The UK Prime Minister said the anger and impatience of the world will be uncontainable “unless we make this COP26 in Glasgow the moment when we get real about climate change”, reports Asian Lite News
“If we don’t get serious about climate change today, it will be too late for our children to do so tomorrow,” UK Prime Minister Boris Johnson told leaders at the start of the COP26 World Leaders Summit in Glasgow.
“Humanity has long since run down the clock on climate change. It’s one minute to midnight on that doomsday clock and we need to act now,” Johnson said.
He said the anger and impatience of the world will be uncontainable “unless we make this COP26 in Glasgow the moment when we get real about climate change”
Picture by Simon Dawson/No 10 Downing Street
He said “we can get real on coal, cars, cash and trees.”
“We have the technology to deactivate that ticking doomsday device not all at once. I am afraid it is too late for that. But one by one and with ever greater speed and efficiency we can begin to close down those billions of hydrocarbon combustion chambers that you find currently in every corner of the planet,” he added.
Johnson has said that the developed world must recognise the special responsibility they have to help everybody for the green industrial revolution.
“As we look at the green industrial revolution, it is now needed around the world. We in the developed world must recognise the special responsibility we have, to help everybody else to do it,” Johnson said while addressing the COP-26 World Leaders Summit here.
Picture by Simon Dawson/No 10 Downing Street
Underlining that for 200 years, the industrialised countries were in complete ignorance of the problems that they were creating, Johnson said: “We now have a duty to find those funds – 100 billion dollars a year that was promised in Paris by 2020 but which we would not deliver until 2023.”
The UK prime minister also spoke about James Watt. He said that it was here in Glasgow 250 years ago, that Watt came up with a machine that was powered by steam that was produced by burning coal.
“We brought you to the very place where the doomsday machine began,” Johnson said.
The COP26 to the United Nations Framework Convention on Climate Change (UNFCCC) kicked off here on Sunday under the Presidency of the UK partnering with Italy.
It brings all parties together to accelerate action towards the goals of the Paris Agreement and the UN Framework Convention on Climate Change. Prime Minister Narendra Modi is also participating in the event. (ANI)
PM Modi met members of the Indian community in Glasgow on Monday to strengthen people-to-people bonds between the two countries ahead of the climate summit, reports Asian Lite News
Prime Minister Narendra Modi on Monday met his British counterpart Boris Johnson on the sidelines of the 26th session of the Conference of Parties (COP-26).
PM Modi reached Glasgow on Sunday to participate in the COP26 meeting.
He met members of the Indian community in Glasgow on Monday to strengthen people-to-people bonds between the two countries ahead of his participation in the 26th session of the Conference of Parties (COP26).
UK Prime Minister Boris Johnson, Indian Prime Minister Narendra Modi and UN Secretary-General Antonio Guterres at the COP26 Summit. Picture by Simon Dawson/No 10 Downing Street
At COP26, the world leaders are expected to work to achieve the completion of Paris Agreement implementation guidelines, mobilisation of climate finance, actions to strengthen climate adaptation, technology development and transfer and keeping in reach the goals of limiting the rise in global temperatures.
The high-level segment of COP-26 is titled the World Leaders’ Summit (WLS) and the Summit is attended by heads of state/government of more than 120 countries.
Indian diaspora hails Modi’s outreach
Members of the Indian community on Monday appreciated Prime Minister Narendra Modi’s outreach to the diaspora in Glasgow during the 26th session of the Conference of Parties (COP-26).
PM Modi today met several Indian community leaders and Indologists in Glasgow to strengthen people-to-people ties.
Picture by Simon Dawson/No 10 Downing Street
“Strengthening our people-to-people bonds. Indian community members and Indologists gather in Glasgow to meet Prime Minister Narendra Modi,” External Affairs Ministry Spokesperson Arindam Bagchi said in a tweet.
Dr Vipin, who met Prime Minister Modi, said that even though they don’t live in India, the Indian diaspora have aspirations for India.
“I am not only speaking on behalf of the Indian Diaspora of Scotland and Indian diaspora all over. We love Modi ji. Even though we don’t live in India, we have hopes and aspirations and dreams for the country. In Modi, we see a leader, who will take us there,” he said.
Another member of the diaspora thanked Modi for popularising Yoga all over the world. “Because of him, more and more people have started doing Yoga. It has been recognised all over the world which is wonderful. He is an amazing Indian leader and he has really really put India on top of the list,” said Manjulika.
