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Archived COP26 updates - Day 13
Archived COP26 updates - Day 12
Archived COP26 updates - Day 11
Archived COP26 updates - Day 10
Archived COP26 updates - Day 9
Archived COP26 updates - Day 7
Archived COP26 updates - Day 6
Archived COP26 updates - Day 5
Archived COP26 updates - Day 4
COP26: The Glasgow Climate Pact
The text was not radically different from the draft issued earlier in the day, although one last-minute change to the drafting caused many delegates to express deep unhappiness.
Wording on coal and fossil fuels appeared in the final text – the first time they have been mentioned in a final COP decision. But the wording was progressively diluted from draft to draft: having begun with unexpectedly tough language on the need to speed up the phasing out coal power and subsidies for fossil fuels, it emerged from the negotiations as a call to accelerate the “phase-down” of “unabated coal power” and “inefficient fossil fuel subsidies” while recognising the “need for support towards a just transition.”
The switch from “phase-out” to “phase-down” was requested in the final session of the conference by group of nations including China and India, whose environment minister said it reflected the “national circumstances of emerging economies.” But many other nations expressed dissatisfaction with this, including some of the countries most vulnerable to climate change, with the Marshall Islands “profoundly disappointed” and Fiji “immensely disappointed”.
The island nations were also among those disappointed by what they saw as weak provisions on climate finance and ‘loss and damage’. The pact does represent some progress in this area, urging developed countries to “at least double their collective provision of climate finance for adaptation to developing country Parties from 2019 levels by 2025.” There will also be a new dialogue on how to fund support for vulnerable nations. But a facility for support that had been included in the initial draft of the decision was cut, apparently at the instigation of developed nations. The delegate from Antigua and Barbuda, speaking on behalf a number of developing nations, officially registered a grievance over the absence of such a facility from the Glasgow pact.
There was more general praise for the agreement on mitigation, requesting countries to improve their 2030 climate targets by the end of 2022. While not as strong as some had hoped, this is a significant acceleration of the Paris timetable for emission reduction, and is widely seen as necessary for any serious attempt to limit global warming to well below 2C.
Rules for global carbon markets were also agreed. This has not been such a high-profile topic as coal or ‘loss and damage’ during the negotiation, but was an important piece of unfinished business from the Paris Agreement, and could open the way for huge amounts of spending on initiatives such as renewable energy and reforestation. Concerns remain about the potential for greenwashing, but a number of possible loopholes were closed, and the system will include some provisions to prevent the double-counting of carbon credits, as well a block on the carrying forward of credits issued before 2013.
For UN secretary-general António Guterres: “The approved texts are a compromise. They take important steps, but unfortunately the collective political will was not enough to overcome some deep contradictions.” The secretary-general called for accelerated action, telling delegates that “it is time to go into emergency mode – or our chance of reaching net zero will itself be zero.” And he ended with a firm message to all the parties involved in the process: “COP27 starts now.”
COP26 headlines
Negotiators Strike a Climate Deal, but World Remains Far From Limiting Warming (The New York Times)
COP26 agrees new climate rules but India and China weaken coal pledge (Financial Times)
Alok Sharma denies climate pact failure and hails ‘historic language’ about coal (Independent)
U.N. climate summit reaches carbon markets deal (Reuters)
The Glasgow climate pact, annotated (The Washington Post)
1.5C 'only just' in reach: Business leaders and green economy react to Glasgow Climate Pact at COP26 (edie)
Cash, coal, cars, trees… and choreography: how Britain kept Cop26 alive (The Observer)
40,000 attendees, 15 days — but was it all a waste of time? (The Sunday Times)
Was COP26 in Glasgow a success? (The Economist)
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News from COP26 – Day 13
It’s the last (scheduled) day of COP26, and everyone is waiting to see whether – and when – the negotiators can agree a final text for the conference decision. Proceedings are due to end at 18:00 GMT, but there already reports of delegates rebooking their hotel rooms. Seasoned observers are not surprised: every COP since Paris has failed to finish on time. There is much speculation about how far the UK Presidency might be willing to push the talks into the weekend in the hope of achieving a more ambitious agreement.
