Delayed by a year due to the COVID-19 pandemic, it was with high expectations that the world followed the COP26 negotiations. Six years after the Paris Agreement, the world’s climate ambitions are still not aligned with what is required to ‘keep 1,5 alive’. On the last day of heated discussions aiming to overcome the remaining stumbling blocks, the Glasgow Climate Pact, several stand-alone commitments, and pledges were agreed upon. But are they going to be enough to reduce the gap and ‘walk the talk’?
The power sector accounts for a quarter of global greenhouse gas (GHG) emissions, and coal-fired power generation is the largest single source of CO2 emissions. Yet, coal’s share of the global power mix in 2021 reached historic highs of approx. 36%. Previous COP agreements left out coal, making the Glasgow Climate Pact the first ever climate deal to explicitly plan to phase-down unabated coal power and end fossil fuel subsidies. Unfortunately, it is still a myth to believe that renewable energy can meet all the current global energy needs. This may have been one of the reasons prompting the European Commission to propose labelling some gas-related and nuclear activities as green, despite fierce criticism. Supporters of this proposal argue that this label would allow some countries still heavily reliant on coal, to move to a relatively cleaner supply, as an interim solution. The ‘hard to abate’ sectors, such as heavy-trucking, steel, cement, shipping, and aviation, represent another 47% of energy-related CO2 emissions.
Forests are vital in the transition, as they act like a large natural carbon sink that stabilises the climate.
Lisa Weihser, Head of Legal Affairs and Regulatory Affairs, STSA.
In a race to meet net-zero targets, clarity on carbon markets was much anticipated. Carbon markets turn emission reductions into tradable assets, known as credits. The goal is to incentivise reductions in carbon emissions by increasing the cost of credits to polluters, thus making investment in cutting emissions more commercially viable. A global carbon mechanism will hopefully even allow for the inclusion of shipping in the future.
Also forests are vital in the transition, as they act like a large natural carbon sink that stabilises the climate, regulates ecosystems, and helps to sustainably increase the food production needed to feed an expected population of 9,8 billion in 2050. While CO2 remains in the atmosphere for hundreds to thousands of years, methane breaks down in just a decade. Hence, the Global Methane Pledge is another important achievement that could translate into a relatively ‘quick win’ and avert hundreds of thousands of premature deaths, billions of hours of lost labour due to extreme heat and millions of tonnes of crop losses.
There is however no silver bullet and transitions don’t happen overnight. Instead, they require a decade-long process and a multistakeholder approach to develop a mix of viable solutions. Some may equate COP26 with failure, but what is important to keep in mind is that ‘perfect shouldn’t be the enemy of good’ and every step forward should be recognised as progress.
