Reflections on Glasgow and COP26

Reflections on Glasgow and COP26

What has been achieved? Mitigation Coal

C oal is considered the single biggest contributor to climate change. There has been a 76% drop in the number of new coal plants planned globally over the last six years since the Paris Agreement was adopted. This roughly translate to the cancellation of more than 1000GW of new coal plants. The shift away from coal has gained additional momentum at Glasgow: • At least 23 countries have made new commitments at Glasgow to phase out coal

power, including five of the world’s top 20 coal power-using countries • Major international banks have committed to effectively end all international public financing of new unabated coal power by the end of 2021. • At least 25 countries and public finance institutions commit to ending international public support for the unabated fossil fuel energy sector by the end of 2022. This follows recent announcements from China, Japan and South Korea to end overseas coal financing which now means all significant public international financing for coal power has effectively ended. • Developed nations have pledged new support to help developing countries make the transition to clean energy. Support for South Africa, the most carbon intensive electricity producer, is a noteworthy example (see more under Financing) • Collectively, this could shift an estimated $17.8 billion a year in public support out of fossil fuels and into the clean energy transition. Methane Pledge The US and the EU announced a global partnership to cut emissions of the greenhouse gas methane by 2030. The Global Methane Pledge aims to limit methane emissions by 30% compared with 2020 levels and has been signed by more than 100 countries. (source: www.BBC.com/news)