{"id":2114,"date":"2021-11-18T08:00:03","date_gmt":"2021-11-18T08:00:03","guid":{"rendered":"https:\/\/www.syncicap.com\/syncstage\/?p=2114"},"modified":"2024-02-15T06:08:44","modified_gmt":"2024-02-15T06:08:44","slug":"dpam-cop26","status":"publish","type":"post","link":"https:\/\/www.syncicap.com\/zh-hans\/dpam-cop26\/","title":{"rendered":"DPAM &#8211; COP26: WHAT HAPPENS NEXT?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2114\" class=\"elementor elementor-2114\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2d521e06 e-flex e-con-boxed e-con e-parent\" data-id=\"2d521e06\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-b34923b e-con-full e-flex elementor-invisible e-con e-child\" data-id=\"b34923b\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInUp&quot;,&quot;animation_delay&quot;:500}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-25462a1 exad-sticky-section-no exad-glass-effect-no elementor-widget elementor-widget-text-editor\" data-id=\"25462a1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"white-space-collapse: preserve;\">After a disappointing first week in Glasgow, the focus shifted to transportation, international carbon market developments, the long-promised financial support to developing nations, and tangible next steps on the climate pledges or NDCs. The second week didn\u2019t start off on a good note, as new research from Climate Action Tracker revealed current policies are projected to result in a global increase of 2.7\u00b0C. Even under the most optimistic scenario, we could only limit this to 1.8\u00b0C, which is still above the IPCC\u2019s recommended 1.5\u00b0C. Let\u2019s have a look at what the second week of COP had in store for us:<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fdac466 exad-sticky-section-no exad-glass-effect-no elementor-widget elementor-widget-text-editor\" data-id=\"fdac466\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><span style=\"white-space-collapse: preserve;\">Although the US, Germany and China pledged for cleaner cars, they failed to support the declaration on ending ICE vehicle sales by 2035 in developed markets. Fortunately, Ford, Mercedes, Volvo and Mercedes-Benz joined the declaration. The Breakthrough Alliance will also focus on the affordability of electric vehicles (EV) in all regions by 2030. Several emerging markets, including India, announced an acceleration of their EV markets. Concerning heavy transportation, 19 governments pledged their support for the creation of so called \u2018green shipping corridors\u2019. The UK announced a ban on diesel trucks between 2035 and 2040. Finally, several nations (including Canada, France, the UK and the US) signed a declaration targeting 1.5\u00b0C-aligned emission targets for the aviation industry.<\/span><\/li><li><span style=\"white-space-collapse: preserve;\">Alongside several other resiliency initiatives, a new UN report on climate resilience (\u2018Adaptation and Loss Day\u2019) was launched with a set of metric systems to assess the climate resilience of countries, cities and businesses\u2019 actions. The announcement is part of a larger UN program, which has already led to tangible results in developing nations.<\/span><\/li><li><span style=\"white-space-collapse: preserve;\">The US and China started (effective) talks and pledged to step up climate action. However, China has yet to express its formal support for the US-launched Methane Pledge. However, starting in early 2022, several meetings have allegedly already been scheduled, targeting 2022 NDC updates, methane, deforestation and low-carbon energy.<\/span><\/li><li><span style=\"white-space-collapse: preserve;\">Also from the fossil fuel side, the Beyond Oil and Gas Alliance was launched by Denmark and Costa Rica, supported by Wales, France, Ireland, New Zealand, Sweden, Greenland, California and Quebec. The Alliance wants to set an end date for new oil and gas development projects as well as plans to phase out existing capacity.<\/span><\/li><li><span style=\"white-space-collapse: preserve;\">Activist set food, hard. Although expected, a lot of activity at the COP came from climate activists, including youth movements, indigenous groups and NGOs. A People\u2019s Decision for Climate Justice was launched, highlighting 10 requests for developed, high-emitting countries. Expect extra protests in 2022.<\/span><\/li><li><span style=\"white-space-collapse: preserve;\">There were some minor positive developments on Article 6 of the Paris Agreement targeting the international carbon market. Some of the accounting loopholes in the system were closed through uniform reporting standards. However, its \u2018offset market\u2019 approach still relies on simplistic, short-term methodologies.