Time to deliver

COP26 marks the fifth anniversary since COP21 (Paris Agreement). This marks an important event, as the agreement states that every five years countries must review their pledges and increase their ambitions, if possible. All Parties to the Paris Agreement must submit updated pledges, called Nationally Determined Contributions (NDCs), which set more stringent emission reduction targets for 2030. The focus of the strategy will be on Nature Based Solutions (NBS) and the net zero strategy, which must be achieved by 2050 by the parties.

Another issue addressed at this COP26 will be to agree on Article 6 of the Paris Regulation, to finalize the “Rule Book”. It will mainly be about identifying, among others, the approval of rules that avoid double counting under Art. 6.4, the cancellation of carbon credits and the use of pre-2020 CDM carbon credits to meet the NDCs.

Financial issues will also be addressed. For example, at COP16 Parties agreed that developed countries will mobilize $100 billion by 2020 to meet the needs of developing countries. And financial responses for vulnerable countries in case of loss and damage caused by climate change will be discussed.

For this COP, five priority areas for action have been outlined:

– Adaptation and Resilience: which seeks to implement initiatives and measures that reduce the vulnerability of nature to climate change. Countries should implement short- and long-term preventive measures and practices to avoid environmental damage. Resilience refers to the capacity of countries to implement these initiatives and measures without significantly altering their structural and functional characteristics.

– Nature: Implement initiatives that preserve the environment and ecosystems with the help of Nature Based Solutions and by minimizing greenhouse gas emissions in the atmosphere.

– Energy transition: Leverage natural resources and renewable energies and reduce the use of fossil fuels.

– Accelerate the shift to zero-carbon road transport: i.e. increase and promote policies that benefit electric cars. It is expected that by 2040, 50% of cars sold worldwide will be electric.

– Finance: This point refers mainly to establishing financial resources to help implement initiatives and measures that reduce the impact on the environment and establish the objectives of the Paris Agreement.

For more information about ALLCOT’s presence at COP26, please contact us at the following email: cop26@allcot.com.

Time to deliver

David Poveda