COP 26 | Week 1 in Summary: The 6 Big Initiatives

Delegates to COP26 in Glasgow, Scotland just wrapped up the first half of the two-week summit. More than 100 world leaders listed down presented their plans to make higher-impact reduction goals to fight climate change. Here are six of the biggest initiatives announced during the summit thus far.

Countries

Area

Action

100+

Deforestation

Glasgow Leaders Forest & Land Use Declaration: over 100 countries signed up to end deforestation globally by 2030, with US$20bn in private and public funds to help end logging and protect forests globally. The countries that have signed the pledge cover around 85% of the world's forests.

Global

Climate Reporting

International Sustainability Standards Board (ISSB): officially launched with a mission to rapidly build on existing frameworks for climate reporting. The ISSB’s primary objective will be to elevate sustainability to the same status as financial reporting which is governed by the International Accounting Standards Board (IASB).

Global

Climate Finance

Glasgow Financial Alliance for Net Zero: a coalition of more than 450 firms across 45 countries, led by former Bank of England governor Mark Carney, representing more than $US130 trillion of private finance has committed to aligning investment with science-based net-zero targets by 2050.

40+

Coal

Global Coal to Clean Power Transition Statement: over 40 countries and some major energy companies are committed to phasing out coal-fired generation by 2030 for developed countries and by 2040 for developing countries. This was part of a broader coalition of 190 countries and financial institutions that have agreed to phase out coal power and end support for new coal power plants.

103

Methane

Global Methane Pledge: 103 countries, including 15 major emitters, committed to cutting methane emissions by 30% by 2030. The signatories account for 40% of global methane emissions.

Global

Agriculture

The Global Action Agenda on Transforming Agricultural Innovation: over 160 allies have signed up including the World Bank, WWF, World Food Programme, UN Foundation, Columbia Climate School, Bayer, Rainforest Alliance, World Economic Forum, Asian Development Bank, the European Bank for Reconstruction and Development as well as countries. Key initiatives will include the 100 Million Farmers Multi-Stakeholder Platform led by the World Economic Forum and over US$5bn from the ClimateShot impact investment community to transform agriculture for people, nature, and climate.

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