of 2022, except in limited and clearly defined circumstances that are consistent with a 1.5°C warming limit and the goals of the Paris Agreement.”

Meanwhile, IEA analysis states that the pledges and deals made at the COP26 might limit global warming to 1.8 degrees Celsius by 2050 if they are fully executed on time.

DAY 5, FRIDAY:

Several thousand protestors marched for a youth demonstration where they asked that international leaders do more to halt polluters and preserve the earth from catastrophic climate change.

Swedish activist Greta Thunberg also delivered a speech in which she called COP26 a "failure."

"The leaders are not doing nothing," she stated. “They are actively creating loopholes and shaping frameworks to benefit themselves and to continue profiting from this destructive system.”

"The COP has turned into a PR event."

In addition, US climate envoy John Kerry said that the £74 billion committed to poorer countries could be delivered in 2022, a year earlier than originally believed.

These funds are intended to support emission reductions in underdeveloped nations and are funded by both governments and the corporate sector.

With inputs from The Guardian & The Scotsman

Picture Credits: Germanwatch

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