{"id":15329,"date":"2021-12-28T00:00:00","date_gmt":"2021-12-28T00:00:00","guid":{"rendered":"https:\/\/cms.alj3.clients.lemonhq.io\/perspectives\/cop26-a-degree-of-success\/"},"modified":"2026-03-20T08:01:07","modified_gmt":"2026-03-20T08:01:07","slug":"cop26-a-degree-of-success","status":"publish","type":"perspectives","link":"https:\/\/cms.alj3.clients.lemonhq.io\/en\/perspectives\/cop26-a-degree-of-success\/","title":{"rendered":"COP26: A degree of success?"},"content":{"rendered":"

Still achievable \u2013 but urgent action is required to avoid catastrophe.<\/h4>\n

This was the overwhelming verdict on the prospect of keeping global warming to within 1.5o<\/sup> Celsius in the coming decades, following November\u2019s COP26 climate conference in Glasgow, UK.<\/h4>\n

Depending upon which commentators one chooses to heed, it was a forum which achieved as much as humanly possible or hardly anything at all. \u00a0Such polarization is perhaps inevitable when we are dealing with the global politics around the future of our one and only planet.<\/p>\n

What is without doubt, however, is that the resolutions that came out of COP26 do represent progress \u2013 unprecedented<\/em> progress \u2013 albeit at a trajectory that will need increasing to ensure a sustainable and survivable world for all.<\/p>\n

\"\"<\/p>\n

Global action is unfolding with far greater urgency than in the aftermath of 2015\u2019s Paris Agreement, the previous international treaty on climate change. \u00a0Then, despite a temperature rise limit of 1.5o <\/sup>Celsius being agreed, pledges from individual countries were subsequently deemed inadequate and the agreement\u2019s effectiveness was neutered by lack of legally binding terms.<\/p>\n

Although the intervening six years of inaction have rendered the 1.5o <\/sup>C target tenuous at best, COP26 addresses many of these criticisms with a series of concrete policy announcements that will have a tangible effect on global temperatures.<\/p>\n

We should not be entirely surprised at this newfound focus.<\/p>\n

The world of 2021 is subtly yet significantly different to the world of 2015. \u00a0Figureheads have emerged to give voice to those usually denied political leverage \u2013 including the young and the less affluent.<\/p>\n

Countries spanning the wealth spectrum have endured repeated extreme weather events, shifting the debate from the hypothetical to the everyday reality. \u00a0When COP26 convened, the whole world was not just watching . . .\u00a0 but expecting<\/em>.<\/p>\n

As such, COP26 represents a line in the sand, the moment when diverse countries around the world came together to declare a coordinated offensive against climate change.<\/p>\n

A series of big decisions emanating from Glasgow brought the environmental emergency firmly into the headlines.<\/p>\n

\"\"<\/p>\n

Highlights of game-changing conference<\/h2>\n

\"\"Coal<\/strong> \u2013 responsible for some 40% of all CO2<\/sub> emissions – prompted some of the most frenzied negotiations at COP26.[1]<\/a> \u00a0To the relief of many vulnerable nations, attendees emerged from the conference with a solid commitment to reduce global dependency on this high-pollution fossil fuel.<\/p>\n

Much of Europe and North America agreed to axe financial support for overseas fossil fuel projects within 12 months, adding to China\u2019s recent commitment to cease funding foreign coal projects.<\/p>\n

Although the wording of the agreement was diluted late in the day from \u2018phasing out\u2019 to \u2018phasing down\u2019 coal, the pact still symbolizes coal\u2019s \u2018death knell\u2019, according to UK host Prime Minister Boris Johnson.[2]<\/a><\/p>\n

\"\"<\/p>\n

But just as coal is not 100% responsible for global heating, nor can its decline singlehandedly solve the problem.<\/p>\n

