Our Hopes for COP26

The text discusses the importance of the COP 26 summit in Glasgow, highlighting key topics such as nature-based solutions, carbon trading, methane emissions, and the need for developed countries to meet financial commitments to support climate change adaptation in developing countries.

Jessica Regnard

Business Analyst

This week sees the much-needed regrouping of world leaders in Glasgow for COP 26 where the fate of our planet quite literally hangs in the balance. With the last COP (25) in Copenhagen billed as a failure and no summit (as scheduled) last year due to Covid, the pressure is on for collective action and solidarity. The focus will be on nationally determined contributions, essentially each country's roadmap for keeping global warming under 2 degrees centigrade, however, our hope is that the focus remains here and avoids a shift to a finger-pointing exercise for those larger and more developed countries not attending such as Brazil, Mexico, Russia, and Japan.

Some key topics we hope to see:

Nature-based solutions � some obvious quick win solutions of protecting our environments and natural habitats by planting more trees for example.

Carbon trading � developed countries subsidizing carbon trade-offs in undeveloped countries, for example, the UK paying for a wind farm in India because it is cheaper to reduce emissions in a developing country, this will in turn, globally reduce emissions. Forgetting the political substance and focusing on the bigger picture of what we are trying to achieve globally.

Methane emissions - these emissions pollute for a shorter amount of time than carbon emissions but are much more potent in terms of their impact. Immediately we think of cows here but a lot of methane output comes from oil and gas explorations so a quick win to be had here if we perhaps reviewed implementations of global restrictions, now that we are looking at alternative energy sources. In this respect, it would be a bonus to hear from China and Saudi Arabia on their plans as both are still very fossil fuel focused.

What we can learn from the pandemic in terms of climate change � including the benefits.

Travel � Public transport and plans to implement electric plus Government plans to phase in EVs.

Regulation - on a more granular level we'd expect to see more countries committing to implementing regulation for registered and/or regulated entities.

A positive agreement to come out of Copenhagen was a 100 billion dollar spend by 2020 from developed countries to undeveloped countries to assist with migration and adaptation to climate change, ensuring an equal and fair transition. Unfortunately, this target has not been met, with the OECD reporting an 80 billion dollar spend.

We hope to see real commitment from all developed countries to meet that 100 billion dollar mark, that doesn't seem unjust given inflation since the last commitment in 2009. Ultimately those with the biggest emissions should be setting the moral pace, we are all responsible however an agreement of solidarity to encompass the most vulnerable together with a long-term vision is a must. Serious reduction plans from all countries together with how they intend to measure and monitor those plans/targets in a collective way is perhaps a utopian expectation, yet not unrealistic.

We'd love to see a reason to celebrate post COP 26, watch this space to hear our reflections on the summit.

The Aspida Green Appraisal Scheme

October 29, 2021

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