A session in progress at CoP26 on November 3, 2021. Photo: @COP26
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The 26th Conference of Parties (CoP26) to the United Nations Framework Convention on Climate Change in Glasgow has picked up with each passing day. Here’s a snapshot of what went on at the event November 3, 2021.
- November 3 was CoP26 Finance Day — where financial firms with assets together worth over $130 trillion sought to align global assets with the Paris Agreement. But the announcements by private finance firms were criticised on the grounds of failing to stop investments in fossil fuels.
- The pledges were made through the Glasgow Financial Alliance for Net Zero, or GFANZ, chaired by former Bank of England Governor Mark Carney.
- The United States and United Arab Emirates announced the Agriculture Innovation Mission for Climate (AIM4C) initiative to invest in “climate smart agriculture” through an investment of $4 billion. It welcomes tech giants to get involved in agriculture tech and agribusiness and critics have raised the alarm that it will exclude farmers.
- France and Poland pushed for the inclusion of fossil gas and nuclear in “sustainable energy” in the EU taxonomy [classification] on sustainable finance. The taxonomy will determine how at least €1 trillion ($1.1 trillion) of investment will be spent, to help reduce EU carbon emissions by 55 per cent by 2030.
- The International Emissions Trading Association (IETA) had representatives of Chevron, Shell and BP in their delegation despite earlier news that fossil fuel companies would not have representation at CoP26.
- In discussions on finance, developing countries underscored the importance of the predictability of finance, consideration of developing countries’ needs and priorities and and a multilaterally agreed definition of climate finance. The new collective finance goal was also discussed.
- On Article 6.2, discussions continued on issues such as corresponding adjustments and whether there should be requirements for participation and reporting that an ITMO contributes to the delivery of the Paris Agreement’s long-term goals. On Article 6.4, additionality and baselines were discussed, among other items (ENB).
- Discussions also continued on National Adaptation Plans and the Adaptation Fund. Developed countries suggested that the review assess the Adaptation Fund Board’s governance and the Fund’s effectiveness in serving the Paris Agreement (ENB).
- Activists continue to express outrage at being unable to access CoP, despite promises that this would be “the most inclusive CoP ever”.
- CSO Equity Review report to launch on November 4 — calls for equitable global phaseout of fossil fuels.
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