July 1, 2022

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The COP26 climate summit in Glasgow has gone into overtime

The COP26 climate summit in Glasgow has gone into overtime

The Climate Change Conference (COP26) based in Glasgow, UK, went into overtime today, after the regulatory period was exhausted without consensus on emissions reduction, financing and a fossil fuel ban.

Organized by the British government under the auspices of the United Nations, COP26 was supposed to end the day before, but due to the impossibility of reaching an agreement, the presidency decided to extend the talks for another day, hoping to avoid their failure.

As it turns out, the financial aid that rich countries have pledged since 2009 to help poor and vulnerable countries cope and mitigate the effects of climate change by contributing $100,000 annually remains one of the thorniest issues.

Related 👉 Climate finance is a controversial topic

Nor do the parties seem to agree on how to write the call to abandon the use of coal as an energy source and fossil-fuel subsidies.

The first draft published in midweek asked to speed up the removal of these polluting sources, but after complaints from major producers and exporters, the text was changed to clarify that it would only affect, in the case of coal, power plants that had not installed the technology required to capture and store emissions.

The new wording on oil and gas indicated that it referred to subsidies considered “ineffective”.

There is also no consensus among the parties on the deadlines for governments to submit their new targets for reducing greenhouse gas emissions, after proposing a final draft declaration to submit them until 2022, twice before the deadline.

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Related 👉 UN warns of insufficient commitments

Glasgow COP26 is seen as last chance The world must make serious commitments to help reduce global temperature to 1.5, reduce carbon emissions to zero by 2050, and raise money for poor and vulnerable countries to deal with and mitigate the effects of climate change.

So far, the most relevant announcements of the event were plans to halt deforestation by 2030, the same year the US and European Union announced they would cut methane emissions, and more than 40 countries said they would take steps to get behind. – Use of charcoal.

There were also promises from some governments and the private sector to increase their contributions to the Climate Fund and bilateral financial assistance to developing countries.