COP26: Glasgow By Srian Abeysuriya

Source:Brisbane 4EB Sri Lankan Newsletter – Dæhæna – December 2021

The world’s most important gathering to address the global crisis resulting from climate change – the UN’s 26th annual ‘Conference of the Parties’ (COP26) was held in Glasgow during early November, amidst a backdrop of heightened concern that the world was rapidly running out of time to take action to stop the worst effects of climate
change, and its impacts on humanity

The COP commenced with a meeting of 120 world leaders, with high expectations that there would be clear and strong commitments for positive action to achieve the goals of the 2015 Paris agreement – in particular to commit to deep cuts in greenhouse gas emissions to limit the increase in global temperature to 1.5 degrees centigrade (1.5°C) above pre-industrial levels, and to provide financial support to developing nations to adapt to the impacts of climate change. This meeting was followed by formal conference sessions to deliberate and reach agreement on actions to this end.

The results are mixed. There has been progress on reducing future emissions through commitments and non binding pledges. Over 140 countries – including Australia, pledged to reach net-zero emissions; there were strengthened 2030 commitments by many developed countries; more than 40 countries pledged to move away from coal; more
than 100 countries pledged to reduce global methane emissions by at least 30 percent from 2020 levels by 2030, and more than 100 countries pledged to end and reverse deforestation by 2030. However, the world is still far off from meeting the 1.5°C goal. Expert analysis (Climate Action Tracker) notes that ‘even with all new Glasgow pledges for 2030, we will emit roughly twice as much in 2030 as required for 1.5°C. Therefore, all governments need to reconsider their targets’. In this context, Australia’s unwillingness to commit to a more ambitious 2030 target has been particularly disappointing.

At the end of the conference, the 197 participating countries agreed to the ‘Glasgow Climate Pact’, which will see national plans to reduce emissions to ensure the 1.5°C target is revisited at COP27 in Egypt next year. It also includes the first ever reference to ‘phase down’ the use of coal, as well as increased financial help for developing countries. And most importantly, it is clear that the investment community is firmly on board with the imperative – to pressure corporations to lower emissions, to invest in projects that do so, and to move away from emission intensive investments – resulting in a transformation of the global economy that is now unstoppable.

However, failure to take stronger action by all countries – especially developed countries that have been responsible for the majority of emissions to date, will condemn our children, and grandchildren, to a future on what could well be an unliveable planet. 

Srian Abeysuriya
Srian Abeysuriya is Director of Sigma Utility Solutions, a Brisbane
based advisory firm working in the energy and carbon sector.