UK Prime Minister Boris Johnson welcomed the first ever COP World Leaders session on forests and land use stating that “we cannot deal with the devastating loss of habitats and species without tackling climate change, and we cannot deal with climate change without protecting our natural environment and respecting the rights of indigenous people who are its stewards.”
Ireland’s Taoiseach Micheál Martin told the COP26 climate conference that Ireland is “ready to play its part” and that "if we act decisively now, we will offer humanity the most valuable prize of all - a liveable planet".
Among the commitments and announcements today (2/11/21) were:
Deforestation commitments
114 leaders took a landmark step whereby they committed to halt and reverse forest loss and land degradation by 2030. The pledge is backed by $12bn in public and $7.2bn in private funding. The agreement greatly expands on a commitment made by 40 countries as part of the 2014 New York Declaration of Forests and promises more resources.
This was enhanced with a commitment by CEOs from more than 30 financial institutions with over $8.7 trillion of global assets – including Aviva, Schroders and Axa – committing to eliminate investment in activities linked to deforestation.
Methane emissions
More than 80 countries have signed up to a US and EU pledge to cut methane emissions by 30 percent by 2030. It’s estimated that 30% of global warming since the Industrial Revolution is due to methane. Brazil – one of the five biggest emitters of methane, which is generated in cows' digestive systems, in landfill waste and in oil and gas production signed up to the pledge. Three others – China, Russia, and India – have not signed up, while Australia has said it will not back the pledge.
Clean technologies
More than 35 world leaders have signed up to the new Glasgow Breakthrough Agenda that will see countries and businesses work together to dramatically scale and speed up the development and deployment of clean technologies. The aim is to make clean technologies the most affordable, accessible, and attractive choice in the most polluting sectors by 2030,
Signatories include the US, India, EU, developing economies and some of those most vulnerable to climate change – collectively representing more than 50% of the world’s economy and every region.
EU to press ahead with Carbon Border Tax
European Commission President Ursula von der Leyen said that the EU supports international carbon pricing efforts, but that it will press ahead with its own initiative to tax emissions in EU imports.
“If we would live in a perfect world, I would love to have a global price,” she said, but unfortunately that’s not yet the case.
The tax is currently being negotiated in the European Parliament and by EU countries, and it will only be applied from 2023, with a two-year trial run.
US re-joins effort pushing for higher climate targets
The US. has re-joined a group of countries seeking higher climate targets to align with the goal of limiting warming to 1.5 degrees Celsius.
The High Ambition Coalition is an informal alliance of small vulnerable countries and big Western states including the EU was formed in advance of the 2015 Paris Agreement.
Supporting South Africa’s energy transition
Leaders from South Africa, the UK, the United States, France, Germany, and the European Union have announced a partnership to support South Africa with an Accelerated Just Energy Transition.
$8.5billion can be made available over the next 3-5 years to support South Africa – the world’s most carbon-intensive electricity producer – to achieve the most ambitious target within South Africa’s upgraded and ambitious Nationally Determined Contribution.
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