In the lead up to policeman 26The UK government used the slogan “cash, coal, cars and trees to keep the world at 1.5°C” to highlight four key areas the conference will focus on.
At Cop26, rich nations were supposed to fulfill a long-standing promise, made in 2009, to Provide $100 billion annually in climate finance for the developing world from 2020.
Actual amounts provided remain deficient, but developed countries have provided evidence that they will deliver on their promise this year or next, averaging five years from 2020 to 2025 at around $100 billion. Developing countries were also promised a new financial settlement that would see larger inflows from 2025, with details not yet set.
However, in the months that followed, there was little progress in the cash promises of Cop26. Rachel Kate and Lord Stern, both formerly at the top world bank Officials, told The Guardian, have expressed numerous concerns about the World Bank’s climate-related programmes. Stern said the bank would be running out of resources due to the additional pressures of rising energy and food prices around the world, and the effects of the war in Ukraine.
Kate questioned whether the World Bank was really committed to the fight against climate: “[The World Bank’s] The poor performance in Glasgow and persistent questions about their desire to take urgent action led to the formation of coalitions without her at the helm. Broader questions are growing about whether the Bretton Woods institutions are fit for purpose in the climate crisis.”
The private sector has also come under increased scrutiny. GFANZ Network – Glasgow Financial Alliance for Net Zero – was Announced Loudly by Mark CarneyFormer Governor of the Bank of England and United Nations Climate Envoy. However, it is unclear how much of that flows to the poorest countries that need it most.
There are also questions raised by Guardian’s carbon bubble investigation, on whether investors were pouring more money into fossil fuels and now enjoying wealth, rather than clean technology. There is not much in the GFANZ rules to prevent them. The job of governments, Carney said, is to regulate and provide incentives that will encourage capital in the right directions: “Finance will not drive the transition to net zero on its own. Funding is an enabler, a catalyst that will accelerate what governments and companies do. If there is a commitment to transition. To a sustainable, resilient and fair energy system, and the right policies are in place, the financing will be there.”
Coal was an obvious focus of Cop26, although some of the UK’s initial launch successes with its coal phase-out commitments turned out to have been Less solid than claimed. In the closing moments of the talks, coal also became a flashpoint as China and India refused to sign the coal “phasing out”, insisting on changing the term to “phasing out”.
Since then, new evidence of coal expansion has emerged with the acceleration of recovery from Covid, and the outbreak of war Ukraine It prompted some countries to consider returning to coal, or delaying its phase-out.
Fatih Birol, Executive Director of the International Energy Agency (IEA), said coal should be at the forefront of Cop27: “The biggest risk is the growing appetite for infrastructure investment in coal. If we can’t slow or stop this, we may lock up our future.. If I had to pick one problem [for Cop27]it will be “.
Electric car sales doubled in major markets In the past year, as manufacturers ramped up production and consumers adopted new models. But the future of the market this year looks more uncertain. The war in Ukraine has disrupted key supply chains, and Germany’s Volkswagen said earlier this month that it had been hit. Sold out of electric cars This year for its markets in the European Union and the United States. Other manufacturers are also struggling with rising costs and looking for alternative sources of ingredients.
Many environmental advocates also worry that talking about cars is the wrong focus – they say we should be talking about transportation. According to the International Energy Agency, investing in public transportation, making it cheaper or even free, is one of the fastest ways to reduce oil demand.
The UK made action on forests a major focus at COP26, with world leaders meeting to discuss forests and land use and a separate program of events for two days. deal for Stop global deforestationsigned by China, the United States and Brazil among other countries, was the first major “win” in Glasgow’s two weeks.
But in the past months, the rate of deforestation in Brazil in the Amazon has occurred to devastating record levelsand a report on the Congo – one of the most important remaining rainforests in the world – has Casts doubt on the government’s will To take the necessary measures to stop the cutting of trees and destruction.
Meanwhile, another major forest meeting this year – the Convention on Biological Diversity (which was scheduled to take place in Kunming, China, in 2020, but has been postponed) – is now in limbo due to the Chinese government’s response to the resurgence of Covid-19. Whether or when the conference will take place at all is now unknown.
Lord Goldsmith, the British minister in charge of the COP26 forestry effort, has been on a frantic round of diplomacy this year in support of the forest deal. He said the UK wanted world leaders to meet every year to discuss progress. “Forests’ contribution to the overall global emissions reductions needed could be huge. They could contribute around 10%-15% to the global emissions target.”