<\/span><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a06cb2f exad-sticky-section-no exad-glass-effect-no elementor-widget elementor-widget-text-editor\" data-id=\"a06cb2f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"white-space-collapse: preserve;\"><b>ALSO DISCUSSED DURING WEEK 2, BUT MISSING THE SPOTLIGHTS<\/b><\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2ade4c8 exad-sticky-section-no exad-glass-effect-no elementor-widget elementor-widget-text-editor\" data-id=\"2ade4c8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul>\n \t<li><span style=\"white-space-collapse: preserve;\">Research suggests that, in the world\u2019s largest economies, the health care sector accounts for roughly 5% of national carbon footprints<sup>1<\/sup>. Consequently, several nations have agreed to take on the health industry\u2019s emissions.<\/span><\/li>\n \t<li><span style=\"white-space-collapse: preserve;\">Green hydrogen remains in the picture. 28 organisations, on both the supply and demand side, have committed to an expansion of the hydrogen market.<\/span><\/li>\n \t<li><span style=\"white-space-collapse: preserve;\">Nigeria, one of the fastest growing developing countries, also made a Net Zero pledge (by 2060), following India\u2019s Net Zero pledge by 2070. According to Net Zero Tracker, this brings the amount of the world\u2019s GDP covered by countries with Net Zero pledges to 90%.<\/span><\/li>\n<\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fcfc222 exad-sticky-section-no exad-glass-effect-no elementor-widget elementor-widget-text-editor\" data-id=\"fcfc222\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"white-space-collapse: preserve;\"><b>SOME THINGS YOU WANT TO KNOW, BUT DIDN\u2019T HOPE TO READ <\/b><\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-de6c9e8 exad-sticky-section-no exad-glass-effect-no elementor-widget elementor-widget-text-editor\" data-id=\"de6c9e8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul>\n \t<li><span style=\"white-space-collapse: preserve;\">According to the Global Witness initiative, who reviewed COP\u2019s participants list, 503 people with links to the fossil fuel industry attended the summit. Although this number looks marginal in relation to the total list of 40,000 people, it\u2019s remarkable to note that they represent the largest delegation at the summit. And although we can imagine the answer, why are fossil fuel lobbyists represented at all at an international climate convention?\n<\/span><\/li>\n \t<li><span style=\"white-space-collapse: preserve;\">The difference in negative impacts of a 1.5\u00b0C and 2\u00b0C scenario will likely be significant<sup>2<\/sup>. In fact, a staggering 1 billion people will endure extreme heat stress under a 2\u00b0C scenario<sup>3<\/sup>.<\/span><\/li>\n \t<li>Agriculture was yet again largely ignored at the summit. Although responsible for a significant share of global emissions, the topic is delicate, as countries need to balance SDG2 \u2018Zero Hunger\u2019 with SDG13 \u2018Climate Action\u2019. 45 nations did however pledge to transform their food systems through sustainable farming.<\/li>\n \t<li>Due to lacking legal constraints and mechanisms for monitoring and enforcement, the deforestation pledge ended up with (significant) flaws.<\/li>\n \t<li>Several organisations referred to the EU as \u2018the missing leader\u2019. Despite the EU\u2019s strengthened ambitions and growing climate-related regulatory landscape, EC\u2019s Vice President Timmermans only raised his voice during the final hours of the conference. Moreover, the EU economy still heavily relies on Chinese imports, hence \u2018outsourcing\u2019 its emissions. The announced carbon boarder adjustment mechanism will only cover a marginal amount of emissions.<\/li>\n \t<li>Australia, developed economy but still a climate laggard, failed to update its 2030 climate targets and is unlikely to do this by the next COP. Also, its lacking coal phase-out ambitions are also disappointing.<\/li>\n<\/ul>\n<div><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0b3e380 exad-sticky-section-no exad-glass-effect-no elementor-widget elementor-widget-text-editor\" data-id=\"0b3e380\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"white-space-collapse: preserve;\"><b>ALL IN ALL: THE FINAL GLASGOW PACT MISSES AMBITION (UNDERSTATEMENT), BUT IT\u2019S NOT OVER YET<\/b><\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9e6ca64 exad-sticky-section-no exad-glass-effect-no elementor-widget elementor-widget-text-editor\" data-id=\"9e6ca64\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><span style=\"white-space-collapse: preserve;\">Taking all NDCs into account, the final Pact will not limit global warming to 1.5\u00b0C \u2013 neither by 2030 nor 2050. Further NDC updates are urgently required in 2022 at COP27. Countries need to come back next year with stronger climate plans, something initially scheduled for 2025 (the so-called \u2018ratchet mechanism\u2019). But doesn\u2019t this sound familiar? Isn\u2019t this again wishful thinking? Can we at least get our hopes up following the announced US-China collaboration \u2013 a small silver lining to an otherwise disheartening COP.