COP26 latest: Johnson’s extra £1bn climate finance pledge comes with a catch
The G20 leaders pledged to quit financing coal energy vegetation overseas forward of the shift of the worldwide agenda to Glasgow — and in addition highlighted the divisions that might be on show within the subsequent two weeks.
Was the G20 summit final result a win for the local weather? It relies upon who’s requested. Late on Sunday, leaders have been busy spinning their very own interpretations of the communique (which you’ll learn here).
Many praised the end result, together with, most predictably, Italian prime minister Mario Draghi, US president Joe Biden, and the UK’s COP26 President Alok Sharma. However different stated it didn’t do sufficient, together with Canada’s Justin Trudeau and the UN Secretary Basic, António Guterres, who stated his hopes for the G20 have been left “unfulfilled”.
The important thing local weather takeaways:
Local weather finance The UK and Italy every boosted their pledges to finance the shift to inexperienced vitality for growing international locations which haven’t benefited from the fossil gasoline growth. Italian Prime Minister Mario Draghi stated he would triple Italy’s contribution, to $1.4bn a yr. And Prime Minister Boris Johnson stated he would increase the UK’s contribution from £11.6bn to £12.6bn. That takes the overall nearer to the $100bn annual goal set down in Copenhagen greater than a decade in the past.
Coal Discussions over coal went all the way down to the wire in Rome. The Italian presidency succeeded in getting an settlement to finish worldwide financing for unabated coal energy vegetation. However nothing was agreed on home coal phaseout regardless of lengthy tortured negotiations on the difficulty, nor on setting a date for phasing out “inefficient fossil gasoline subsidies”.
Carbon pricing was talked about within the last communique textual content, for the very first time. Whereas Draghi stated it was a breakthrough, the time period is just talked about as one set of instruments:
“Such coverage combine ought to embrace . . . a variety of fiscal, market and regulatory mechanisms to help clear vitality transitions, together with, if applicable, using carbon pricing mechanisms and incentives”
Methane The potent warming gasoline additionally merited talked about for the primary time, albeit in passing. A minimize in methane emissions, each from pure gasoline leaks and agricultural sources, may have the most important brief time period influence in limiting international warming.
1.5C: The ultimate communique refers back to the Paris preferrred goal of 1.5C in warming since pre-industrial occasions, noting that the results of local weather changer are much less at 1.5C than at 2C. (The world has already warmed by an estimated 1.1C.)
“Preserving 1.5°C inside attain would require significant and efficient actions and dedication by all international locations, considering completely different approaches.”
That phrase is hailed as a victory by some, but in addition leaves a variety of room for interpretation.