Pam Ghosal, the first Indian woman elected in Scotland, said that it’s fantastic to see Prime Minister Modi is here in Glasglow at COP 26 amongst all the world leaders.
“It’s very important that we all come together and make sure there is some kind of resolution to take this world forward much more environmentally. …all leaders are coming together to keep that one commitment together,” Ghosal said.
“I think we need to make sure that we have only one world we have here, one earth. We have to make sure that we all have a responsibility to play a part here including the India Prime Minister coming here in Glasglow,” she added. (with inputs from ANI)
Modi will participate in the COP26 opening ceremony at 12 noon and before the high-level event, he will squeeze in a bilateral meeting with his UK counterpart Boris Johnson
Prime Minister Narendra Modi will address the high-level ‘Action and Solidarity: The Critical Decade’ segment at the UN Conference of Parties on Climate Change or COP26 on Monday evening.
The COP26 started on Sunday and will conclude on November 12.
“Prime Minister Modi’s intervention on the first day of the two-day High-Level segment is expected at around 3 p.m. (about 8.30 p.m. IST),” said an official in New Delhi.
Modi will participate in the COP26 opening ceremony at 12 noon and before the high-level event, he will squeeze in a bilateral meeting with his UK counterpart Boris Johnson.
Prior to that, his engagements for the day would begin with meeting community representatives, the Indian diaspora and Indologists at 10 a.m..
After participating at the G20 Summit and several bilateral meetings, including a one-on-one meeting with Pope Francis at the Vatican, Modi flew from Rome to the UK late Sunday evening.
In recent years, Indian government has promoted electric vehicles and aimed for establishing infrastructure for gradually switching from dependence on fossil fuels…writes Divyanshu Jindal
As world leaders gear up for highlighting their national policies, achievements, and aspirations towards mitigating climate change issues at the UN Climate Change Conference (or COP-26) happening in Glasgow, the geopolitical focus has shifted towards leadership credentials through the lens of energy policies and ambitions.
Indian delegation for the conference, as well as the G-20 summit which will precede the climate conference, will be headed by Indian Prime Minister Narendra Modi. In the run up to the events, PM Modi has highlighted India’s success in being among the top countries in the world in terms of installing renewable energy and has emphasised on India’s continued commitment towards mitigating the greenhouse gas emissions (GHGs).
In recent years, Indian government has promoted electric vehicles and aimed for establishing infrastructure for gradually switching from dependence on fossil fuels. Indian government also recently launched the National Hydrogen Mission which aims at making India a frontrunner for assimilating cleaner fuel technologies in coming decades. India has worked towards increasing penetration of energy-efficient lighting systems, creating LNG filling stations, and solar capacity in the recent years.
India Foreign Secretary, Harshvardhan Shringla, also recently highlighted that India increased its renewable energy capacity by 250 percent in the last six-seven years and is on course to achieve the target of 450 Gigawatt of renewable energy by 2030.
While it is not to say that India has succeeded perfectly in all desired goals, India has attracted undue criticisms from several critics. More often than not, these criticisms have failed to consider the wider realm of geopolitics which hugely affects the national policies being considered and adopted.
The Coal Factor and the Net-Zero Target
Coal stands as the most emission producing fossil fuel among others like oil and gas. Several nations have been phasing out coal usage in the recent years and several others have adopted policies to phase out coal from their portfolio of energy generation in the coming years. COP-26 aims at securing agreements from nations to end coal power by 2030 for developed nations and by 2040 for developing nations, and an agreement for non-commissioning of any new coal-based power plants from now on. However, for many, it’s not as simple as switching to other alternatives as investment and infrastructural changes required to switch over can take decades in emerging economies like India. Increasing electricity accessibility in remote regions as well as ensuring uninterrupted power supply in most regions is a work in progress, depending heavily on thermal power plants.
Going into the COP-26, many nations have already announced their targets for achieving carbon neutrality or ‘net zero’ emissions, which means that the amount of greenhouse gases emitted is same as the amount of gas removed from the atmosphere by any means like carbon capture, separation, or absorption. The world’s top energy body, International Energy Agency (IEA), has said that all new oil-and-gas projects (and more importantly coal) need to be immediately halted if the world wants to achieve net zero emissions by 2050, which is the deadline that COP-26 aims for through securing an agreement among nations.
