COP26 summary: the top pledges so far
We've pulled together some of the key takeaways from COP26 so far, to serve you up with a summary of progress halfway through the climate conference. Here are the top pledges so far:
India targets net-zero by 2070
India has announced a 2070 net-zero target and said that 50% of the country’s energy supply will be renewable by 2030. India is the third-largest emitting despite being classed as a developing country and is home to a population over 1.3 billion people. The 2070 target has been heavily criticised as it is well behind the common 2050 reference point for net-zero targets. However, China and Saudi Arabia are both targeting 2060.
Clean and affordable technology
More than 40 world leaders, including those representing the UK, the US, India, China and the EU, signed up to a new declaration aiming to deliver clean and affordable technology and solutions across the globe by 2030. The Agenda aims to make clean technologies to clean up polluting sectors affordable and attractive for all nations by 2030.
A near-global pledge to end deforestation
World leaders representing more than 100 nations, which between them play host to more than 85% of forests globally, have committed to end deforestation and reverse land degradation at COP26 in Glasgow. The commitment is being described as a “landmark moment” for nature and, on the day of its launch, has already garnered financial support pledges of £14bn from national governments and the private sector.
Through this, nations commit to stop deforestation by 2030, and to work towards a period of reforestation after this point. Funding will be provided to developing nations as a priority, supporting projects that restore land degraded by land-use change for agri-food, other commercial activities, flooding, drought and wildfires.
£12bn to fund reforestation
A total of 12 countries have pledged to mobilise £12bn in donor support to halt and reverse deforestation across the globe, while also protecting human rights. The pledge was made on Day Two of the World Leaders Summit at COP26 and commits nations to provide huge sums of public finance all geared towards the protection and restoration of forests.
Financial sector commits to investing in net-zero
The Glasgow Financial Alliance for Net-Zero (GFANZ), which launched in April in a drive to unite the global financial sector in transitioning to net-zero portfolios by 2050, now represented more than $130trn in assets under management or 40% of the world’s total financial assets, an increase of $40bn since October.
Methane emissions in key nations to be cut by 30% by 2030
Over a 100 countries of 193 have stated their intention to slash methane emissions by 30% by 2030, against a 2020 baseline. Methane is an extremely potent greenhouse gas and sources include natural gas production and agriculture.
Philanthropists up donations
The Bezos Earth Fund, Ikea Foundation and Rockefeller Foundation have forged a major new alliance with central investment banks, aiming to mobilise $100bn for renewable energy, other low-carbon technologies and green jobs. The initiative is called the Global Energy Alliance for People and Planet (GEAPP).
These pledges are an important first step, but what comes next is far more important: how to implement, and police commitments.
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