Countries are far from achieving the target to limit global temperature rise to 1.5C. Humans have already got dangerous warming in the form of wildfires, heatwaves, and floods. That’s the natural world. But in the COP26, the political world, things are looking a little brighter. For this conference, expectations were low. But there has been a slew of announcements that the world is trying to reduce carbon emission, which has surprised seasoned COP observers. Countries have promised to stop public investment in coal power, curb methane emissions, and end deforestation. Researchers warn that the real work of COP26 is yet to come.
The world putting efforts towards achieving zero-carbon which is irreversible. The question that arises is when the zero-carbon will be achieved and what the climate will be like by then. Rich countries have failed to deliver their promised $100bn to developing countries by 2020. But Mark Carney, the former Bank of England governor, is looking to move trillions of dollars of private capital towards supporting clean energy. Four hundred fifty organizations have been gathered till now, controlling 130 trillion dollars, and they plan to shift finances to activities that help them move towards zero carbon.
More than 40 world leaders have agreed to work together towards clean technologies by imposing worldwide policies and standards. Five high-carbon sectors will be targeted at first. Global private investment will be encouraged in low-carbon technologies. The plan will cover the five sectors at 1st are electricity, hydrogen, agriculture, road transport, and steel.
By 2030 more than 100 countries have agreed to reverse deforestation. The pledge includes almost £14bn of public and private funds. Led by the US and the European Union, the global methane pledge will cut methane emissions by 30% by 2030. According to climate experts, a 50% reduction in methane emissions by 2030 would be a good start. It is a good step that could help limit warming.
Big emitters India, Russia, China haven’t signed, but they are exported to join later. Forty nations led by the UK will impose standards, incentives, and rules to create new technologies markets. India has set aggressive targets for low carbon power by 2030. The Priminister of India has no plans to end greenhouse gases until 2070. According to the experts, the many announcements are a positive sign.
According to the UK Priminister, “By making clean technology the most affordable, accessible and attractive choice, the default go-to in what are currently the most polluting sectors, we can cut emissions right around the world.” Starting from 2022, leaders have committed to discussing progress every year in each sector. Annual reports will support this work. The countries climate advisers will welcome clean technology initiatives, but the government cannot ignore the need for behaviour change such as walking, cycling, etc.
It had been expected that China would improve its offer to peak emissions by 2030, but it’s brought nothing. Negotiators will start sorting out a rule book so that nations can trust each other’s carbon-cutting plans. They want a damage and loss code for compensation for harm done to them by the emissions of developing countries.