While Australia has pledged to achieve the net-zero target by 2050, others like China and more recently Saudi Arabia have announced their target as 2060. Russia aims at achieving net zero emissions by 2060, and the US’ Biden administration too is looking towards coming up with a similar policy to achieve this target mid-century.
However, announcing net-zero emission deadline does not amount to much in absence of clear-cut policies which will be applied in surety. This stance has been emphasised by India’s Minister for Environment, Forest, and Climate Change as well. As the national governments around the world will be keen to focus on the 2030 targets in short term, coming up with concrete policies and steps to achieve the net zero target by mid-century is a complexity that most leaders and governments would happily want to leave for their successors in office.
For countries like Australia, Saudi Arabia and Russia, the net-zero target does not take in account the emissions by exports. Being world’s top energy exporters (Australia- coal, Saudi Arabia- oil and Russia- gas), their targets will have to take different routes than others like India which stands as world’s leading energy importer. The duality is visible in Saudi Arabia’s plan to increase Aramco oil production from 12 million barrels per day to 13 million barrels per day by 2027. This will help Saudi Arabia to infuse funds into transition to renewable sources from oil exports. This possibility does not exist for nations like India.
Currently, India’s energy sector is predominantly dependent on coal. India depends more than 54 percent on coal-based power plants for its total power generation. This alone results in 75 percent of India’s green-house gas emissions. Reducing coal-dependence is touted as India’s ticket to achieve climate change mitigation goals. But setting a target like Australia and Saudi Arabia, who do not account for emissions export in their targets, will put undue pressure on India to announce a date which can be much later than 2060, thus making India look like an outlier. On the other hand, an overambitious target like 2050 can also raise more questions and scepticisms.
Invariably, India needs coal for its development in coming years. However, unlike Australia whose economy majorly depends on coal for both internal usage and exports, Indian credentials in establishing renewable capacity has been commendable. In an unpredictable world, setting a target date decades ahead in future will amount to nothing if the realities of the present would not be taken in serious consideration. The recent COVID-19 pandemic has shown how any disturbances to global economic landscape can lead to a forced roll back of decades of achievements in cooperation, in a matter of weeks. Any such disturbances in the near future are bound to affect the climate change mitigation targets as well when impetus on economic recovery can lead to environmental concerns taking a back seat.
The Technical Factor
With exponential improvements in technology with each passing year, the options for deploying renewable and alternative sources of energy as well as for carbon sequestering are expanding. With decreasing cost of electricity storage due to technical improvements, preserving energy generated from renewable sources like solar and wind power can become more affordable. A similar phenomenon has been witnessed in realm of solar energy where the price per unit has substantially decreased in the last few years. For developing nations like India, deploying renewable infrastructure at an early stage also means deploying costlier options. In this scenario, a few years can make a large difference in terms of switching from conventional sources of energy. While it can be argued that not everything should be seen in terms of finances, it is a bitter reality that promises made by the developed nations to fund the clean energy transitions in the developing world have not seen fruition in any sense in the last few years. The developing nations further got a taste of ‘Trumpism’ where the world’s leading nation withdrew from the Paris Agreement and looked towards adopting isolationist policies to pump its own economy while engulfing in a trade war with another leading emitter-China. This is just one example which highlights how national interests can cloud global needs at times of distress.
Conclusion
India stands among the world’s leading economies today. However, unlike many other leading economies which have entrenched themselves firmly in infrastructural aspects, committing to a deadline is much more complex for India. India’s report to UN highlights that even after 1990, when the nation entered a period of rapid economic growth, India’s contribution to global cumulative emissions was only 4.9 percent, while it is home to 17.8 percent of the global population. In 2015, India voluntarily enhanced its ambition to reduce the emission intensity of its Gross Domestic Product by 33-35 percent (having declared in 2010 to reduce it by 20-25 percent by 2020 from 2005 levels). India has successfully achieved the target it had set for 2020. With India partnering actively with other nations like France (for International Solar Alliance) and venturing into hydrogen technology, India’s credentials are stronger than most. Instead of setting dates, India has signalled that actions should be more important than mere promises.
Starting Sunday, India and other world nations come together at Glasgow to deliberate on mechanisms to contain emissions to restrict global temperature rise…reports Asian Lite News
A day ahead of the annual climate summit at Glasgow in the United Kingdom, Oxfam India has called upon the government of India to tackle the twin challenges of climate and growing inequality together at the COP26 summit.
