The United Nations Framework Convention on Climate Change (UNFCCC) released the preliminary draft of the cover decision, or what is known as the Glasgow Pact, on Sunday, ahead of the second week of the COP26 summit, emphasizing the need for urgent efforts to achieve the 1.5 degree Celsius target.
In addition, the presidency’s description of probable elements mentions keeping global warming well below 2 degrees Celsius, the importance of reacting to the Intergovernmental Panel on Climate Change’s findings on pre-2030 action, transitioning to global net zero by 2050, and the carbon budget.
In the first week of the conference, several governments, notably India, made significant announcements on climate financing, net-zero commitments, pledges to eliminate deforestation by 2030, and a US-led vow to reduce methane emissions by 30% by 2030. On a separate occasion at COP26, almost 40 countries vowed to phase out coal. The promise was not signed by India, China, Australia, or the United States. Developed countries pledged to raise $100 billion per year by 2020 at COP15 in 2009.
While many experts believe that the draft text’s elements will be negotiated later this week, the language lacks clarity on the market mechanism and carbon trading aspect.
The three biggest sticking points that might make or break global efforts to alleviate the climate problem are the delivery and assessment of the $100 billion climate funding agreement reached in 2009, whether that amount is enhanced after 2025, and the 1.5 degree Celsius objective.