The COP26 climate summit, held in the Scottish city of Glasgow last year, caused a stir around the world.
After days of intense and sometimes intense negotiations, the countries have agreed to a deal that builds on the 2015 Paris Agreement and limits the worst effects of climate change.
However, things did not go smoothly. As is known, the Glasgow Climate Compact has faced obstacles related to the phasing out of coal, fossil fuel subsidies and financial support to low-income countries.
India and China, both among the world’s biggest coal-burners, insisted on a last-minute change in the fossil fuel language in the agreement – from “eliminating” coal to “stepping down”. . After initial protests, the opposing countries finally gave in.
In a recent panel discussion hosted by CNBC’s Steve Sedgwick, industry figures with experience in both policy and the corporate world reflected on the summit’s outcome and how things could go. develop in the future.
Jos Delbeke, former director general for climate action at the European Commission, said: “More people were expected, but what was delivered was truly spectacular.
Delbeke, who also holds the position of climate chair for the European Investment Bank at the European University Institute, went on to say that the major oil and gas producers are now “on board” with the corporations. , city and regional government.
“We’ve seen a lot of engagement, so that’s basically good news,” he said.
“It’s still not a degree and a half Celsius, as scientists are telling us we should be… but it’s a big change,” he said.
The 1.5 degrees Delbeke refers to is related to the Paris Agreement’s aim to limit global warming “to below 2, preferably 1.5 degrees Celsius, above pre-industrial levels.”
Hitting that target wouldn’t mean a feat. On Monday, the United Nations secretary general took a serious tone during a speech to the World Economic Forum. “Emissions must decrease, but they continue to increase,” says António Guterres. “Coal-fired power generation is hitting a new all-time record.”
“And even if all the developed countries keep their promises, the very important promise, to drastically reduce emissions by 2030,” the point is that for all developing countries to achieve the Nationally determined contributions, especially in emerging economies, global emissions are still too high to hold. [the] 1.5 degree target within reach. “
In a word, NDC refers to each country’s emissions reduction and adaptation to climate change impacts. According to the United Nations, the Glasgow Climate Compact “calls on all nations to put forward stronger national action plans over the coming year.” [2022], instead of 2025, which is the original timeline. “
While the outcome of the negotiations at COP26 disappointed many, a number of high-level commitments and announcements were made during the summit.
For example, a joint statement between the United States and China in which the two superpowers say they will Let’s take some climate action together, which surprised many people.
In a separate development, the signatories of another statement at the conference said they would “work towards all sales of new zero-emissions cars and trucks globally by 2040 and not later.” over 2035 in leading markets.”
And on November 3, the Glasgow Financial Alliance for Net Zero said more than $130 trillion in private capital had been “committed to transforming the economy for Net Zero.”
Also speaking on CNBC’s panel last week was Judy Kuszewski, chief executive officer of Sancroft International, a sustainability consulting firm.
“We very rarely ask the business community or individual businesses to make promises towards a goal where the path to achieving that may not be entirely clear,” she said.
“This is actually a very rare exception and the fact that quite a few people have adopted zero commits early on and aim towards meeting zero commits – they have been particularly audacious in doing so. that kind of small leap into the unknown.”
Over the past few years, a series of well-known businesses – including major oil and gas companies – made zero commits.
Initiatives such as Amazon’s The Climate Pledge also exists. Signatories – including Microsoft, Uber and Unilever – has committed to what Pledge calls “net zero carbon” by 2040.
According to the Climate Pledge website, companies that have contracted with it have agreed to, among other things, regular reporting on greenhouse gas emissions, carbon removals and “reliable offsets.”
There is no simple solution
While zero commitments attract attention, actually achieving them is an enormous task with significant financial and logistical hurdles. The devil is detailed and ambitions and goals can often be unraveled later.
Referencing the climate summit in Glasgow, Kuszewski of Sancroft International said it was clear that the business community had “been able to see and operate in a way that was not possible before in previous COPs.”
“We’ve seen a lot of action from business in calling for a level playing field, for bold commitments and for a framework they know they can operate within.”
“So I think it’s a mixed bag, but there’s a lot of reason to be hopeful about progress,” she said.
For his part, Daniel Schmid, Sustainability Manager at German software company SAP, emphasizes the importance of companies having what he calls “maturity in attitudes and understanding of the global perspective.” aspects of sustainability … with environmental, economic and social aspects and how they are linked.”
He argued on sustainability and commerce in the same panel. “No business, or sustainable business: That’s my true belief for the future to come.”
— CNBC’s Matt Clinch contributed to this report
