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Countries strike climate deal at UN summit to limit heating


Alok Sharma, President of COP26 (L), MP, and Patricia Espinosa Executive Secretary, United Nations Framework Convention on Climate Change, speak during the opening of stock taking plenary on the thirteenth day of the COP26, SECC, November 12, 2021, in Glasgow, Scotland.

Ian Forsyth | Getty Images News | Getty Images

Nearly 200 nations reached an agreement at Saturday’s COP26 summit to stop climate change from getting worse.

It was announced several hours after the Friday night deadline.

The major issues that remained unresolved by the delegates included the phasing of coal and fossil fuel subsidies, as well as financial assistance to low-income nations.

India is one of the largest coal burners in the world. India requested a change to the language of fossil fuels, changing from “phase out” to “phase down” within the agreement. After initially raising objections, the opposing countries eventually conceded.

Alok Sharma (U.K.) addressed the assembled delegate group in an emotional speech, expressing his regret for the outcome of the process. “I can understand the sadness. Sharma stated that it was also important to protect the package.

According to the U.N., Glasgow was humanity’s best and last chance of keeping the peace. all-importantThe goal is 1.5 degrees Celsius. This is the temperature threshold that was established in 2015’s landmark Paris Agreement.

The world needs to reduce its greenhouse gas emissions nearly by half within the next 8 years, and achieve net zero emissions by 2020. The climate crisis will only get worse. It’s crucial to stop it from becoming worse.

According to the most prominent scientists in the world, the temperature has already risen by 1.1 degrees Celsius over pre-industrial levels. The latest projections show that the planet is set for an increase of 2.4 degrees Celsius, contrary to many pledges made at the Glasgow summit.

U.N. Secretary General António Guterres had bluntly warned the carbon-cutting pledges on the table during the final throes of the marathon talks were “very probably” not enough to avert a climate catastrophe. He spoke to the Associated PressNews Agency that 1.5° Celsius goal was being kept alive was “life support”.

Climate activists and campaigners are harshly critical about COP26.exclusionaryA fortnight of talks was centered around the “business as usual and blah, blah, blah.”

In a Saturday statement, Rachel Kennerley (climate campaigner for Friends of the Earth), stated that “The road towards 1.5 got more difficult when these discussions should have cleared the path to making it much easier.”

Fossil fuel policy

Glasgow Climate Pact marks the first instance of fossil fuels being explicitly included in the outcomes of an international summit on climate change. However, the earlier agreement to remove coal and subsidy for fossil fuels was later watered down so that it only refers to unabated and inefficient fossil fuel subsidies. India intervened in the last minute to change the language to “phase down”

Many nations have expressed concern about this issue and experts in the environment are being addressed. deeply concernedThe updated terminology makes it possible to defer urgently required climate action.

Global Witness released Monday’s analysis showing that more of the delegates at COP26 were associated with fossil fuel industries than any country. The credibility of these talks was seriously questioned, especially as the principal driver of climate chaos is fossil fuel burning.

Scientists have repeatedly repeated the fact that the fastest way to reduce global warming is to drastically cut greenhouse gas emission.

A blizzard number of climate pledges was made at the summit over two weeks. The countries involved in it promised to end deforestation, reverse its effects, shift away from coal, reduce methane emission by 30%, and eliminate all forms of carbon dioxide by 2030.

China and the United States, which are two of the most prolific emitters in the world, have agreed to collaborate this decade to reduce global heat rise to 1.5 degrees Celsius. This surprise surprised many. The new, first-of their-kind alliance included countries and subnational group that committed to ending oil and gas production and to stopping the granting of new exploration licences.

In the meantime, financial institutions and business leaders pledged more investment in “net zero aligned projects.” Since then, this has been realized criticized, however, for missing the point on fossil fuels.

Climate finance

Glasgow was visited by low-income nations determined to receive compensation for climate-linked damagesloss and damageThe U.N. uses the term “devastation” to describe the damage already done to lives, livelihoods, or infrastructure.

The most affected by climate change have sought out financial assistance from countries with high income to help them. The U.S., U.K., and the European Union have not accepted responsibility.

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This agreement does not provide for the establishment of a compensation fund to countries that suffer from climate-related loss or damage. The G-77 groupMany developing countries were “extremely disappointed” by this decision.

Shauna Aminath (Minister of Environment for Maldives) stated on Saturday that while some may see loss and damage as a way to start conversation or dialogue, for others, it is essential for survival.

Aminath stated that this does not give hope, but is a conversation in which we place our lives on the line and those with other options choose how fast they will act to help those without.

—CNBC’s Jessica BursztynskyThis report was contributed by you.