A new draft of the key conference decisions was published early this morning. Some language has been weakened around topics such as fossil fuels and new NDCs – but they are still in the draft, at least for the moment. There is also e.g. provision for “financial support for technical assistance for the implementation of relevant approaches to avert, minimize, and address loss and damage associated with the adverse effects of climate change in developing countries”. While the draft is a long way from meeting the demands of nations most vulnerable to climate change, elements like this appear to reflect some progress. Developed countries are also urged to “at least double their collective provision of climate finance for adaptation” to developing countries by 2025.
The key judgment on the final agreement will probably be whether it ‘keeps 1.5 alive” – in other words, leaves a plausible path to the Paris Agreement target of limiting the global temperature increase to 1.5C. The draft recognises that the effects of climate change would be “much lower” if warming is limited to 1.5C rather than to 2C, and “resolves” to pursue efforts for 1.5C. This appears to keep 1.5 alive, at least as an ambition. The question will be whether the rest of the agreement is enough to support that ambition in reality.
COP27 will be held in Egypt in a year’s time, but if the COP26 agreement is seen as a failure there will inevitably be doubts about what can be achieved in Sharm el-Sheikh. It was announced on Thursday that the United Arab Emirates will host COP28 in 2023. What is decided in Glasgow during the next few hours will shape the whole agenda for Egypt, the UAE – and beyond.
Most of the main events at COP26 – including today’s informal presidential stocktaking plenary, and a subsequent press conference – can be livestreamed or viewed on demand here.
COP26 headlines
The COP26 Endgame: What to Watch If You’re Just Tuning In (Bloomberg Green)
A balancing act, COP26 draft deal keeps up pressure for climate action (Reuters)
Cop26 draft: Coal phaseout remains in but some language softened (The Guardian)
UN chief Guterres says global warming target on life support (BBC)
China and India among 22 nations calling for key section to be cut from COP26 agreement (CNN)
Cop26: Big polluters refuse to end their fossil fuel subsidies (The Times)
Crunch time for rich at COP26 on climate finance for developing countries (Financial Times)
Calls for Climate Reparations Reach Boiling Point in Glasgow Talks (New York Times)
COP26 closes with ‘compromise’ deal on climate, but it’s not enough, says UN chief (UN News)
COP26 global carbon market rules pave way for emissions credits boom (Financial Times)
Analysis: COP26 message to business – clean up to cash in (Reuters)
Climate Promises Made in Glasgow Now Rest With a Handful of Powerful Leaders (The New York Times)
The last minute coal demand that almost sunk the Glasgow climate deal (Politico)
How China’s Deal With the U.S. Helped Avert COP26’s Collapse (Bloomberg Green)
The Glasgow climate pact, annotated (The Washington Post)
Cop26: Pacific delegates condemn ‘monumental failure’ that leaves islands in peril (The Guardian)
Was COP26 in Glasgow a success? (The Economist)
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CMS COP26 blog
News from COP26 – Day 12
The announcement yesterday evening by the US and China of their ‘Joint Glasgow Declaration on Enhancing Climate Action in the 2020s’ took most COP26 attendees by surprise. Crafted in a series of meetings over 10 months, the declaration looks timed to boost to the COP26 ‘decision’ negotiations as they head towards the finishing line.
The US-China declaration has been widely welcomed, even though it lacks some elements campaigners would have liked to see, such as a commitment by China to reach peak emissions before its current target. UN secretary-general António Guterres termed it “an important step in the right direction.” The provisions of the declaration include a general commitment to increase climate action collaboration, with specific pledges on issues including methane emissions, forests, technology and information exchange, and support for renewables. Importantly, too, it emphasises a shared US-China commitment to the Paris goals of holding the global average temperature increase to well below 2 C and trying to limit it to 1.5C.
Whether the declaration will help to achieve the “ambitious, balanced, and inclusive outcome on mitigation, adaptation, and support” that it hopes for from COP26 is something we will discover soon. Negotiations over the draft conference text that was issued yesterday morning are continuing. Observers have found much to criticise about the draft, but also things to praise – including the fact that, perhaps surprisingly, it is the first COP draft to deal with fossil fuels as a specific factor in climate change. A number of campaigners have agreed with Fernanda Carvalho of WWF that “the mention of phasing out coal and fossil fuel subsidies could be stronger, but we need to acknowledge that this is historical.” However, it is not yet clear that the topic will be covered in the final decision. Some press reports suggest that it has meet resistance in the negotiations.