“A failure to confront extreme carbon inequality at this historic juncture will only mean enabling prevalent injustices that will be catastrophic for India,” Oxfam India said in a statement.
Oxfam International’s 2020 briefing ‘Confronting Carbon Inequality’ had shown that over the past 20 to 30 years, our limited global carbon budget was squandered in the service of increasing the consumption of the already affluent, rather than lifting people out of poverty. The richest 1 per cent (around 75 million people) were responsible for twice the cumulative emissions of the poorest 50 per cent (3.1 billion people). The two groups that suffer this injustice worst are those least responsible for the climate crisis — poorer and marginalised people and our future generations.
COP 26 (Picture by Number 10/ Twitter)
Starting Sunday, India and other world nations come together at Glasgow to deliberate on mechanisms to contain emissions to restrict global temperature rise to 1.5 degrees compared to pre-industrial era.
“Climate change is happening now. It is already causing extreme weather that is pushing millions of people deeper into hunger and poverty, even though they did the least to cause this crisis. India must demand that developed countries provide more for climate finance to adapt to the impacts of climate change and compensate for loss and damage and enable a just transition,” said CEO of Oxfam India, Amitabh Behar.
Stating that “we are dangerously close to missing the 1.5 degrees Celsius goal of the Paris Agreement,” Behar said, “The Government of India must demand that developed countries bring down their per capita material and carbon footprint to global average by 2030.”
Demanding that there is also a need to prepare and plan for a ‘Just Transition’ to ensure that the millions of unorganised workers and local communities dependent on the current economy do not suffer due to the eventual and much needed closing of mines and power plants, Project Officer, Access to Energy at Oxfam India, Sandip Chowdhury said, “It is important to ensure social justice is done in this shift towards a renewable future crucial for a climate resilient society.”
The Prime Minister emphasised the importance of all countries stepping up their ambition on climate change at COP26 and taking concrete action to cut emissions and expedite the transition to renewable energy, including phasing out coal, reports Asan Lite News
Prime Minister Boris Johnson on Friday morning spoke to China’s President Xi Jinping in an extensive conversation.
They discussed a range of issues, including action to address the climate crisis ahead of COP26, global trade and economic cooperation, and security and human rights, the Downing Street said.
Prime Minister Boris Johnson outside the front of No10 Downing Street with the National Grid COP26 installation ahead of the start of COP26 in Glasgow. Picture by Andrew Parsons No 10 Downing Street
Saying he had pressed President Xi, about his country’s use of coal during the phone call, he likened the situation to a football match in which humanity is “5-1 down at half-time”, the Guardian reported.
The Prime Minister acknowledged China’s new Nationally Determined Contribution and welcomed their work on the COP15 Biodiversity Summit, noting how critical protecting nature is to our overall climate objectives.
He emphasised the importance of all countries stepping up their ambition on climate change at COP26 and taking concrete action to cut emissions and expedite the transition to renewable energy, including phasing out coal.
Coal power plant. (Credit Pixabay.com)
They also discussed wider international security issues, including the situation in Afghanistan. The leaders recognised that there were areas of disagreement and difficulty in the bilateral relationship. The Prime Minister raised the United Kingdom’s concerns about the erosion of democracy in Hong Kong and human rights in Xinjiang.
At the same time, they agreed to cooperate on areas of shared interest, such as developing clean and green technology and supporting the sustainable recovery of the global economy.
Boris Johnson. Picture by Andrew Parsons No 10 Downing Street
With the climate change conference due to start on Sunday, the UK Prime Minister Boris Johnson issued his plea while saying “too many countries are still doing too little”, reports Asian Lite News
UK Prime Minister Boris Johnson has warned the world leaders that United Nations Climate Change Conference – COP26 – must “mark the beginning of the end of climate change” amid last-minute talks that could help determine the future of the planet.
With the climate change conference due to start in just hours, the UK Prime Minister issued his plea while saying “too many countries are still doing too little”, the Guardian reported.
Johnson flown out to Rome on Friday for the Group of 20 (G20) countries summit hosted by Italy, with the hope of building momentum behind climate summit in Glasgow.
Speaking en route to Italy to meet other prime ministers and presidents from the G20 group of industrialised nations, Johnson said that without action the modern world could suffer the same fate as the Roman empire and go into dramatic decline, the Guardian reported.
