World leaders have been meeting in Glasgow, Scotland, to deliberate on climate issues from November 1st. They gather under the banner of the 26th United Nations Climate Change Conference, COP26. So far, many speakers from different nations have given addresses, and we have seen them commit to climate goals.
For example, Indian Prime Minister, Narendra Modi, has revealed his country is working toward a 2070 net-zero carbon emission target. However, much earlier in 2030, India plans to have converted half of its energy sources to renewables and increase its clean energy capacity to 500 GW. Modi also called on developed nations to put up $1 trillion to fund climate efforts.
Nigeria is even more ambitious than India, pledging to achieve net-zero emission ten years faster. Africa as a continent contributes the least emissions globally, at 3%. The countries promised to spend not less than $6 billion per year for the next five on climate goals.
Brazilian President Jair Bolsonaro, who wasn’t in attendance but sent a pre-recorded speech, extolled his country as a player in solving climate problems.
President Joe Biden of the US affirmed his country’s commitment to reducing carbon emissions by 50% by 2030, using 2005 as a baseline. He also assured other world leaders that the US is back to leading the discourse on climate change. The President has also unveiled a plan to cut methane emissions globally by 30% by 2030, with 89 other countries, including Brazil. In addition, the US has rejoined the High Ambition Coalition to ensure the 1.5C goal that was a vital part of the Paris Agreement.
The world leaders in Glasgow have also committed to a pledge to end and reverse deforestation. Brazil is in focus in particular, as its Amazon forests have witnessed severe deforestation in recent times. Other countries joining are Canada, Russia, China, the Democratic Republic of Congo, the US, and the UK. Altogether, the pledge affects about 85% of forests globally. The commitment also includes a $19 billion fund to support the effort.
Apart from political leaders, players in the banking and pension fund markets have formed a pledge of their own, known as the Glasgow Financial Alliance for Net Zero, GFANZ. Participants have promised that by 2050, all the assets they manage will be aligned with net zero-emission goals.
Renewable Brief 