On the central question of reducing greenhouse gas emissions, Glasgow had some impact. New national targets announced by the end of COP26 are estimated to have reduced the global heating outlook to between 1.8° and 2.4°. As this is still too high, the COP requested parties to strengthen their 2030 targets by the end of next year “as necessary to align with the Paris Agreement temperature goal”. This is a clear message to those countries which failed to submit updated plans by COP26.
Propelled by the political momentum of net-zero pledges, the COP also broke its decades-long habit of silence on fossil fuels. (To the casual observer who may be surprised that governments can negotiate on climate since the early 1990s without mentioning coal, welcome to the United Nations.) A last-minute intervention by India, supported by China, weakened the language from “phase-out” to “phasedown” of “unabated coal”.
However, no amount of wordplay can conceal the fact that coal is well on its way to being both down and out. The global transition of capital towards climate-friendly activities – punctuated by major announcements but barely on the official agenda here – is well under way. Incidentally, it speaks volumes that this redirection of finance flows is forcing laggards to confront climate reality in a way that mere science never could.
Also on finance, the COP noted “with deep regret” the failure to mobilise $100 billion by 2020 and called on developed countries to collectively double finance for adapting to climate change by 2025. More positively, the long-delayed agreement on Paris Agreement carbon market rules should lead to further investment in emission reductions.
Was the organisation of the conference shambolic? The COP president, British government minister Alok Sharma, could not have worked harder and the United Kingdom team members I dealt with were dedicated and professional. There was nevertheless a degree of chaos and ad hocery which reminded me of London during the Brexit referendum and its aftermath. As the first major conference of its kind since the pandemic began, I think our hosts deserve some latitude on this score. We muddled through, as the Brits say.
Like many COPs before it, the Glasgow conference was freighted with impossible expectations. Its outcomes should make one thing clear. These meetings are not an annual “last chance to save the planet” (if they were, then frankly, God help us). They are now fundamentally about tracking and managing the Paris Agreement’s implementation. This process requires both high-level political compacts and dozens of technical decisions. COP26 made progress but did not – and could not – deliver miracles. It remains up to governments, businesses and all of us to build the future we need.
This article was written in a personal capacity.
Stephen Minas