COP26: Highlights, achievements and shortcomings

  • Global Methane Pledge: About 105 countries pledged under the Global Methane Pledge to pare methane emissions by at least 30% by 203011 from 2020 levels. The pledge covers countries accounting for approximately half of global methane emissions and 70% of global GDP. The initiative emphasises methane leakage from oil and gas wells, fossil fuel infrastructure, pipelines, livestock farms and landfill sites.
  • Coal phase-out commitments: More than 40 countries committed to move away from coal at the COP265. In addition, 28 new members joined the Powering Past Coal Alliance (PPCA) to phase out coal, joining 160 countries, sub-nationals and businesses already part of the alliance. 20 new country members, including Vietnam, Morocco and Poland, have committed to ending new coal plant projects. Major international banks, such as HSBC, Fidelity International and Ethos, have also agreed to end international public funding of fresh unabated coal power projects by end-2021.
  • Agreement to curb public financing of fossil fuel projects: Around 20 countries, including Italy, Canada, the US and Denmark, signed a UK-led agreement to end public backing for unabated fossil fuel energy projects by end-20226. The countries instead aim to prioritise clean-energy projects.
  • India announces net-zero emissions deadline of 2070: India — the world’s third-largest CO2 emitter — announced 2070 to be its net-zero emissions target3. It also committed to a five-point climate action plan, which includes several 2030 targets, such as increasing non-fossil-fuel energy capacity to 500GW, meeting 50% energy needs using renewable energy, reducing projected greenhouse gas emissions by one billion tons and curbing carbon intensity to below 45% from the 2005 level
  • Investments to reduce South Africa’s coal dependence: South Africa, the twelfth-largest CO2 emitter, is set to receive c.USD8.5bn from the US, the UK, France, Germany and the EU to reduce its coal reliance4. Currently, 80% of South Africa’s power is generated from coal; the country aims to shrink the share to 60% by 2030, when wind and solar power are expected to contribute 25% to its power generation.
  • More than 100 countries vow to stop deforestation by 2030: Above 100 countries, which are

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We write about financial industry trends, the impact of regulatory changes and opinions on industry inflection points. https://www.acuitykp.com/

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We write about financial industry trends, the impact of regulatory changes and opinions on industry inflection points. https://www.acuitykp.com/

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