COP26 a step in the right direction, but all eyes on Egypt and UAE for the future to close the gap – ‘Implementation is key'

Last weekend at COP26, nearly 200 countries agreed to adopt The Glasgow Climate Pact, the first climate agreement explicitly planning to reduce coal usage.

After more than two weeks of negotiations, nearly 200 nations have agreed to adopt The Glasgow Climate Pact, which aims to keep alive hopes of averting the worst impacts of global warming, by reducing global dependence on coal and speeding up the end of fossil fuel subsidies.

Despite the last minute drama with COP President Alok Sharma driven to tears, this is the first time that the 1.5C goal has been front and centre and a recognition of the need to reduce dependence on fossil fuels and reduce emissions by almost 50% by 2030. While some say it doesn’t go far enough, we think that Glasgow was a step in the right direction. However, more needs to be done and implementation of pledges is key.

COP26: What was agreed at the Glasgow climate conference?

Bloomberg Green’s final #COP26 scorecard that details key outcomes of the deal.

The Glasgow Climate Pact set the global agenda on climate change for the next decade, here are the key outcomes:

Coal

For the first time at COP, there was a clear-cut plan to reduce the use of coal (responsible for 40% of annual CO2 emissions). However, at the final moment some countries changed the wording to a weaker commitment to "phase down" rather than "phase out" coal.

Emissions

It was agreed countries will meet at COP27 to pledge further cuts to emissions of carbon dioxide (CO2) to keep temperature rises within 1.5C - the revised target to prevent a "climate catastrophe".

Fossil fuel subsidies

World leaders agreed to phase-out subsidies that artificially lower the price of coal, oil, or natural gas.

However, no firm dates have been set.

China-U.S. Deal

The biggest surprise in Glasgow was the agreement by between the two biggest emitters to work together on climate. No major action has been agreed, but good news for future negotiations.

Methane Pledge 

For the first time Methane was mentioned in the pact, with more than 100 countries agreeing to the Global Methane Pledge - Russia and China didn’t sign up. However, the UAE did.

Developing countries & catastrophic climate events

The agreement pledged to significantly increase money to help poor countries cope with the effects of climate change and make the switch to clean energy. There's also talk of a trillion dollar a year fund from 2025 - after the previous pledge for richer countries to provide $100bn (£72bn) a year by 2020 was missed.

Also, for the first time, countries struck by catastrophic climate events should get help. There’s an agreement to set up the mechanism for this - the finer details will be hashed out at COP27, in Egypt next year.

“It’s not enough” says UN Chief

“It is an important step but is not enough. We must accelerate climate action to keep alive the goal of limiting global temperature rise to 1.5 degrees”, said António Guterres in a video statement released at the close of the two-week meeting.

The UN chief added that it is time to go “into emergency mode”, ending fossil fuel subsidies, phasing out coal, putting a price on carbon, protecting vulnerable communities, and delivering the $100 billion climate finance commitment.

“We did not achieve these goals at this conference. But we have some building blocks for progress,” he said.

Mr. Guterres also had a message to young people, indigenous communities, women leaders, and all those leading the charge on climate action.

“I know you are disappointed. But the path of progress is not always a straight line. Sometimes there are detours. Sometimes there are ditches. But I know we can get there. We are in the fight of our lives, and this fight must be won. Never give up. Never retreat. Keep pushing forward”.

Cop 27 in Egypt and COP28 in the UAE = lots of momentum on climate change in the region

The Glasgow Climate Pact calls on 197 countries to report their progress towards more climate ambition next year, at COP27 in Egypt, instead of in 5 years’ time as previously required, with further development at COP28, to be held here in the UAE.

The next two years present huge opportunities for countries in the Middle-East region. Already rich oil-based economies like the UAE, Saudi Arabia and Bahrain have set goals to transition to net zero emissions by 2050 and 2060 respectively. Creating strong implementation plans that set interim measurable targets and policies will be crucial to achieve these goals.

“The UAE Net Zero by 2050 Strategic Initiative, announced earlier this year, shows our own unwavering commitment to promoting climate action. Further, through new investment commitments and partnerships, we are illustrating our determination to support the world in addressing climate change.” HH Sheikh Abdullah bin Zayed al Nahyan, Minister of Foreign Affairs, UAE.

“COP28 in 2023 will and must be a ‘solutions COP’…”

- Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation

“At COP28, we will address the planetary and economic aftermath of climate change as two sides of the same coin, exploring solutions that put us on a path towards limiting global warming to 1.5 C and are economically viable at the same time. We are keen to share our successful approach of turning challenges into opportunities to leave a healthier planet to our children.” HE Mariam Al Mheiri, Minister of Climate Change & Environment, UAE

As the dust settles on COP26 and this region prepares for the next COPs, it is now the time to start preparing implementation plans for Net Zero. This requires short-term targets that are measurable, reportable and verifiable. A whole of government approach will be needed where potentially conflicting policies are reviewed and revised to align with this new direction. For example, countries that are building more coal plants will need to either replace those plans with renewable energy or implement Carbon Capture and Storage Technology. Transforming the transport sector is also crucial, through an accelerated shift to public transport, electric vehicles and/or green hydrogen. Nature based solutions can also contribute to enhancing our carbon sinks and create other benefits for health, wellbeing and biodiversity.

For more news and views on COP26 take a look at the Outrage + Optimism Podcast:

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