Prime Minister Boris Johnson accompanied by his wife Carrie arrive in Italy ahead of the G20. Picture by Andrew Parsons No 10 Downing Street
“Humanity, civilisation, society, can go backwards as well as forwards, and when things start to go wrong they can go wrong at extraordinary speed,” he said.
“You saw that with the decline and fall of the Roman empire, and I’m afraid to say that it’s true today that unless we get this right in tackling climate change, we could see our civilisation, our world also go backwards.”
Earlier, UK Ambassador to the United Nations Barbara Woodward said on Thursday that she felt optimistic about the possible outcomes of the 2021 UN Climate Change Conference (COP26), organized by her country in Glasgow, Scotland, as the international community still has a chance to reach the goal of keeping global warming below 1.5 degrees Celsius.
“I’m hopeful and optimistic as we go into Glasgow,” Woodward said in a press briefing. “We have 140 leaders coming to Glasgow in person… And we do have an opportunity to keep 1.5 alive in Glasgow.”
UK’s UN Ambassador Barbara Woodward (Video grab)
Woodward said the upcoming G20 summit in Italy this weekend provides another reason to be optimistic about the results of the climate conference. According to the diplomat, the gathering in Rome gives an opportunity to push G20 leaders – the world’s largest greenhouse gas emitters – to get more commitments to net-zero emissions.
“We are, as we know, at the point of no return. So emitters cannot put their heads in the sand any longer,” Woodward said, referring to the UN Intergovernmental Panel on Climate Change report released in August that concluded Earth’s climate warming was slipping past the point of no return.
The COP26 summit will be held from October 31 to November 12, aiming to bring countries together and accelerate action to deliver on the goals of the Paris Agreement.
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G20 Leaders’ Summit
Leaders of Group of 20 (G20) nations are set to meet in Rome, Italy on Saturday at the 16th gathering at the level of Heads of State and Government, to address major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development.
The G20 is the international forum that brings together the world’s major economies. Its members account for more than 80 per cent of world GDP, 75 per cent of global trade and 60 per cent of the population of the planet.
This year, the issues concerning climate change and the ongoing situation in Afghanistan is likely to feature heavily during the Summit.
The UN Secretary-General Antonio Guterres has made clear that climate action must be led by G20 nations, which collectively account for around 90 per cent of gross world product, 75-80 per cent of international trade and two thirds or the world’s population. Their commitment during COP26 is crucial for curbing greenhouse gases and stopping fuelling climate change.
“The time has passed for diplomatic niceties. If all governments — especially G20 governments — do not stand up and lead efforts against the climate crisis, we are headed for terrible human suffering. Bold #ClimateAction is the only path forward,” Guterres tweeted on Thursday.
This comes as a new UN agency report revealed that the abundance of heat-trapping greenhouse gases in the atmosphere once again reached a new record last year, with the annual rate of increase above the 2011-2020 average.
According to the World Meteorological Organization (WMO) report, the concentration of carbon dioxide (CO2), the most important greenhouse gas, reached 413.2 parts per million in 2020 and is 149 per cent of the pre-industrial level. Methane (CH4) is 262 per cent and nitrous oxide (N2O) is 123 per cent of the levels in 1750 when human activities started disrupting Earth’s natural equilibrium.
“The Greenhouse Gas Bulletin contains a stark, scientific message for climate change negotiators at COP26. At the current rate of increase in greenhouse gas concentrations, we will see a temperature increase by the end of this century far in excess of the Paris Agreement targets,” said WMO Secretary-General Prof Petteri Taalas. “We are way off track.”
The G20 Finance and Health Ministers gathered today in Rome for a joint meeting. (Photo_Twitter@g20org)
Aside from Climate change, another issue that is likely to dominate the conversation at the summit is the way forward for Afghanistan.
Under Italy’s Presidency of the G20 and at the initiative of President of the Council of Ministers Mario Draghi, an extraordinary meeting of G20 leaders on Afghanistan was held on October 12.
The leaders of the G20 countries earlier this month had called for a permanent United Nations presence in Afghanistan, insisting on safety for the organization’s personnel. They expressed their support for the United Nations Assistance Mission in Afghanistan, including its role in the coordination of international aid.
“The UN plays an essential role to address the crisis in Afghanistan. Its continued presence in the country must be preserved,” the meeting’s chair had said in a summary statement.
