We are in the lead up to the 26th Conference Of the Parties. The aim of COP26 is to produce a text outlining what happens next in regards to climate change.
The previous major meeting in Paris, led to the Paris Climate Accord; the strongest, firmest international climate agreement ever.
The good news: The corporate world, governments, and civil society generally agree that climate change is happening and that we need to do something about it. More countries have net zero emissions targets than ever before. Price of renewables are decreasing.
The bad news: It is unlikely that we will move fast enough to mitigate the worst effects of climate change.
The 5 main points at COP26:
1. Coal must go. To give up coal, we need to decarbonise the world economy before 2050. and asap. Targets need to be turned into policies.
2. The carbon pricing system must evolve. Multilateral Development Banks (MDB) play important roles.
3. Rich countries caused the damage. The question of who pays remains largely unanswered.
4. Recognise that vulnerable countries need help transitioning and adapting.
5. Investments in adaptation must increase.
The COP26 World Bank Meeting emphasised 4 main financial actions:
1. Pricing carbon. We must shift from $3/tonne today to $75/tonne in 2050.
2. more fiscal investment in green transformation - urban development, water management
3. recognise vulnerable communities/countries that need help.
4. prioritise adaptation in those countries who are heavily impacted but have contributed very little.
Climate related investments are increasing but are tiny. 1/4 of 1% of total investment flows. More commitments regarding finance dedicated to climate action are needed. More funding needs to be being allocated to adaptation. We must accelerate financing aligned with the Paris Agreement policies.
Featured audio recordings: 1. Cassetteboy - Cameron's Conference Rap, 2. Connect4Climate & Greta Thunberg, Greta Thunberg full speech at UN Climate Change COP24 Conference, 3. Display Homes, Climate Change, 4. Berlin Guardian News & Greta Thunberg, Fridays for Future: climate protests kick off with Greta Thunberg in Berlin Guardian News