GlasGow COP26 Details

• Countries are required to review and enhance their climate commitments by the end of 2022.
• The agreement calls for a “phasedown” of coal and the elimination of inefficient fossil fuel subsidies.
• Initiates processes to achieve a global goal on adaptation, increased climate finance, and funding for loss and damage.
• Wealthier nations fell short of meeting the $100 billion annual climate finance target for 2020. The pact urges them to urgently meet the target through 2025.
• Regarding the streamlining of the timeframe for Intended Nationally Determined Contributions (INDC), the agreement encourages parties to communicate their INDCs, ending in 2035 in 2025, ending in 2040 in 2030, and so forth every five years thereafter.
• Global stocktake: The COP of UNFCCC will periodically assess mitigation, adaptation, and the “means of implementation and support,” such as finance. The first stocktake is scheduled for 2023.

Other Strategies

• Deforestation pledges:
  1. Over 130 countries signed a declaration on forest and land use, committing to collectively halt and reverse forest loss and land degradation by 2030.
  2. The UK and Indonesia jointly lead a Forest, Agriculture, and Commodity Trade initiative to support sustainable trade between producing and consuming countries.
• Global Methane pledge, led by the US and the European Commission, urges countries to reduce methane emissions by 30% over 2020-2030.
• Global coal to clean power transition statement: 23 nations committed to phasing out and refraining from building or investing in new coal power domestically and internationally.
• Accelerating the transition to 100% zero-emission cars and vans: Although not legally binding, the coalition aims to work towards all new cars and vans being zero-emission globally by 2040 and by no later than 2035 in leading markets.
• Glasgow Financial Alliance for Net Zero (GFANZ): Committed $130 trillion toward the net-zero transition. Signatories must commit to science-based guidelines for achieving net-zero carbon emissions by 2050 and provide 2030 interim goals.
• Beyond Oil and Gas Alliance: Aims to deliver a managed and just transition away from oil and gas production, led by Denmark and Costa Rica, with core members including France, Greenland, Ireland, Quebec, Sweden, and Wales.
• Article 6 (referring to COP 21): Rules for Article 6 of the Paris Agreement concerning carbon markets and voluntary international cooperation were agreed upon in Glasgow. Parties agreed to the carryover of carbon credits since 2013, bringing up to 320 million tonnes of CO2 equivalent into the Paris mechanism. The agreement closes the double counting of carbon emission cuts and excludes the use of credits from historical deforestation avoidance.