Indian Prime Minister Narendra Modi reached Rome on Friday. He will join other G20 Leaders during the 16th summit in discussions on global economic and health recovery from the pandemic, sustainable development, and climate change.
Modi was received by senior officials of the Italian government and Ambassador of India in Rome, reports Asian Lite News
Prime Minister Narendra Modi on Friday arrived in Rome to attend the crucial 16th G20 Summit that will take place over the weekend, during which the leaders of the group will discuss the global economic recovery from the Covid-19 pandemic, sustainable development and climate change.
This is the first in-person G20 Summit since the outbreak of the global pandemic in early 2020.
The first day of the Summit will see deliberations on ‘Global Economy and Global Health’, while the second day will witness an address by the Prince of Wales on the topic of the role of private finance in the fight against climate change.
Also on the second day, world leaders will also deliberate on climate change and environment, sustainable development among other issues.
Over the next few days, I would be in Rome, the Vatican City and Glasgow to attend important multilateral gatherings like the @g20org and @COP26. There would also be various bilateral and community related programmes during this visit.https://t.co/0OXpm1Nhcy
Before his departure, Modi tweeted on Thursday: “Over the next few days, I would be in Rome, the Vatican City and Glasgow to attend important multilateral gatherings like the G20 and COP26. There would also be various bilateral and community related programmes during this visit.”
In a separate statement, he said that the Summit will “allow us to take stock of the current global situation and exchange ideas on how the G20 can be an engine for strengthening economic resilience and building back inclusively and sustainably from the pandemic”.
Upon his arrival in the Italian capital on Friday, the Prime Minister said in a tweet: “Landed in Rome to take part in the G20 Summit, an important forum to deliberate on key global issues. I also look forward to other programmes through this visit to Rome.”
Modi was received by senior officials of the Italian government and Ambassador of India in Rome, according to the Prime Minister’s Office (PMO).
Modi’s visit to Rome and the Vatican City till October 31 comes at the invitation of his Italian counterpart Mario Draghi.
On the sidelines of the G20 Summit, Modi will also be meeting with leaders of other partner countries and review the progress in India’s bilateral relations with them.
In the Vatican, Modi will call on Pope Francis and meet Secretary of State, Cardinal Pietro Parolin.
Prime Minister Narendra Modi is expected to play his crucial part in delivering climate ambition through the carbon market mechanism, hanging since the 2019 Madrid conference, at the upcoming two-week Glasgow Climate Change Conference (COP 26) … writes Vishal Gulati
In just days to the crucial UN climate conference in Glasgow, nearly 200 countries under the leadership of US President Joe Biden will also put in place the crucial rules of the carbon market mechanism and its transparency to ensure its smooth functioning for supporting countries in achieving their climate commitments to put the brakes on dangerous climate change.
Prime Minister Narendra Modi is expected to play his crucial part in delivering climate ambition through the carbon market mechanism, hanging since the 2019 Madrid conference, at the upcoming two-week Glasgow Climate Change Conference (COP 26) that Britain is hosting.
Sources told IANS that Modi will be travelling to Glasgow from November 1-2 to participate in the World Leaders Summit where President Biden and Australia’s Prime Minister Scott Morrison have confirmed their attendance.
An official confirmation about Modi’s visit is yet to be announced.
India, China, Brazil and some other developing countries have strong been advocating for continuation of carbon credits, which allow companies to compensate for their greenhouse gas emissions, under the 2015 Paris Agreement — an ambitious global action plan to fight climate change.
The carbon market mechanism, principally the guidance for Article 6 (market and non-market mechanisms) of the Paris Agreement rulebook, is the new climate change voluntary mitigation mechanism that aims to assist organisations in reducing carbon footprints.
At the 2019 UN climate summit the countries failed to agree unanimously on Article 6 concerning the carbon markets system as the lengthy negotiations remained inconclusive despite 48 hours past the official deadline.
Outlining agenda for the 26th meeting of the Conference of the Parties (COP26) to the UN Framework Convention on Climate Change (UNFCCC), UN climate chief Patricia Espinosa says one of the key negotiation topics is the wrapping up outstanding negotiations around Article 6 rules, to finally enable market and non-market tools to launch their operations.
Agreement on Article 6 rules uphold environmental integrity, including guidance for cooperation under Article 6.2, a new UN mechanism under Article 6.4 and a work programme on non-market approaches under Article 6.8.
Explaining the carbon market mechanisms, the UNFCCC says when countries set a limit, or cap, on greenhouse gas emissions, they create something of value: the right to emit.