Methane<\/strong><\/a> – more than 80 times more dangerous than CO2<\/sub> as a greenhouse gas, shoulders considerable blame too. \u00a0Indeed, eliminating methane has been identified by the UN as the single fastest way to slow down warming this decade, and could cancel out 0.2 o<\/sup> C of heating by mid-century.[3]<\/a><\/p>\n

\"\"<\/p>\n

\"\"Fittingly, more than 100 countries (including major emitters Canada, Brazil and Nigeria) signed up to a Global Methane Pledge[4]<\/a> at the summit, vowing to cut methane emissions by 30+% over the next decade.<\/p>\n

Trees, nature\u2019s own instrument for removing CO2<\/sub> from the atmosphere, will enjoy more protection following COP26.<\/p>\n

Deforestation<\/strong> – more than 100 countries, encompassing 85% of the world\u2019s forests \u2013 including Brazil, home of the critical Amazon rainforest \u2013 vowed to halt and even reverse deforestation by 2030.[5]<\/a><\/p>\n

This commitment is being backed by US$ 19.2 billion of public and private finds, some of which will help tackle wildfires, support indigenous communities, and restore damaged land.<\/p>\n

\"\"<\/p>\n

\"\"In a surprise move, the world\u2019s two largest polluters, the USA and China, so often \u00a0geopolitical rivals, unveiled a joint declaration to work together over the next decade on strategies to keep a 1.5o<\/sup> C temperature rise viable.[6]<\/a><\/p>\n

Respective leaders Joe Biden and Xi Jinping agreed to collaborate on mutual decarbonization, on methane, and on the transition to clean energy.<\/p>\n

The unexpected demonstration of solidarity was described by UN Secretary-General Antonio Guterres as \u201can important step in the right direction<\/em>\u201d[7]<\/a>.<\/p>\n

The other major conference breakthrough focused on helping poorer countries make the switch to green energy and mitigate the impacts of climate change. \u00a0This is traditionally a divisive area, with mature economies somewhat flirting with hypocrisy by urging developing nations to sidestep the very fossil fuels which guaranteed their own ascendancy in generations past.<\/p>\n

A proposed trillion dollar fund from 2025, therefore, should go some way to offsetting this imbalance.[8]<\/a> \u00a0Highlights of the fund include:<\/p>\n

    \n
  • The US pledging US$ 11.4 billion a year by 2024<\/li>\n
  • Japan offering US$ 10 billion over the next five years to reduce emissions in Asia<\/li>\n
  • The UK doubling climate finance to US$ 11.6 billion over the next four years<\/li>\n
  • Canada doubling climate finance to US$ 5.3 billion over the same period.<\/li>\n<\/ul>\n

    Developing countries will be able to draw on these funds to construct coastal defenses, or design drought-resistant agriculture systems, or invest in renewable energy sources such as hydro, wind and solar energy.<\/p>\n

    Also unveiled during the conference was a US$ 8.5 billion international grant to assist South Africa \u2013 currently one of the world\u2019s largest coal polluters \u2013 to boost renewables and stop burning fossil fuels.[9]<\/a> \u00a0Such proactivity makes sound financial sense, given that every cent invested now in offsetting global heating will prevent far greater costs later if climate change is left unchecked.<\/p>\n

    Within the private sector, nearly 500 banks, insurers and pension funds agreed to focus their combined US$ 130 trillion of investable assets (some 40% of the world\u2019s total) on clean tech and renewable energy, aligning their corporate priorities with those all-important 2050 net-zero goals.[10]<\/a><\/p>\n

    COP26 also demonstrated the power of cross-culture innovation, as India and the UK launched a joint project to create a solar grid connecting countries around the world.[11]<\/a>\u00a0 The so-called Green Grids Initiative has the potential to transfer solar power from one country to another as the sun rises and sets, allowing round-the-clock green energy, even at nighttime.<\/p>\n

    \"\"<\/p>\n

    With such a flurry of deal-making and outside-the-box thinking, why wasn\u2019t everyone cheering the game-changing developments at COP26? \u00a0Could it be that the scale of the problem outweighs even the most dramatic resolutions agreed at Glasgow?<\/p>\n

