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Takeaways from the UN World Leaders Summit at COP26

G20 ROME LEADERS’ DECLARATION  https://www.g20.org/wp-content/uploads/2021/10/G20-ROME-LEADERS-DECLARATION.pdf 

Top Takeaways from the UN World Leaders Summit at COP26 https://www.wri.org/insights/top-takeaways-un-world-leaders-summit-cop26 
November 4, 2021 By Helen Mountford, David Waskow, Jamal Srouji, Frances Seymour, Lorena Gonzalez and Chirag Gajjar

Over 140 countries submitted updated 2030 climate plans, or nationally determined contributions (NDCs), under the Paris Climate Agreement in advance of COP26.  https://www.climatewatchdata.org/2020-ndc-tracker 

 COP26: Unpacking India’s Major New Climate Targets 
by Apurba Mitra, Chirag Gajjar and Ulka Kelkar - November 02, 2021 https://wri-india.org/blog/cop26-unpacking-india%E2%80%99s-major-new-climate-targets 

The talks need to deliver three things:

First, COP26 negotiations must conclude with countries agreeing that major emitters come back within the next couple of years to step up their 2030 targets further to align with the 1.5 degrees C goal. The only way for this goal to remain in reach is if major emitters rapidly drive down emissions in the next decade — much more than they have committed to already.

Second, developing countries deserve much more confidence that finance pledges will be met. Developed countries must reassure developing countries that shortfalls in 2020 and beyond will be filled and that there will be a significant increase in finance for adaptation and loss and damage. Glasgow should also address matters of quality of climate finance, especially to ensure that the needs and priorities of developing countries are met without creating additional debt burden.

Finally, the outstanding rules of the Paris Agreement must put the right conditions in place to accelerate efforts to cut emissions and deliver finance to developing countries. It is more important to get the rules right than to adopt rules that are weak and would undermine the global accord.

Protesters rally in Glasgow's COP26

'Capitalism is killing the planet': Protesters rally in Glasgow's COP26" https://www.deccanherald.com/international/world-news-politics/capitalism-is-killing-the-planet-protesters-rally-in-glasgows-cop26-1047887.html 

Reframing incentives for climate policy action

Reframing incentives for climate policy action | Nature Energy https://www.nature.com/articles/s41560-021-00934-2 PDF: https://www.nature.com/articles/s41560-021-00934-2.pdf 

The costs of generating solar and wind energy, which depend on location, have already or will soon reach parity with the lowest-cost traditional fossil alternatives and investment in low-carbon technologies is generating substantial new employment. 

The notion that a country should benefit from free-riding on other countries’ climate policies can also be challenged. Incremental decarbonization, increasing energy efficiency and the economic impacts of COVID-19 have led oil and gas demand and prices to decline substantially.  Changes in oil and gas prices, combined with slumps in production, may therefore have disruptive structural effects on high-cost fossil fuel producers, such as the United States, Canada, Russia and South America. Meanwhile, shedding expensive imports benefits gross domestic product (GDP) and employment in large importer regions, such as the European Union, China and India, as money not spent on expensive energy imports is spent domestically, and output is boosted by major low-carbon investment programmes.

Half world’s fossil fuel assets could become worthless by 2036 in net zero transition Jonathan Watts, Ashley Kirk, Niamh McIntyre, Pablo Gutiérrez and Niko Kommenda https://www.theguardian.com/environment/ng-interactive/2021/nov/04/fossil-fuel-assets-worthless-2036-net-zero-transition  Thu 4 Nov 2021

 

Countries that are slow to decarbonise will suffer but early movers will profit; the study finds that renewables and freed-up investment will more than make up for the losses to the global economy.

It highlights the risk of producing far more oil and gas than required for future demand, which is estimated to leave $11tn-$14tn (£8.1tn-£10.3tn) in so-called stranded assets – infrastructure, property and investments where the value has fallen so steeply they must be written off.

Shankar Sharma (by email)  comments:  In India's case more than half of coal power assets can be expected to face
the likelihood of becoming worthless for various reasons... Will it stir their leaders from blindly supporting fossil fule based economic paradigm? .. Our leaders continue to commit our limited resources into these ill-conceived projects.. 

IF we are serious of pursuing net-zero, why is our climate policy should straight away disincentivise coal for instance and not expand its mining, destroying forests, and forest dwelling communities. 

Further the progress on the incentivisatiion of decentralised renewable energy  like solar roof tops and net-metering is slow or tortuous , which again will incentivise hand over of large land and other resources to large centralised farms, and transmission systems  in order to fulfill our international committments. . 

NET-NET: More than making International committments, we need incentivise and empower poor people to move directly into a post carbon economy & energy development  which they are in control of.