Today is Cities, Regions and Built Environment Day at COP26. National, regional and civic leaders will come together, along with the private sector, to discuss cooperation on actions to mitigate emissions and support adaptation. With the world’s urban buildings accounting for some 40% of global emissions, this is a crucial issue. The UK has kicked off the day’s announcements by pledging £27.5m to launch an Urban Climate Action programme that will help cities in Africa, Asia and Latin America tackle climate change.
COP26 headlines
US and China pledge co-operation over ‘existential’ climate crisis (Financial Times)
US and China step to forefront as climate talks near end game (Politico)
COP26 draft plan: Countries urged to submit and strengthen climate plans (edie)
Draft text calls for phasing out coal and fossil fuels (New Scientist)
Cop26 draft text annotated: what it says and what it means (The Guardian)
Horse trading set to begin over agreement at COP26 (BBC)
COP26: Saudi Arabia denies 'fabrications' that it is trying to derail summit negotiations (Sky News)
OPEC makes case for fossil fuels at UN climate conference (Reuters)
Cities will be the focus of COP26 on Thursday. Here’s what you need to know (The Washington Post)
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CMS COP26 blog
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ESG: Ten steps to success for construction companies
Construction is one of the sectors most exposed to ESG considerations. Decarbonisation is a particular concern, as commonly used construction materials account for a significant percentage of carbon emissions.
In 2020, the United Nations Environment Programme calculated that the building sector was responsible for 38% of global energy-related CO2 emissions – and that annual progress in decarbonisation had halved between 2016 and 2019. Successful decarbonisation will require major changes in the sector, with much greater levels of both investment and innovation.
We highlight ten top-level steps for construction companies that want to maximise their ESG performance and benefits.
CMS supports the COP26 Built Environment Virtual Pavilion
“As part of our ongoing sustainability commitment at CMS, we are delighted to be commercial partners and supporting the UK GBC Built Environment Virtual Pavilion. This is such an exciting opportunity for the real estate sector to come together and demonstrate the importance we put on sustainability and how we can tackle climate change through collaboration and innovation.
The built environment has a critical role to play in reducing energy related CO2 emissions, in mitigating climate change, in creating efficient buildings, beautiful public realm, and in building back better after COVID for our communities. We want to ensure the real estate sector is heard at the COP26 conference” Candice Blackwood, Partner, CMS UK
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News from COP26 – Day 11
The theme of Wednesday’s Presidency Programme at COP26 is transportation. But observers are increasingly – and anxiously – focused on the likely text of the ‘cover decision’ that will be the conference’s headline output, as negotiations head towards the wire.
The prime minister will travel to Glasgow this afternoon, to add his voice to calls for delegates to reach a more ambitious agreement. But many doubts remain about whether COP26 can produce commitments robust enough to avert the catastrophic temperature rise scenario set out yesterday by Climate Action Tracker, the most internationally respected climate analysis programme.
A commitment to zero emission vehicle sales from various nations and organisations – including a number of vehicle manufacturers – has already been highlighted by the UK Presidency, and there will inevitably be much discussion of electric vehicles at the conference. There will also be debate about how to tackle forms of transport that are harder to decarbonise, such as aviation and shipping. The day is expected to see a declaration on aviation emissions from the International Aviation Climate Ambition Coalition, and the new Clydebank Declaration will support the establishment of green shipping corridors globally.
COP26 headlines
COP26 finale: five things to watch (Financial Times)
COP26 draft deal calls on countries to make new climate pledges next year (Politico)
PM calls on nations to pull out the stops as draft agreement published (BBC)
Cop26 sets course for disastrous heating of more than 2.4C, says key report (The Guardian)
6 Automakers and 31 Countries Say They’ll Phase Out Gasoline Car Sales (The New York Times)
7 things you need to know from Science, Innovation and Gender Day at COP26 (edie)
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CMS COP26 blog
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Electric Vehicle round-up
CMS Electric Vehicle Round-up Q3 2021
Electric vehicles are becoming more mainstream. As the technology supporting electric cars and batteries continue to improve, drawbacks such as high cost, limited range, long charge time, and an absence of charging stations are fading away. Soon, we’ll all be driving one.
The CMS Electric Vehicle Round-up provides an at-a-glance round-up of the key EV developments in the UK each quarter. Click here to access the latest version, which covers topics including DfT and OZEV’s response to the EV smart charging consultation and the CMA’s final report in respect of its market study on the EV charge point sector.
