The much-anticipated COP26 UN Climate Conference has ended, with mixed feelings from various parties about its outcomes and how they will realistically address climate change and keep temperature rise within 1.5°C above pre-industrial levels.
From cutting coal use and methane emission, to reforestation efforts and climate funds for poor, vulnerable nations, many issues were debated upon.
In a press release, the European Commission said it supports the consensus reached by over 190 countries after two weeks of intense negotiations.
It said COP26 resulted in the completion of the Paris Agreement rulebook and kept the Paris targets alive, giving us a chance of limiting global warming to 1.5 degrees Celsius.
"We have made progress on the three objectives we set at the start of COP26; first, to get commitments to cut emissions to keep within reach the global warming limit of 1.5 degrees; second, to reach the target of US$100bil (RM416bil) per year of climate finance to developing and vulnerable countries; and third, to get agreement on the Paris rulebook.
“This gives us confidence that we can provide a safe and prosperous space for humanity on this planet. But there will be no time to relax: there is still hard work ahead,” said Commission president Ursula von der Leyen.
Executive vice-president and EU lead negotiator, Frans Timmermans, said, “It is my firm belief that the text that has been agreed reflects a balance of the interests of all Parties, and allows us to act with the urgency that is essential for our survival.
“It is a text that can bring hope to the hearts of our children and grandchildren. It is a text which keeps alive the Paris Agreement target of limiting global warming to 1.5 degrees Celsius. And it is a text which acknowledges the needs of developing countries for climate finance, and sets out a process to deliver on those needs.”
Here’s what some experts have to say about the summit and its chances of success.
“With much of the world already experiencing the harsh realities of global warming, we’re finally seeing a growing sense of urgency around climate change. I’m confident that leaders are prepared to act – the future of our planet depends on it,” said Rick Wayman, CEO of the US-based non-profit Foundation for Climate Restoration.
“That means not only discussing emission reductions (though these are critical), but also having meaningful discussions about how we will build up the global capacity for large-scale carbon dioxide removal.
“Our current global capacity is around 10,000 tonnes of CO2 removed per year through technological solutions, so we’re still several orders of magnitude away from what’s needed.
“It is our hope that countries step up with ambitious 2030 targets for both emissions reductions AND carbon removal with the help of technologies that are scaleable, financeable and permanent,” he said.
Peter Krull, founder and CEO of Earth Equity Advisors in America lamented the failure of world governments to set aside political and economic self-interest, which has put the planet past the point of no return.
“The current economic paradigm of growth at all costs must change now – but that’s simply not going to happen. The best we can do is find companies that are contributing the best and most positive solutions to a new, more sustainable economy, knowing that the legacy economy companies will ultimately die off. Unfortunately, that die-off will be too late. And political promises at this point are too little too late.
“A perfect example is Boris Johnson’s rhetoric about being in a climate emergency while he jets back to London for dinner – this disconnect is what is bringing us closer to these catastrophic climate effects,” he said.
Meggin Thwing Eastman, ESG research editorial director and head of ESG Research EMEA at US-based MSCI, said, “While there is no way to know at this point whether the summit will result in additional legally binding international agreements, there are several encouraging signs so far from both governments and the private sector.
“Those encouraging signs are; the Global Methane Pledge to make a significant dent in greenhouse gas emissions; the Glasgow Leaders’ Declaration on Forests and Land Use to help save key carbon sinks and protect essential biodiversity; and the Glasgow Breakthrough Agreement to accelerate clean tech development and deployment.
“The private sector also has a significant role to play in accelerating the climate transition, and we see encouraging signs here as well. The Glasgow Financial Alliance for Net Zero (GFANZ) now represents 40% of global financial assets – as these institutions work to decarbonise their portfolios, it could mean significant pressure on companies to transform their businesses as well as some major investment in the clean tech solutions we need to make it all happen.”
The comments above were shared by Qwoted, a freemium platform that connects the media with industry experts.
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