The start of the 26th session of the United Nations Climate Change Conference (COP26), which was attended by many of the world’s heads of state and government on Monday 1 and Tuesday 2 November, saw a number of announcements aimed at strengthening the global fight against climate change and aid to the countries and geographical areas most affected by this phenomenon, mainly as a result of the activities of the most developed countries.
Methane. More than 100 countries, representing 70% of the world’s economy, have officially launched the Global Methane Commitment, an initiative to reduce global methane emissions in order to keep the goal of limiting warming to 1.5 degrees Celsius within reach.
These countries have committed to reducing their methane emissions by 2030 by 30% compared to 2020 and to using the best available inventory methods to quantify methane emissions, with a focus on high-emission sources.
Of the 103 countries, some 30 had already announced their willingness to join this initiative promoted by the European Union and the United States (see EUROPE 12809/8).
The latter have announced additional financial and technical support to help implement the commitment. Global philanthropic organisations have pledged $328 million to support the development of these types of methane reduction strategies worldwide. The EBRD, the EIB, and the Green Climate Fund will provide technical assistance and project financing, while the International Energy Agency will act as implementing partner.
See the list of participating countries: https://bit.ly/3BEWPUn
Fight against deforestation. More than 100 world leaders have pledged to take stronger action against deforestation and land degradation. Countries such as Brazil, Canada, Colombia, Indonesia, the Republic of Congo, and Russia, representing 85% of the world’s woodland, are participating in the initiative, according to a UK government statement.
Measures under this initiative, such as soil restoration, fighting forest fires, and supporting indigenous peoples, will be supported by almost $20 billion, including $12 billion in public funds.
The European Commission has indicated that the EU will contribute €1 billion over the next 5 years, including €250 million for the eight Congo Basin countries, through the NDICI financial instrument.
Carbon. Meanwhile, at a high-level event on carbon pricing, European Commission President Ursula von der Leyen called on the international community to follow the example of the EU, which has had a carbon market in place since 2005 and is working on a Carbon Border Adjustment Mechanism (CBAM) to prevent competing imports of products that do not meet the same environmental standards.
“The best mechanism would be the one that is not applied, because all our trading partners would also set the price of carbon”, she explained. She also stated that “the EU (was) more than ready to engage with all international partners and institutions to achieve a global carbon pricing framework”. In particular, the European Commission President said that the OECD’s initiative on a carbon equivalent price was worth discussing, and she supported the IMF’s proposal for a global carbon price floor, “provided that this does not prevent the leading countries from acting more quickly”.
Clean technologies. On Tuesday, many countries also announced their participation in an initiative to develop and make clean technologies in polluting sectors more accessible by 2030.
This initiative is based on four breakthrough goals: clean and reliable energy production at an affordable cost, widespread use of electric vehicles, and a focus on steel and hydrogen production with almost no carbon emissions.
Glasgow Breakthroughs will drive the process of making clean technology the most affordable and accessible choice, so that by 2030 clean technology can be used everywhere, UK Prime Minister Boris Johnson said, believing that this process will reduce emissions and create jobs.
More information on this global initiative: https://bit.ly/3k1dETw
The G20’s baby steps. Meeting in Rome at the end of October, the world’s 20 largest economies renewed the commitment made in 2015 in Paris at COP21 to keep the average temperature increase well below 2 degrees and to continue efforts to limit it to 1.5 degrees above pre-industrial levels. To this end, they agreed to accelerate efforts to achieve climate neutrality “by or around 2050”.
“We are committed to keeping the 1.5 degree target within reach”, noted Italian Prime Minister Mario Draghi after the G20 summit.
No major economy announced stronger commitments to limit greenhouse gas emissions in Rome. Absent from Rome, the Chinese and Russian leaders stuck to the 2060 horizon for achieving climate neutrality.
Nevertheless, the world’s 20 largest economies have adopted the commitment of the G7 countries to stop subsidising new coal-fired power plant projects abroad from the end of 2021.
Finally, the G20 reaffirmed the Agreement’s commitment to increase climate finance to $100 billion per year by 2020 and through 2025. The $100 billion threshold will not be reached before 2023 (see EUROPE 12822/9).
According to an amendment adopted on Friday 29 October amending the EU Council conclusions on climate finance (see EUROPE 12805/10), the European Union and its Member States have supported the most vulnerable countries with €23.39 billion in 2020, including €2.5 billion from the EU budget and €2.7 billion from the European Development Fund.
See the amendment to the EU Council conclusions: https://bit.ly/3mCwimn
See the G20 summit declaration: https://bit.ly/2Y7D9uu (Original version in French by Mathieu Bion and Camille-Cerise Gessant)