Introduction
What is COP26
“For nearly three decades the UN has been bringing together almost every country on earth for global climate summits – called COPs – which stands for ‘Conference of the Parties’. In that time climate change has gone from being a fringe issue to a global priority. This year will be the 26th annual summit – giving it the name COP26. With the UK as President, COP26 takes place in Glasgow. The run up to this year’s summit in Glasgow is the moment (delayed by a year due to the pandemic) when countries update their plans for reducing emissions. But that’s not all. The commitments laid out in Paris did not come close to limiting global warming to 1.5 degrees, and the window for achieving this is closing. The decade out to 2030 will be crucial. ”
Introduction on (planned) role at COP26
I planned to attend the COP26 event as an observer delegate (4th year in row, obvious exception of last year) as Swiss Youth For Climate Delegate - as a part/ contributing towards the civil society (YOUNGO) of youth, demanding the urgency of meeting the climate goals by all the countries. My focus remained on the topics of Climate Justice (as co-founder of Humane Warriors) and Climate Finance (as CO2 compensation hero for Inyova).
As UK govt and COP26 organization failed to deliver my visa on time (additional to many other organizational mess-ups this conference has brought), I decided to attend events online and below are some of the takeaways.
A passerby walks in front of a mural on the 1.5 degree target at COP26 in Glasgow, Scotland, on November 12. Christoph Soeder/picture alliance via Getty Images
From COP
What is Climate Justice and Finance? History at COPs and Challenges at COP26?
Climate Justice: Climate justice “insists on a shift from a discourse on greenhouse gases and melting ice caps into a civil rights movement with the people and communities most vulnerable to climate impacts at its heart.”
Climate Finance: Local, national, transnational financing from public, private or alternative sources of financing, as a compensation by rich countries for the historical emissions.
Updates on the news from COP26
Towards the 100 billion dollar/ year goal for adaptation gap
Among a cascade of climate-finance announcements this week is a pledge from more than 450 organizations in the financial sector — including banks, fund managers and insurance companies — in 45 countries to move US$130 trillion of funds under their control into investments where the recipient is committed to net-zero emissions by 2050.
However, the announcements have been overshadowed by governments’ failure to meet a 2009 pledge to provide $100 billion annually in climate finance for low- and middle-income countries by 2020. Reports suggest that it will take another two years to reach this goal, and that around 70% of the finance will be provided as loans.
While developing countries want more money to help them adapt to higher temperatures that have caused more frequent droughts, floods and wildfires, developed nations have been focused on channelling finance towards cutting emissions. [Reuters]
Empty net-zero promises and non-negotiations
UK promised a toothless net-zero policy (firms are supposed to suggest a plan, but there is no follow-up plan on the implementation to maintain the net-zero), with budgets for the government without any mention of climate change and carbon markets being yet another tool for ‘greenwashing’ and saving the companies from preventing the emissions of actual greenhouse gas emissions.
“Week one of COP26 has been marked by a series of glitzy, high-profile announcements from rich countries. But there is a danger this is becoming a negotiation-free climate negotiations. These announcements look shiny but lack substance. The commitment from the financial industry that trillions of dollars are being mobilised to meet Net Zero, is a smokescreen for business-as-usual with no plans to end reliance on fossil fuels. Instead of shaping real transformation, most of these targets are likely to depend heavily on carbon offsets, which drive land grabs and human rights abuses in the Global South.” by Teressa Anderson, ActionAid International
Continuing fossil fuels subsidies: The final statements changed from “Calls upon parties to face out of coal and fossil-fuel subsidies” to “Calls upon.. Unabated coal power and of inefficient subsidies”. The current subsidies are : 5900 billion dollars!!! ~7% of global GDP!
Loss and Damage Fund day updates
“Little new information was provided today on delivering the $100bn. COP26 President Alok Sharma has stated that the full amount could be provided in 2022, depending on what happens at the summit. US Envoy for Climate John Kerry has said that, with the US’s commitment to surpass $11.4bn annually by 2024, and Japan’s pledge to surpass $2bn annually, could make for delivery in 2022.”"
“The UNFCCC announced this afternoon that the governments of the UK, USA, Canada, Sweden, Finland, Ireland, Germany, Norway, Italy, Qatar, Spain, Switzerland, Quebec and Flanders have collectively committed $232m to the Adaptation Fund.” But no clarity on the delivery of these funds: more information here
"UN updated its fashion charter: “The charter was today updated with 50% by 2030 and net-zero by 2050 emissions goals, among other new requirements for the 130 signatory brands, who include Primark, Zara, H&M Group, Nike, Adidas, Levi Strauss, Kering, Chanel and Burberry. New requirements include procuring 100% renewable electricity and delivering coal-free supply chains by 2030.”
Young people gather for a sit-in demonstration at COP25, in Madrid, Spain, to claim space for a range a groups whose voices are not often listened to in the space of global climate negotiations: youth, women, frontline communities, indigenous communities. Photo: LWF/Albin Hillert
Takeaways - Way forward
What are the takeaways for private investment firms?
(I am still cautious about investment as the field for right climate action, but this is out of my curiosity to understand if and how this field supports the climate action)
Highly prioritizing investment in renewable energy - sadly, fossil fuel is still highly subsidised!
Investing beyond developed borders, even in the countries where there is not necessarily a guaranteed short term return, is a necessity for fighting climate change (adaptation funds and not mitigation only)
What are the takeaways for next actions by civil society (NGOs/ Research)?
Need of climateaction to move towards climate adaptation (than mitigation), and emphasising on the fundraising which aims at grant flows from economically-developed to developing parts of the world.
Putting indigenous communities on the forefront of each project, and making them part of the core teams of development.
Pushing the governments and public bodies towards meeting their respective NDCs.
Few events/ talks to follow on COP26 :
Daily updates from COP: CAN ECO newsletter
Events by organisations during COP: How to green your finance (by PPL PWR), Social Innovation and Climate Justice, Economics of climate change
Post COP analysis: