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COP26: World Leader’s Summit, 2 November 2021

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

03-11-2021

Key Announcements and Pledges

  • Mark Carney, the former central banker turned climate finance envoy, says the focus will be “ruthlessly, relentlessly’’ on getting Glasgow Financial Alliance for Net Zero (GFANZ) members to live up to their net zero promises. GFANZ members (more than 450 banks, insurers and asset managers) represent over $100trillion in assets are committed to hitting net zero emissions targets by 2050.
  • Indian Prime Minister Narendra Modi and UK Prime Minister Boris Johnson announce the launch of a transnational and transcontinental grid project, the Green Grids Initiative - One Sun One World One Grid. The project aims to connect the grids of 140 countries to ensure stable electricity supply. 80 countries have backed the initiative.
  • The Global Methane Pledge aims to limit methane emissions by 30% compared with 2020 levels. The biggest contributors to pollution, such as China, Russia and India, are not part of the agreement. President Joe Biden announced the US would tighten and expand rules forcing oil and gas companies to monitor and fix leaks of the gas.
  • Europe will aim to get new climate technologies to market faster under a €1billion public and private investment scheme announced by European Commission president Ursula von der Leyen at COP26 on Tuesday. Brussels will contribute money from the EU budget and hopes to leverage three euros of private capital for every euro of public money. Half of all financing for projects will be raised by the partnership, with the other half from private investment.  
  • South Africa is currently the biggest emitter of greenhouse gases on the African continent because of its reliance on coal. Western nations will provide South Africa $8.5billion to accelerate end of coal power.