Reimagining transport: hydrogen trains
Reimagining Transport Hydrogen Trains (cms-lawnow.com)
Already in operation in select rail lines in Europe and with several other projects under development, hydrogen fuelled trains look to further prove their ability to replace diesel trains for some journeys over the coming years. Read our article about potential for development of low-carbon hydrogen and, as a result, the decarbonisation of the rail network.
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News from COP26 – Day 10
This is Science and Innovation Day at COP26. While negotiators continue to work on issues such as the Paris Agreement Rulebook and an overall ‘decision’ for the conference, the Presidency Programme will bring a spate of announcements on new initiatives about the use of new technology and new methods to mitigate climate change and promote adaptation, and how climate science can be translated into climate action.
The Presidency Programme has also designated Tuesday as a day for the discussion of gender and climate change, with sessions on progressing gender equality and the full and meaningful participation of women and girls in climate action. The UN has found that women are more vulnerable to the effects of climate change than men, in part because they constitute a large majority of the world’s poor and often depend on small-scale farming. Women and children can comprise 80% of those displaced by climate-related disaster. But addressing gender inequality has also been shown to advance efforts to tackle climate change.
Prominent attendees will include the First Minister of Scotland, Nicola Sturgeon; the Speaker of the US House of Representatives, Nancy Pelosi; and – in what will surely be a gift to photographers – Little Amal, the 3.5 metre-tall puppet, on the latest stage of her 8,000km journey across Europe to highlight the urgent needs of young refugees.
Yesterday’s announcements on adaptation – and the many pleas from vulnerable nations for more support in this area – were overshadowed in the media by the presence of another high-profile speaker. Barack Obama’s passionate message about the need for continuing engagement and effort, as well as a degree of pragmatism, and the key role of young people in fighting climate change, attracted most of the day’s headlines, as well as a standing ovation.
COP26 headlines
COP26 will turn its focus to science and innovation. Here’s what you need to know about the theme (The Washington Post)
1bn people will suffer extreme heat at just 2C heating, say scientists (The Guardian)
Halfway through COP26, where do climate negotiations stand? (Reuters)
Chinese and Saudis thwart moves towards climate deal (The Times)
China says it does not want climate solutions held up by disagreement over global warming goal (South China Morning Post)
Obama calls on young to pick up climate baton in rousing speech (Financial Times)
Obama says world must ‘settle for imperfect compromises’ (New Scientist)
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CMS COP26 blog
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Gender pay equality
Gender Pay Equality Insights from CMS UK
The ONS reported that the gender pay gap in the UK in 2021 has increased because of the pandemic.
Gender pay gap reporting is one of the ways in which organisations can measure the progress they are making (or not) towards better gender equality. It is also an important tool for holding employers to account by encouraging them to set out the steps they will take to improve their gender pay gap.
The CMS gender pay equality insights page hosts a range of resources to help businesses tackle the complexities of analysing and measuring your gender pay gap and start their journey towards wider pay gap reporting, covering characteristics such as ethnicity and disability.
The emergence of new and sustainable technologies at the CMS Global Life Sciences & Healthcare Festival
Science and innovation are at the heart of the Life Sciences and Healthcare sector, and it is turning its expertise to reduce its impact on the environment. This year’s virtual CMS Global Life Sciences & Healthcare Festival (29 November – 2 December) will look at the role technology continues to play in the sector, as well as how it is helping it to become more sustainable in how it operates and serves its business, patients, consumers, employees and intermediaries.
Each day, has a different focus:
- Day 1: Artificial Intelligence in Life Sciences and Healthcare: New business models in a changing legal environment
- Day 2: Tipping points – when new technologies become approved products
- Day 3: Sustainability across the Life Sciences and Healthcare sector
- Day 4: Emerging technologies – challenges faced by companies operating in a new technology area
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News from COP26 – Day 9
Welcome to Week 2 of COP26, which looks set to see some tough negotiations behind the scenes as delegations seek to reach agreement on a range of issues.
Today’s Presidency Programme events will concentrate on delivering the practical solutions needed to adapt to climate impacts and address loss and damage. Inevitably, much attention will focus on the plight of the nations most immediately vulnerable to climate change, which are often those least able to fund resilience.
