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Prime ministers

COP26 Climate Summit: World Leaders Struggle to Reach a Deal

Strategic Insights

— 2 min read

British Prime Minister Boris Johnson acknowledged on Wednesday in Glasgow that the COP26 climate summit may not result in an agreement that will limit global warming to 1.5 C above preindustrial levels, a target scientists have said is crucial to avoiding the devastating effect of climate change. Despite an initial surge of momentum in the talks, Johnson expressed concerns that negotiations could be tough, but not impossible. He called on world leaders "not to sit on your hands" and to make a commitment to address the climate crisis.

Key Takeaways:

  • The COP26 summit has hit a roadblock, with world leaders struggling to reach an agreement on limiting global warming to 1.5 C above preindustrial levels.
  • The UK proposed a draft deal that commits countries to "pursuing efforts to limit the temperature increase to 1.5 C above preindustrial levels" and strengthens long-term climate action plans by next year.
  • The proposed deal also calls on wealthy nations to at least double their financial support to help developing countries adapt to climate change and pledges countries to phase out coal and subsidies for fossil fuels.
  • Several countries, including Saudi Arabia, have opposed much of the contents of the draft, including references to fossil fuel.
  • Environment groups have criticized the draft, calling it far too vague and timid.
  • The Climate Action Tracker analysis presented at the summit on Tuesday warned that temperature rises will reach 2.4 C by the end of this century based on short-term plans countries have already set out.
  • The report also warned that even in the best-case scenario, the Earth will still warm by 1.8 C.
  • The proposed text was criticized by Greenpeace International executive director Jennifer Morgan, who said it was little more than "an agreement that we'll all cross our fingers and hope for the best."
  • Wealthy nations agreed in 2009 to mobilize US$100-billion annually in climate finance by 2020, but the deadline has been missed and it's now not expected to be met until 2023.

Statistics:

  • Global warming target: 1.5 C above preindustrial levels.
  • Temperature rises by the end of the century: 2.4 C based on short-term plans countries have already set out, 1.8 C even in the best-case scenario.
  • Climate finance commitment: US$100 billion annually by 2020, now not expected to be met until 2023.
  • Methane emissions reduction target: 30 per cent by 2030.

Sources:

  • "UK climate summit day six: An agreement is within our grasp, says Boris Johnson." by Paul Waldie, The Globe and Mail.
  • "COP26: World leaders struggle to reach a deal on climate change." by Paul Waldie, The Globe and Mail.
  • "Climate Action Tracker analysis presented at the summit on Tuesday."
  • "Greenpeace International." by Jennifer Morgan.
  • "The Climate Finance Commitment."

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