The COP26 summit has come to an end after two weeks of negotiations amongst world leaders and global delegates. After lengthy discussions over the last few days of the event, the Glasgow Climate Pact has been finalised. The agreement is not legally binding but serves to set the global agenda on climate change over the next ten years. It aims to guide nations towards decarbonisation as part of a significant global transition. It is clear with the goals highlighted that Renewable Energy training will continue to be of vital importance to support critical Renewable projects. Read on for a COP26 overview and to discover what happened at the Glasgow Summit.
The agreement saw the 200 nations involved pledge to increase funds for developing countries who are at most risk from climate change consequences. The funds are designed to assist the switch to clean, renewable energy. This follows a previously failed pledge for richer countries to provide $100 billion a year by 2020.
The Pact notes that the “current provision of climate finance for adaptation remains insufficient”. As such, the Glasgow Pact urges developed countries “to at least double their collective provision” of climate finance for adaptation to developing nations from 2019 levels by 2025. This should help these countries move away from fossil fuels and towards Renewable Energy Technologies earlier than planned.
It is clear from the discussions at the conference that Renewable Energy Finance projects are going to be vital to sustain and manage global climate pledges.
It has been outlined in The Glasgow Climate Pact that global greenhouse gas emissions must fall by 45% from 2010 levels by 2030. This goal was created to allow global warming to be maintained at 1.5C above pre-industrial levels. Renewable Energy and Energy Efficiency projects, such as wind farms and solar farms, will help with the aim of curbing emissions and reducing our carbon footprint.
Rules for a global carbon market were put into place during the summit, with the UN establishing a framework for trading credits that represent carbon that has been removed from the atmosphere. This framework should help to inject funds into schemes that help reduce emissions globally and will be open to both public and private sectors.
Countries made plans to accelerate the phasing out of coal for the first time ever at a COP summit. Coal is the “dirtiest” fossil fuel and needs to be phased out rapidly in order for the planet to stay within 1.5C of global heating. Coal is responsible for 40% of annual CO2 emissions, so to have this mentioned specifically at the summit is a significant step in the right direction.
To hit the coal phase-out target as set at COP26, a minimum of 40% of the world’s coal-fired power plants must be closed by 2030 at the latest. No new coal-fired power plants can be built in that time to stay on track with this goal. High-quality Renewable Energy adoption will be required to help reach this target and assist the world’s phase-out of coal usage.
Leaders from over 100 countries, and around 85% of the world’s forests, have pledged to end deforestation by 2030. This is vital for the biological absorption of CO2 to assist with global warming.
The deforestation pledge includes almost $19.2 billion of public and private funds. Over 30 of the world’s largest financial corporations have agreed to cease investment in activities that promote deforestation.
While the agreements made by the participating countries in COP26 are going to be self-policed, there is certainly hope that the world can start to turn around when it comes to climate change. Renewable Energy projects and technologies will be of paramount importance over the coming years to support the 1.5C degree goal (with sophisticated Renewable Energy and Energy Efficiency Solutions), phasing out fossil fuels (through low-carbon projects), and manage climate finance.
To kickstart your career in the Renewable Energy industry and help deliver on the goals outlined in COP26, start studying our expert-led, accredited courses today. For even further expert training, find out more about our Accredited Master in Renewable Energy Award.
If you would like to hear more about the outcomes of COP26 and what we as individuals and companies can take away from this conference, register for our Roundtable event taking place on Wednesday 17th November 2021 at 12pm here: https://www.renewableinstitute.org/post-cop26-roundtable-registration/
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