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COP26: 'Window is closing' on keeping 1.5 degrees C warming within reach

 

 

 

 

 

 

By Henry Edwardes-Evans / Platts

GLASGOW
Petroleumworld 11 12 2021

COP26, Energy Transition, Environment and Sustainability

The window on keeping 1.5 degrees Celsius global warming within reach is closing, COP26 President Alok Sharma said ahead of publishing a draft final agreement for the UN Climate Conference in Glasgow Nov. 12.

Going into the talks, the set of 120 Nationally Determined Contributions, or NDCs, were estimated to lead to global warming of about 2.7 degrees Celsius, global conservation group WWF said.

An updated assessment of all climate commitments would still result in 2.4 degrees C warming, according to Climate Action Tracker.

The latest draft of a COP26 final agreement published by the COP President calls on all Parties to accelerate the phase-out of coal power and of inefficient subsides for fossil fuels."

It "recognizes that limiting global warming to 1.5 °C requires rapid, deep and sustained reductions in global greenhouse gas emissions, including reducing global carbon dioxide emissions by 45 per cent by 2030 relative to the 2010 level and to net zero around mid-century, as well as deep reductions in non-carbon dioxide greenhouse gases."

The draft notes "with deep regret that the goal of developed country Parties to mobilize jointly $100 billion per year by 2020 in the context of meaningful mitigation actions and transparency on implementation has not yet been met."

The latest assessment by the UN is that the Paris Agreement's $100 billion finance pledge may only be met in 2023. The funding, to help emerging and developing nations combat climate change, was pledged each year between 2020 and 2025. The amount is to increase thereafter.

 

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By Henry Edwardes-Evans from S&P Global Platts

spglobal.com 11 12 2021

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