COP26: Re-cap on First Week – Blah Blah Blah Vs Actions
At Techies Go Green, we’ve been keeping a close eye on COP26 in Glasgow over the past week, and it is fantastic to see so many of the world’s leaders come together to hopefully make a difference when it comes to climate change.
With the second week of COP26 already in full swing, we take a look at the conference and what’s been going on so far. More importantly, what does this mean for the tech industry?
There were some significant announcements already and we have listed some of them below, but probably the biggest takeaway from the first week will be how many of these announcements will be just blah blah blah or will they be actioned in a meaningful way? The jury is still out on that question so we will have to wait and see.
What is COP26?
COP26 is the 2021 United Nations climate change conference. 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.
Under the Paris Agreement, countries are required, every five years, to produce more ambitious national plans to reduce emissions. Delayed one year by the COVID pandemic, this year is when new plans are due.
This year will be the 26th annual summit – giving it the name COP26. With the UK as President, COP26 takes place in Glasgow.
What are the outcomes so far?
Source: BBC https://www.bbc.com/news/science-environment-59150807
Money: Rich nations have clumsily failed to deliver their promised $100bn to poor countries by 2020. But the former Bank of England governor Mark Carney is looking to move trillions of dollars of private capital towards supporting clean technology. He has gathered 450 organisations controlling 130 trillion dollars, or around 40% of global private assets, and they plan to shift finances to activities that help the move towards zero carbon, such as renewable energy. Critics complain the financial institutions will be allowed to invest in fossil fuels, but it's a serious and novel offer
Trees: More than 100 countries promised to reverse deforestation by 2030. The pledge includes almost £14bn ($19.2bn) of public and private funds. We've seen similar initiatives before, but this one's better funded
Methane: There's a pact to cut emissions of the world's second-worst warming gas, methane, by 30% by 2030. Big emitters China, Russia and India haven't signed, but it's hoped they will join later
Creating markets: Forty nations led by the UK and including China, India and the US, will impose standards, incentives and rules, to create markets for new technologies. This could be transformative if it works. The partners might, for instance, agree a date by which a certain percentage of steel is made without using coal. This would give investors the confidence to know that markets for innovative technologies would be available, and could radically lower the price of clean tech worldwide
Clean energy: In what could be a new paradigm for helping countries to transition to clean energy, South Africa will get £6bn ($8.5 billion) to ditch coal, in a deal with France, Germany, the UK, the US and the EU
India: Prime Minister Modi has set aggressive targets for low-carbon power by 2030. Some people are worried that he doesn't plan to end greenhouse gases until 2070 - but the world will have changed completely by then, and India is likely to be forced economically come into step
UK rules: Most big UK firms and financial institutions will be asked to show how they intend to hit climate change targets. Plans will be submitted to an expert panel to ensure they are not just spin
Find out more about COP26 on their website ukcop26.org or follow the hashtags #COP26 on LinkedIn and Twitter for the latest updates.
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