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(Image: Reuters) As the 26th UN Climate Change Conference of the Parties (COP26) in Glasgow comes to an end, battlelines have sharpened and nations remain locked in their positions as the world waits for a definitive action plan to counter global warming. Despite a series of multilateral agreements – from reducing investments in coal and eliminating deforestation to cutting methane emissions – an overall consensus on reducing carbon emissions and ensuring climate finance have hit a dead end, officials at the summit told Moneycontrol. As the last working day of the conference started, COP26 president Alok Sharma said a final text is coming soon. The Indian-origin British minister in overall charge of the talks has stressed many times over the past few days that in-principle acceptance of issues such as carbon emission reduction and climate finance have never been as widespread as now. The final agreement is expected to be released at the end of the working day on … [Read more...] about COP26: As Glasgow Summit reaches finale, both challenges and opportunities intensify

Climate activists attend a protest organized by the COP26 Coalition in London, Saturday, Nov. 6, 2021. The protest was taking place as leaders and activists from around the world were gathering in Scotland's biggest city for the U.N. climate summit, to lay out their vision for addressing the common challenge of global warming. (Andrew Milligan/PA via AP) In the aftermath of the COP26 summit in Glasgow, the developed world has been vociferous in blaming India and a handful of other developing nations for New Delhi’s strong stance against completely phasing out the use of coal in the final agreement. However, sources told Moneycontrol that India had agreed in principle to the draft agreement under assurance that climate finance would be provided even till the draft agreement stage. When this did not materialise, there was no other option to maintain India’s strategic and economic interests, they added. One of the landmark features of the draft agreement at Glasgow had been a … [Read more...] about COP26 | Promised climate finance did not materialise: Sources

The newest State of the Global Climate report is bleak: Last year, the world set new records for greenhouse gas concentrations, sea level rise, ocean heat, and ocean acidification. The last seven years have been the warmest seven years on record in human history. The report, released today by the World Meteorological Organization, “is a dismal litany of humanity’s failure to tackle climate disruption,” UN Secretary-General António Guterres said in a video message at the launch event. advertisement advertisement But Guterres also laid out a clear path to action, starting with the fact that the fossil fuel era needs to end. “The global energy system is broken and bringing us ever closer to climate catastrophe,” he said. “Fossil fuels are a dead end—environmentally and economically. The war in Ukraine and its immediate effects on energy prices is yet another wake-up call. The only sustainable future is a renewable one.” To have a chance of limiting … [Read more...] about ‘Fossil fuels are a dead end’: UN Secretary-General outlines how to avoid climate disaster

Representational image of extreme weather events due to climate change. (Image: AP) While it recognises the need for urgent climate finance by developed economies, the draft agreement hammered out at COP26 after nine days of intense negotiations does not put a final target on the total amount of finance or the minimum level of funds to be raised. “The draft agreement has mentioned the need for significantly scaling up the $100-billion climate finance target manifold, and has suggested that this may reach more than $1 trillion. However, there is scant movement beyond this,” a senior official present at the summit said. Climate finance refers to local, national or transnational financing—drawn from public, private and alternative sources of financing—that seeks to support mitigation and adaptation actions that will address climate change. Even before COP26 began in Glasgow, the Organisation for Economic Cooperation and Development had said developed countries would likely … [Read more...] about Draft COP26 deal sees no final amount or deadline for beginning climate finance yet