Many speakers from vulnerable nations are likely to remind the conference that developed countries are yet to deliver on the pledge they made in 2009 to provide support of $100bn a year – a sum that was meant to be in place by 2020.
Some – particularly those from small island nations – will also highlight the impact of extreme weather, environmental degradation and rising sea levels on life in their countries. Photographs of Tuvalu’s foreign minister, addressing the conference as seawater laps round his knees, have already gone viral around the world.
However, the day’s most prominent speaker is likely to be from a developed nation: former US president Barak Obama will, according to reports, “lay out the important progress made in the five years since the Paris agreement took effect, highlight the leadership of young people around the globe, and urge more robust action going forward by all of us – governments, the private sector, philanthropy, and civil society.”
COP26 headlines
Focus turns to climate finance after flurry of COP26 pledges (Reuters)
Climate pledges must be delivered on, says Cop26 president Alok Sharma (Evening Standard)
Countries’ climate pledges built on flawed data, Post investigation finds (The Washington Post)
The first week of COP26 was less substantive than it seemed (The Economist)
COP Braces for All-Nighters as Carbon Markets Take Center Stage (Bloomberg Green)
Tuvalu minister to address Cop26 knee deep in seawater to highlight climate crisis (The Guardian)
COP26 Protesters Back an Array of Causes, Connected by Climate Change (The New York Times)
Japan, U.S. and Philippines lead vows to protect nature (Nikkei Asia)
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CMS COP26 blog
The importance of social value
Rooted in the UN Sustainable Development goals, there is growing emphasis on social value in the production of goods, services and infrastructure. Social value is about ensuring there is collective benefit from the award of a contract that is way beyond just the price - the production of goods and services should tangibly contribute to the wellbeing, resilience and sustainability of society and the environment.
In this short video, Ailsa Ritchie and Eleanor Lane discuss how the legislative background is driving the inclusion of social value and steps that businesses are taking to incorporate it in to their working practices.
The media and climate change
How is the media sector addressing the climate challenge? At a time when climate change and sustainability is top of the agenda for us personally and professionally, this new report explores some of the challenges the media industry tackling in relation to climate change, and the steps being taken to address sustainability.
Whilst the number of people employed in media organisations is relatively small, their combined influence makes the sector’s role extremely important. Primarily, this is because media outlets have enormous power to inform and shape public opinion and, potentially, to change the behaviour of their viewers, listeners and readers.
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News from COP26 – Day 7
On Saturday the COP26 presidency programme will focus on nature and land use. The conference will hear how governments, businesses, indigenous peoples, local communities and farmers are driving the transition towards more sustainable management of the land and the oceans.
Debate will centre on the protection and restoration of nature and how it can support countries’ climate plans. Delegates will also discuss how the food and farming system can be reformed.
The UK will lead 45 governments in pledging urgent action and investment to protect nature and shift to more sustainable ways of farming, and other similar announcements are likely during the day.
Outside COP26, activists have declared Saturday a Global Day of Action for climate justice. Hundreds of demonstrations and events will take place around the world, with large crowds expected to gather in Glasgow.
Sunday is a rest day for COP26, which will resume on Monday.
COP26 headlines
Nature is Saturday’s COP26 theme — and it’s under threat. Here’s what you need to know (The Washington Post)
COP26 strikes ‘eye candy’ side deals to keep climate talks from resulting in ‘zilch’ (Politco)
Young Activists Want Action as Protesters Rally at COP26 (The New York Times)
What really goes on during COP climate negotiations? (The Economist)
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CMS COP26 blog
News from COP26 – Day 6
COP26 will highlight the work of young climate activists today, and the role of young people more widely in fighting climate change. The average age of speakers will drop dramatically as the conference hears from the young leaders of climate change protests and pressure groups.
Other speakers will include UK education secretary Nadhim Zahawi, who is expected to talk about empowering young people to take action on the environment, and the importance of putting climate change at the heart of education.
Energy Day yesterday saw a rush of announcements, including several relating to coal usage and finance. They were generally seen as positive, although critics were quick to focus on some long lead-times for the elimination of coal power, and the presence of caveats and ‘opt-out’ clauses, as well as the absence of several key players from the lists of signatories.