What happens if we apply market principles and rules? The countries or companies that reduce emissions below their cap have something to sell, an unused right to emit, measured in tonnes of CO2 equivalent.
Countries and companies that don’t meet their target can buy these one-tonne units to make up the shortfall. This is called emissions trading, or cap and trade. The net affect on the atmosphere is the same, provided measurements are accurate, i.e. each unit represents a true one-tonne reduction below the cap and each unit is used only once. This requires clear rules and transparency.
The Article 6 carbon market rules will replace Clean Development Mechanism (CDM) under the Kyoto Protocol, the predecessor to the Paris Agreement.
In India, 1,669 projects have been successfully registered under the CDM, millions of certified emission reductions (CERs) credits, better known as carbon credits, remain unsold with collapsing of the CDM market.
Prime Minister Narendra Modi, US President Joe Biden, Australian Prime Minister Scott Morrison after the Quad Leader’s Summit in Washington.
One CER equals to one tonne of carbon dioxide. The CERs help companies earn billions of dollars by trading them. Currently, there is market but no political platform.
At the last UN climate summit the developed world took the stand of not allowing the ‘junk’ carbon market, which allows buying and selling of carbon emissions, and emerged under the Kyoto Protocol adopted in December 1997 to continue in the exiting mechanism under the Paris Agreement.
They blamed faulty mechanism and loopholes in the existing system that failed to prevent double-counting of carbon credits and wanted a new mechanism to be put in place.
Several countries like India were demanding to carry forward the old carbon credits earned also by companies to meet new climate targets.
The carbon credit system allows countries to reduce their emission reduction targets by accumulating and trading in carbon credits.
As per rough estimates, nations hold close to 4 billion unsold certified emission reductions (CERs). India has a depository of 750 million and China has much more than India.
Climate negotiators say there is need to build transparency in the COP26 to trade carbon credits as the current mechanism has been “fraught with scandals”.
A latest report from an international task force led by UN Special Envoy for Climate Action and Finance, Mark Carney, and chaired by Bill Winters, CEO of Standard Chartered Bank, says to achieve the Paris goals to limit global warming, the global community needs to reach ‘net zero’ emissions by no later than 2050.
This will require a whole-economy transition — every company, every bank, every insurer and investor will have to adjust their business models, develop credible plans for the transition and implement them.
The report, Taskforce on Scaling Voluntary Carbon Markets, says given the demand for carbon credits that could ensue from global efforts to reduce greenhouse-gas emissions, it’s apparent that the world will need a voluntary carbon market that is large, transparent, verifiable, and environmentally robust.
Limiting global warming to 1.5 degrees Celsius requires that global annual greenhouse gas emissions are cut by 50 per cent of current levels by 2030 and reduced to “net zero” by 2050.
Charles, 72, who will be with his wife Camilla, is to deliver opening remarks as he did at COP21 in Paris in 2015…reports Asian Lite News.
Heir-to-the-throne Prince Charles will speak at the opening ceremony of the COP26 United Nations climate summit on Monday to welcome world leaders, his office said, a day after Queen Elizabeth pulled out on doctors’ advice.
The 95-year-old queen is a draw for other world leaders so her withdrawal is a blow to the event in Glasgow.
Charles, 72, who will be with his wife Camilla, is to deliver opening remarks as he did at COP21 in Paris in 2015.
The queen, who was recently overheard saying she was irritated by world leaders who talked about climate change but did nothing to tackle it, had been due to attend an evening reception on Monday at the conference.
She will instead deliver a recorded message, the palace added.
Charles has spent most of his life campaigning on environmental issues and earlier this month said he shared the concerns of Greta Thunberg and other activists that politicians were all talk and not enough action.
He will also be joined at COP26 by his eldest son Prince William and his wife Kate, who have followed in the family footsteps by speaking out about green issues.
However, the queen herself, the world’s oldest and longest-reigning monarch, will continue to rest at her Windsor Castle home having stayed overnight in hospital last week for an unspecified but not Covid-19-related ailment.
She carried out her first official engagement since being in hospital on Tuesday, holding two virtual audiences to welcome new ambassadors to Britain from South Korea and Switzerland.
Britain has cast COP26, which begins on Oct. 31, as the last big chance to slow rising temperatures, and it hopes to persuade leaders to adopt tougher climate targets.
