“I know you are disappointed. But the path of progress is not always a straight line. Sometimes there are detours. Sometimes there are ditches. But I know we can get there. We are in the fight of our lives, and this fight must be won.”

UN Secretary-General Antonio Guterres

The above is UN Secretary-General Antonio Guterres’ message to young people, indigenous communities, women leaders and all those leading the charge on climate action as COP26 officially closes with the Glasgow Climate Pact and the Paris Rulebook. The outcomes were delayed by a day because agreements could not be reached yet, but fortunately parties were able to agree on a strengthened climate deal and put an end to the Article 6 negotiation that has lingered for 6 years.

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Significance of Key Outcomes

1. Glasgow Climate Pact

• Requires 197 countries to strengthen targets for 1.5 degrees by next year instead of every 5 years (#NDC submissions)
• More responsibility by developed countries on climate finance (e.g. “urges developed country Parties to at least double their collective provision of climate finance for adaptation to developing country Parties from 2019 levels by 2025”)
• Mention of Loss and Damage, compensation for countries already suffering from the adverse impacts of climate change
• “Phase down unabated coal power and of inefficient subsidies for fossil fuels”, with last-minute change of term from “phase-out” to “phase down” coal due to India’s intervention

2. Paris Rulebook (Article 6: International Carbon Markets)

• Article 6 of the Paris Agreement concerning the international carbon markets was left unresolved at the Paris COP21 in 2015 and following 6 years of strenuous negotiations, at COP26 it was finally agreed by negotiators, meaning that Paris Agreement can be fully implemented
• The deal set rules for carbon markets, potentially unlocking trillions of dollars for protecting forests, building renewable energy facilities and other projects to mitigate climate change

• In the Paris Rulebook:
  • Compromised cut-off date of 2013 (carbon credits before 2013 will not carry forward)
  • No double-counting (i.e. carbon credits not double-counted under national emission targets)
  • Demand from LDC to tax bilateral trades between countries for funding climate adaptation was NOT approved

Major side deals

• >120 countries pledged to end and reverse deforestation by 2030, including China, Russia
• > 100 countries signed an agreement to reduce methane emissions by 30% by 2030, an initiative by the EU & US
• > 40 countries pledged to phase out coal and end funding for international fossil fuel projects
• China and the US pledged to boost climate cooperation on methane reduction, transition to clean energy over the next decade

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COP26 “feels like a threshold is passing where citizens and governments are really waking up to the risks” – as an attendee described.

That’s why we should Never give up, Never retreat, Keep pushing forward.