The day also saw a slew of statistics and estimates relating to the pathway to net zero. Figures ranged from the projection by Fatih Birol, the IEA’s executive director, that global warming could be limited to 1.8C if all current pledges are honoured to the “catastrophic” 2.7C pathway feared by Selwin Hart, the UN’s assistant secretary-general for climate change. What both agree on is the urgent need for greater ambition, stronger initiatives and a faster transition to net zero.
COP26 headlines
Young activists to take spotlight for a day at UN climate talks (Reuters)
Over 40 Countries Pledge at U.N. Climate Summit to End Use of Coal Power (The New York Times)
U.S., Japan, China and India missing from COP26 coal pledge (Nikkei Asia)
Energy groups call for $3tn long duration storage push (Financial Times)
Carbon Market Talks Stumble at COP26 on How to Use the Cash (Bloomberg Green)
Countries have failed to adapt for unavoidable climate damage, UN says (The Guardian)
Vulnerable nations send SOS as climate targets slip out of reach (The Washington Post)
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CMS COP26 blog
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Climate action: using the law to drive change
CMS has partnered with @YoungCitizensUK to develop a brand-new classroom resource that looks at #ClimateAction. The new programme is available free to all UK secondary schools and introduces students to the UN Global Goals. It aims to get young people thinking about climate action and how the law can be used to drive change.
The CMS Social Impact Fund
The CMS Social Impact Fund was launched in April 2021 to support organisations that make a positive social impact in communities where CMS staff live and work. Over 70 grants were awarded across the world focuson ing projects addressing the Global Goals.
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News from COP26 – Day 5
Energy Day at COP26 will see the Presidency Programme concentrating on the vital topic of the global transition to clean energy.
According to the UK government, a large number of countries – including Poland, Vietnam, Egypt, Chile and Morocco – will pledge to phase out their use of coal power, with a target date of the 2030s for major economies and 2040s for others. But the world’s largest users of coal (China, India and the US) are not expected to sign up.
A number of nations, along with some major banks and other organisations, will also commit to stop financing coal use internationally (something China has already said it will do by the end of 2021).
The day is likely to bring announcements on renewables and energy efficiency, with representatives of governments and international organisations due to discuss new measures to scale up renewables, and energy ministers from around the world scheduled to speak this afternoon on the global green grid agenda.
The urgency of the issue has been highlighted by an analysis from the Global Carbon Project, showing that global emissions are set to return to the record levels seen before the Covid-19 pandemic. Scientists described the findings as a ‘reality check’.
COP26 headlines
Coal in the crosshairs as UN climate summit stirs clean energy pledges (Reuters)
More than 40 countries agree to phase out coal-fired power (The Guardian)
Carbon emissions show rapid rebound after Covid dip (BBC)
New body to oversee global sustainability disclosure standards (Financial Times)
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CMS COP26 blog
What will decarbonisation look like?
Marc Rathbone and Dalia Majumder-Russell discuss technical solutions to achieving Net Zero, and the importance of the relationship between companies and governments.
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Energy Transition: the evolving role of oil & gas companies in a net-zero future
The oil and gas sector will power economic recovery not just through exploration and production, but also through facilitating the transition to a lower-carbon economy and eventually a net zero future. Our in-depth report looks at the how the role of oil and gas companies is developing as we move towards Net Zero. Read the full report here.
News from COP26 – Day 4
Wednesday is Finance Day in the Presidency Programme of COP26. Attendees will be focusing on the mobilisation of public and private finance for climate mitigation and adaptation.
The day’s speakers include UK chancellor Rishi Sunak, who will outline plans to make the UK “the world’s first net zero-aligned financial centre”.
Mr Sunak is also expected to highlight commitments made by firms that control some 40% of global assets to align themselves to the Paris Agreement’s goal of limiting global warming to 1.5°C.
Yesterday saw the announcement of numerous agreements, including:
- The Glasgow Leaders’ Declaration on Forest and Land Use, which seeks to end deforestation.
- The Global Methane Pledge, in which over 100 nations agreed the aim of cutting global methane emissions by 30% by 2030.
- The Glasgow Breakthrough Agenda to make clean technologies affordable and available.
- The Just Energy Transition Partnership, through which the UK, the US, the EU, France and Germany will help South Africa end its reliance on coal.
- The return of the US to the High Ambition Coalition, which aims to limit global warming to 1.5C.
