COP26 Deal Falls Short of Climate Goals, Angering Activists and Business Leaders

Business and climate groups expressed disappointment and frustration that nearly 200 countries at the COP26 summit in Glasgow failed to reach a more ambitious deal to tackle climate change. The agreement, reached in the final minutes, watered down a commitment to end coal use and fossil fuel subsidies due to objections from India and China. While the deal is seen as a step forward, many believe it does not go far enough, and some criticized governments for lagging behind companies on climate action.

Key Takeaways:

• The COP26 agreement reached by nearly 200 countries fell short of climate goals, with India and China blocking a commitment to end coal use and fossil fuel subsidies.
• Global executives welcomed the deal but expressed frustration at the lack of ambition, with some companies showing greater urgency on climate action than governments.
• John Denton, secretary-general of the International Chamber of Commerce, called for a concerted effort to keep alive the target of limiting global warming to 1.5C since pre-industrial times.
• Mindy Lubber, CEO of Ceres, a US non-profit group, emphasized that private sector action alone is not enough to achieve the Paris Agreement goals.
• The COP26 deal drew sharp criticism from those seeking a promise to end coal power altogether, with some countries accepting the change in language on coal with reluctance.
• Boris Johnson, UK prime minister, admitted his "delight" at reaching a deal was "tinged with disappointment" after the language on coal was altered late on.
• The agreement was defended by John Kerry, US climate envoy, who argued that phasing down coal is a necessary step before ending coal use.

Statistics:

• The COP26 agreement was reached by nearly 200 countries.
• Temperatures have risen 1.1C already over the period since pre-industrial times.
• The Paris Agreement set a global target to limit warming to 1.5C since pre-industrial times.
• The International Chamber of Commerce represents over 45 million companies globally.
• Ceres has an investor network representing $47tn in assets under management.

Sources:

• "Relief and frustration page 2" by Philip Georgiadis, Leslie Hook, and Jim Pickard (Financial Times, November 2021).
• "Big Read page 19" by Philip Georgiadis, Leslie Hook, and Jim Pickard (Financial Times, November 2021).
• "FT View page 20" by Philip Georgiadis, Leslie Hook, and Jim Pickard (Financial Times, November 2021).