Another good video from CNBC looking at the recent COP26 meeting. COP26 – Conference of the Parties – is the specific name of the annual United Nations Climate Change Conference in its 26th year. The first meeting was in Berlin in 1995. Main points from the video are:
- 2015 Paris Climate Agreement – committed countries to limit global warming to no more than 2°C above pre-industrial levels with an aim for 1.5°C
- Global warming is 1.1°C – on track for 2.4°C increase by end of the century
- Rather than phasing out coal they would phase down – opposition from China and India
- USA, EU and others stated that they would cut global methane levels by 30% by 2030
- India to cut its emissions to net zero by 2070
- Richer nations need to help finance emerging economies to cope with climate change
- Present policies will see the temperature rise by 2.7°C.
- If National Determined Contributions (NDC) targets are implemented then by 2030 temperature rise will be approximately 2.4°C.
- If all targets are fulfilled the best case scenario is 1.8°C
- GFANZ – Glasgow Financial Alliance for Net Zero – hope to raise $130 trillion from private capital to fight climate change.
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