The Paris Rulebook was completed after six years of discussions. After a deal on the transparency process is agreed upon, this rulebook will allow for the full delivery of the landmark accord. This includes Article 6, which establishes a robust framework for countries to exchange carbon credits through the UNFCCC. For the first time, cries from activists, experts, civil society, and vulnerable countries were heard, and COP26 agreed on action to phase out fossil fuels. There were also commitments to significantly increase financial support through the Adaptation Fund as developed countries were urged to double their support to developing countries by 2025.
After working through the night on Friday (past the scheduled close of 5 pm), delegates made progress on crucial unsolved problems, such as how countries will trade emission credits and pledging more money to deal with the staggering costs of climate change in developing countries.The agreement on Article 6 in Glasgow created rules to prevent double-counting of emissions credits, closed loopholes, and added stronger language make credits being traded across borders represent real reductions in greenhouse gas emissions. Countries will also have to take a detailed inventory of their greenhouse gas emissions by 2024, which will be used as the basis for future emissions cuts.
The final agreement, dubbed the Glasgow Climate Pact, was endorsed by nearly 200 countries and functions as a set of principles and goals for action on climate change. While there is no enforcement mechanism, the agreement serves as a lever for international political pressure.
The Glasgow Climate Pact will undoubtedly intensify global climate action. All countries agreed to revisit and strengthen their current emissions targets to 2030, known as Nationally Determined Contributions (NDCs), in 2022. This will be combined with a yearly political roundtable to consider a global progress report and a Leaders summit in 2023. “It is not perfect, it is not without fault, but it does represent real progress,” said Tina Stege, the climate envoy for the Marshall Islands. “There is work to do on loss and damage … and we know and we commit to focusing on this in the coming year to find actual solutions.”
COP president Alok Sharma stated: “I would say that this is a fragile win. We have kept 1.5 alive. That was our overarching objective when we set off on this journey two years ago, taking on the role of the COP presidency-designate. But I would still say that the pulse of 1.5 is weak. That is why, whilst we have reached, I do believe, a historic agreement. What this will be judged on, is not just the fact that countries have signed up, but on whether they meet and deliver on the commitments.”
Next year, COP27 will be held in Egypt and will focus on resolving loss and damage negotiations, evaluating the carbon market accounting rules, and continuing the momentum of phasing out fossil fuels. Let us know how you feel about how COP26 went in the comments below!