    Shortfalls mean fightback is just beginning<\/h2>\n

    To the frustration of many, COP26 ultimately failed to secure sufficient nationally determined contributions (NDCs) to hold global heating within a guaranteed 1.5o<\/sup> rise or less.<\/p>\n

    \"\"This, despite a recent report from the Intergovernmental Panel on Climate Change (IPCC<\/a>) stressing that exceeding 1.5o<\/sup> C will trigger irreversible effects such as faster ice cap melting, multi-species extinctions, the inundation of small islands and coastal areas, and frequent extreme droughts, floods, heatwaves and storms.[12]<\/sup><\/a><\/p>\n

    It is a particularly emotive issue given that future climate suffering will be disproportionately shared, with the conference hearing that a 1.5o<\/sup> global temperature rise would actually mean a 3o<\/sup> C rise for parts of Africa.[13]<\/a><\/p>\n

    Several parts of the deal lacked the participation of key members. \u00a0The scheme to cut methane emissions by 30% by 2030, for instance, does not currently have the backing of big emitters China, Russia and India.[14]<\/a><\/p>\n

    Despite the global shift from fossil fuels, China mined a record 12 million tons of coal on a single day during the conference November.[15]<\/a><\/p>\n

    Worldwide, major emissions cuts are still needed to limit global heating to 1.5o<\/sup>C.\u00a0 Even if the various pledges announced at COP26 are adhered to without slippage or \u2018greenwashing\u2019, the revised figures for climate change suggest a likely temperature rise of up to 2.4o<\/sup> C this century \u2013 far above the relative safety net of 1.5 o<\/sup> C.[16]<\/a><\/p>\n

    \"\"<\/p>\n

    Politicians and scientists alike know that 2.4o<\/sup> C is unsustainable, which is why the real crowning achievement of COP26 might not be a particular resolution agreed at the conference, but rather a seed sewn for later?\u00a0 The 197 signatories of the Glasgow Climate Pact \u2013 as COP26\u2019s treaty is known \u2013 have agreed to reconvene next year at COP27 in Egypt and present to the world revised emissions targets which, it is hoped, will bring the world closer to the ideal 1.5o<\/sup> C target.<\/p>\n

    As such, COP26 can be viewed not as an endpoint but rather as a vital stepping-stone.<\/p>\n

    What can help us bridge the gap between success and failure? \u00a0Here, the private sector has a vital role to play.<\/p>\n

    Private sector helps keep 1.5o<\/sup> C alive<\/h2>\n

    While it is undoubtedly a positive step that financial houses have pledged to invest trillions of dollars\u2019 worth of assets in schemes promoting \u2018net zero\u2019 outcomes, the private sector is more than just a vessel for the dispersal of funds \u2013 it can also be an incubator of innovation and a proving ground for new technologies.<\/p>\n

    Private businesses \u2013 like Abdul Latif Jameel<\/a> \u2013 can help to catalyze both business and government investment into solutions to combat climate change and accelerate a green recovery. \u00a0Organizations like the Clean, Renewable and Environmental Opportunities Syndicate (CREO Syndicate<\/a>), of which Fady Jameel is a member, are already helping to change attitudes and explore private investment opportunities across the sustainable investment market.<\/p>\n

    As the CREO explains in a white paper, \u201cOverall interest in sustainable investing is growing as many institutional investors and wealth owners re-evaluate their exposure to fossil fuels and as political discourse on climate risks builds.\u201d<\/em><\/p>\n

    Abdul Latif Jameel is one of the companies leading from the front when it comes to eco-innovation and climate action, as outlined in our Abdul Latif Jameel Perspectives article<\/a>, part of a showcase article series examining how the Jameel Family\u2019s activities are aligned and contributing to the UN Sustainable Development Goals.<\/p>\n

    Ensuring affordable and clean energy<\/a> for all, in particular, is one of our corporate goals, something we strive for daily and support with ambitious commitment.<\/p>\n