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COP26: World Leader’s Summit, 1 November 2021

  • Global
  • ESG
  • Financial services and markets regulation - ESG
  • Energy and infrastructure - Clean energy
  • ESG - Sustainable Finance

02-11-2021

Key Announcements and Pledges

  • Forty-three asset managers including Abrdn, Schroders, Aviva Investors, Fidelity International, Axa Investment, DWS and Legal & General have set interim targets as part of the Net Zero Asset Managers initiative. They have pledged to cut carbon emissions by 30 to 65 percent by either 2025 or 2030.

  • A group of leaders at COP26 will sign the climate change conference's first major deal on Tuesday 2 November, when they promise to stop deforestation by 2030. More than 100 countries will promise to halt deforestation including Canada, Brazil, Russia and Indonesia.

    To stop deforestation:  

    • £14 billion ($19.2 billion) of public and private funding is being pledged

    • £1.1 billion fund will be established to protect the world's second largest tropical rainforest - in the Congo Basin

[Update: the above pledge was signed on the morning of Tuesday 2 November]

  • Russia is the fourth largest emitter of CO2, relying heavily on oil and gas. President Putin has pledged that Russia will achieve carbon neutrality by 2060. Part of this pledge includes a $14.2 billion support program for renewable sources of energy including solar energy.

  • As part of the UK’s Clean Green Initiative, Boris Johnson pledged:

    • the UK’s development finance institution, CDC, will commit to deliver more than £3 billion of climate financing for green growth over the next five years. This will include £200 million for a new Climate Innovation Facility to support the scale-up of technologies that will help communities deal with the impacts of climate change. This is double the amount of climate finance CDC invested in its previous strategy period from 2017-2021

    • the FCDO-backed Private Infrastructure Development Group (PIDG) will also commit more than £210 million in new investment today (MON) to back transformational green projects in developing countries such as Vietnam, Burkina Faso, Pakistan, Nepal and Chad.

  • The world’s third largest emitter of CO2, India, has pledged to be net zero by 2070 PM Modi confirmed. This is the first time India has made such a commitment.

  • Vietnam also made a new commitment to reduce its net greenhouse gases to zero by 2050.