- An agreement between Colombia, Costa Rica, Ecuador and Panama to form the Eastern Tropical Pacific Marine Corridor by connecting their marine reserves to protect biodiversity – with Ecuador also expanding the protected area around the Galápagos islands.
COP26 headlines
UK firms forced to show how they will hit net zero (BBC)
Carney-led finance coalition has up to $130tn funding committed to hitting net zero (Financial Times)
With Methane and Forest Deals, Climate Summit Offers Hope After Gloomy Start (The New York Times)
World leaders announce plan to make green tech cheaper than alternatives (The Guardian)
South Africa to get $8.5 bln from U.S., EU and UK to speed up shift from coal (Reuters)
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CMS COP26 blog
New mandatory climate related financial reporting for UK businesses
On 28 October 2021, the Department for Business, Energy and Industrial Strategy (BEIS) published the UK government’s response to their spring 2021 consultation on proposals to introduce mandatory climate-related financial disclosures for publicly quoted companies, large private companies and LLPs. Read our overview.
New mandatory climate related financial reporting for UK businesses (cms-lawnow.com)
Greening finance – a roadmap to sustainable investing
On 18 October 2021, the UK Government released its Roadmap to Sustainable Investing, as part of a series of announcements in the lead up to COP26. This paper summarises the main elements of the Roadmap.
Greening Finance: A Roadmap to Sustainable Investing (cms-lawnow.com)
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News from COP26 – Day 3
Today is the second and final day of the World Leaders Summit at COP26. Some announcements on climate progress are likely. Over 100 nations – including China, Russia, Brazil, the US, Democratic Republic of the Congo, Canada and Indonesia – are expected sign a declaration committing to end deforestation by 2030.
The US and the EU are also expected to launch a global alliance to cut methane emissions. Reports suggest that up to 90 countries may agree to a 30% reduction in methane emissions by 2030.
Yesterday’s COP26 saw many speeches from world leaders. Some made new climate pledges. Most notably, India announced that it would cut carbon emissions to net zero by 2070, and get 50% of its energy from renewables by 2030. Brazil now aims to cut emissions by 50% during the present decade, and Vietnam is aiming for net zero by 2050.
According to Reuters, Denmark, the US and 12 other countries are backing the reduction of emissions by the global maritime sector to zero by 2050 – a target which will be fleshed out in negotiations at the International Maritime Organization. Shipping (like aviation) is not directly included in the Paris Agreement, and the IMO’s current objective is only to halve emissions by 2050 from 2008 levels.
COP26 headlines
Global Leaders Pledge to End Deforestation by 2030 (The New York Times)
India PM Narendra Modi pledges net zero by 2070 (BBC)
US rejoins coalition to achieve 1.5C goal at UN climate talks (The Guardian)
Xi Jinping calls on countries to combat climate change, but does not unveil any new commitments in written statement to COP26 (South China Morning Post)
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CMS COP26 blog
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News from COP26 – Day 2
Monday is when the real business of COP26 begins, with the first day of a two-day World Leaders’ Summit, during which nearly 120 heads of state and government will deliver national statements, and engage in bilateral and multilateral discussions. However, the leaders of several of the nations responsible for the largest CO2 emissions will not be speaking. (A written statement by President Xi Jinping of China will be uploaded on the conference website.)
The summit will set the scene – and the tone – for the COP26 negotiations of the coming days. After the weekend’s G20 meeting in Rome, which is widely seen as having underdelivered on climate change, the world will be watching the leaders’ statements for positive signals.
COP26 headlines
Boris Johnson warns G20 deal leaves ‘huge way to go’ at climate summit (Financial Times)
Only partial progress on coal use but agreement to limit global warming as COP26 talks open.
UN Climate Summit Starts Under Cloud After G-20 Dodges Hard Questions (Bloomberg Green)
Without stronger guidance from the world’s biggest economies, negotiators will struggle to reach consensus on tough issues.
Poor countries at Cop26 concerned by G20’s limited climate progress (The Guardian)
Leaders say they hoped for more from talks in Rome and chances of staying below 1.5C are fading.
Past 7 years set to be warmest on record, sea level at new high (United Nations)
The past seven years are on track to be the seven warmest ever, according to the provisional World Meteorological Organization State of the Global Climate 2021 report, based on data for the first nine months of the year.
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CMS COP26 blog
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