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COP26: Procedural Opening of Negotiations, Sunday 31 October

  • Global
  • ESG
  • Energy and infrastructure - Clean energy

01-11-2021

The COP26 climate change summit has officially started in Glasgow

Delegates from around 200 countries are in attendance to announce how they will cut emissions by 2030

Goals of COP26

  1. Secure global net zero by mid-century and keep 1.5 degrees within reach
  2. Adapt to protect communities and natural habitats
  3. Mobilise finance
  4. Work together to deliver

COP26 Presidency Paper

The COP26 Presidency has published a paper, The UK COP26 Presidency Glasgow Imperative: Closing the Adaptation Gap and Responding to Climate Impacts, outlining action on adaptation and loss and damage to date, and the work required to:

  • close the adaptation gap and respond to impacts
  • build a climate resilient future for all

Key announcements from G20 Summit in Rome

  1. Dates set to reach net zero greenhouse gas emissions
    • Canada, France, Germany, Italy, Japan, Russia, the United Kingdom and the United States have set 2050 as the latest date by which nations need to reach net-zero greenhouse gas emissions
    • China, Saudi Arabia and Russia have set 2060 as their goal for reaching carbon neutrality
    • The remaining nations (Argentina, Australia, Brazil, India, Indonesia, Mexico, South Africa, South Korea and Turkey) settled on “by or around mid-century.”
  2. Leaders have agreed to end international financing of coal power ahead of the opening of the COP26 climate summit. However, no deadline has been set for phasing out the financing of domestic coal-fired power stations. Boris Johnson has cautioned that there is “a huge way still to go” at the COP26 climate summit.
  3. Leaders agreed that 1.5 degrees needs to be kept within reach.
  4. Aside from climate issues, the leaders signed off on a landmark agreement for countries to enact a global minimum corporate tax of 15 percent.

The two day summit ended with the G20 leaders signing the G20 Rome Leaders Declaration

UK Clean Energy

The United Kingdom has set a target for all of the nation's electricity to come from clean sources by 2035.

Boris Johnson stated that the target could be achieved through advances in wind power and other renewable sources.

A deal was signed on the eve of the COP26 summit in which Fortescue Future based in Australia will become the biggest supplier of green hydrogen to the United Kingdom.