<\/span><\/li><li><span style=\"white-space-collapse: preserve;\">Climate scientists agree that phasing out coal is required to meet the climate objectives. However, the final fossil fuel wording of the Glasgow Pact was significantly watered down by some coal nations (incl. India, China, Saudi Arabia and South Africa), not only in terms of timing but also in terms of ambition. As such, \u2018phasing out coal\u2019 was replaced by \u2018phasing down unabated coal power\u2019 to leave sufficient leeway for these nations in the future. Diplomacy and lobbying at their \u2018best\u2019, unfortunately. Still, on a slight positive note, including a commitment on fossil fuels in the final Pact is remarkable and puts an end to a historical taboo. Note that the G20 had also committed to stopping the financing of coal power projects abroad, and over 40 countries committed to a coal phase out (incl. Chile, Vietnam and Poland), including a phase out by 2030 for major economies, and 2040 for the rest of the world. It also puts a halt to all new constructions. In addition, 25 nations committed to <a href=\"http:\/\/stopping public financing of fossil fuel projects by the end of 2022\" data-wplink-url-error=\"true\">stopping public financing of fossil fuel projects by the end of 2022<\/a>, including France, the UK and Canada. The \u2018outsourced\u2019 emissions of developed economies, like the EU, however, were, again, not sufficiently covered.<\/span><\/li><li>Financing ambitions remain below average, and vulnerable countries are largely left out again. Following week 1 announcements from Japan, the EU, the US and the UK, we expected more climate financing pledges towards developing countries. However, we are still nowhere near the promised annual USD 100 billion financing pledge made in Paris, and some wordings in the final Pact were rather vague. Allegedly, this was driven by US concerns: The nation fears a lifetime of climate litigation due to its contributions to global warming. However, the financing need remains a part of the final text, stressing \u2018effort doubling\u2019 by 2025 (to USD 40 billion), but omitting the setup of a \u2018fund\u2019, focusing instead on \u2018technical support\u2019.<\/li><li>On the positive side, private and public financing for new technologies appears to be high (First Movers Coalition and the Breakthrough Alliance), the deforestation pledge is historic (thanks to its overwhelming support), Glasgow Financial Alliance for Net-Zero (GFANZ) was launched and will hopefully further set the scene for financial institutions, the US-China talks were initiated (finally!), and finally carbon-based arrangement on steel and aluminium between the EU and US brings us one step closer to an international carbon market.<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e69e71b exad-sticky-section-no exad-glass-effect-no elementor-widget elementor-widget-text-editor\" data-id=\"e69e71b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"white-space-collapse: preserve;\">All in all, we\u2019re not sure if the UK\u2019s COP ambition to \u2018keep 1.5\u00b0C alive\u2019 was reached. Only tangible, direct policy actions in 2022 will tell. Interested in the text of the Glasgow Climate Pledge? Please consult following <a href=\"https:\/\/unfccc.int\/sites\/default\/files\/resource\/cop26_auv_2f_cover_decision.pdf\">link<\/a>.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4be3e9f elementor-widget-divider--view-line exad-sticky-section-no exad-glass-effect-no elementor-widget elementor-widget-divider\" data-id=\"4be3e9f\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b41db8 exad-sticky-section-no exad-glass-effect-no elementor-widget elementor-widget-text-editor\" data-id=\"8b41db8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<span style=\"white-space-collapse: preserve;\"><sup>1<\/sup> According to the \u2018Potsdam Institute for Climate Impact Research\u2019 and \u2018Health Care Without Harm\u2019 <\/span>\n<span style=\"white-space-collapse: preserve; font-style: inherit; font-weight: inherit;\"><br><sup>2<\/sup> According to the latest IPCC report <\/span>\n<span style=\"white-space-collapse: preserve; font-style: inherit; font-weight: inherit;\"><br><sup>3<\/sup> According to research from the UK\u2019s national meteorological service<\/span>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>DPAM &#8211; COP26: WHAT HAPPENS NEXT? After a disappoi [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[12],"tags":[],"class_list":["post-2114","post","type-post","status-publish","format-standard","hentry","category-ofi-dpam-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DPAM - COP26: WHAT HAPPENS NEXT? - Syncicap<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.syncicap.com\/zh-hans\/dpam-cop26\/\" \/>\n<meta property=\"og:locale\" content=\"zh_CN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DPAM - COP26: WHAT HAPPENS NEXT? - Syncicap\" \/>\n<meta property=\"og:description\" content=\"DPAM &#8211; COP26: WHAT HAPPENS NEXT? 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