Outcome of COP 26
On 13 November, the 26th Conference of the 197 countries that are parties to the United Nations Framework Convention on Climate Change UNFCCC - in short COP 26 - concluded its work with the following outcome in the three pillars of climate change action undertaken in this framework:
Adaptation: a work programme was established to define the global goal on adaptation, which will identify collective needs and solutions to the climate crisis already affecting many countries.
Mitigation: the persistent gap in emissions was clearly identified with a collective commitment to work to reduce it and to ensure that the world continues to advance during the present decade, so that the rise in the average temperature is limited to 1.5 degrees in 2030.
Finance: there was a consensus to continue increasing support to developing countries. The call to at least double finance for adaptation was welcomed by the Parties. The duty to fulfil the pledge of providing $100 billion per annum from developed to developing countries was also reaffirmed. A process to define the new global goal on finance was launched. Parties also committed to a process to agree on long-term climate finance beyond 2025. The COP also decided to establish a dialogue between parties, stakeholders, and relevant organisations to support efforts to avert, minimise and address loss and damage associated with climate change.
In addition, a key outcome was the conclusion of the so-called Paris “rulebook.” An agreement was reached on the fundamental norms related to Article 6 of the Paris Agreement on carbon markets, which will make it fully operational. The negotiations on the Enhanced Transparency Framework were also concluded, providing for agreed tables and formats to account and report for targets and emissions.
Based on new announcements made during the COP26, it is estimated that the path is now between 1.8°C and 2.4°C of warming. Parties have agreed to revisit their commitments, as necessary, by the end of 2022 to put us on track for 1.5°C of warming, maintaining the upper end of ambition under the Paris Agreement.