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Climate Change: ‘Fragile Win’ At COP26 Summit Under Threat

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Climate Updates: As the two-week COP26 conference in Glasgow, Scotland, came to a close, world leaders celebrated a new climate accord reached by over 200 countries late Saturday to accelerate action on climate change. The members of the Glasgow Climate Pact agreed to keep striving to keep global warming to 1.5 degrees Celsius over preindustrial levels, the goal set at the 2015 Paris Climate Summit.

Around 9 p.m. local time (9:38 p.m. UTC) Saturday evening, more than 24 hours after the scheduled end of 6 p.m. Friday, the gavel fell on two weeks of intense negotiations.”This is significant progress toward achieving 1.5 degrees. “As a group, we’ve made a lot of progress.” But, as COP26 President Alok Sharma warned delegates after the accord was reached, “continuous action and execution to match ambition must continue throughout this decade.”

India and China, though, pressed on a weakening of a promise to phase out coal and fossil fuels as the talks came to a close on Saturday. The summit president was noticeably agitated as a result of a little but substantial adjustment.”I am extremely sorry for the manner in which this process has unfolded,” Sharma stated.

“I can empathize with your feelings of betrayal. But, as you mentioned, I believe it is equally critical that we safeguard this bundle.”India, China, and South Africa contended that phasing out fossil fuels was unjust. Coal is used to generate around 70% of India’s electricity.

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“How can anyone expect underdeveloped countries to keep their promises about eliminating coal and fossil fuel subsidies?” “Developing countries must continue to deal with their development goals and poverty reduction,” said Bhupender Yadav, India’s Environment Minister. So, what exactly did the Glasgow meeting agree on? Existing agreements to reduce greenhouse gas emissions are nowhere near sufficient to keep global warming to 1.5 degrees Celsius over pre-industrial levels, according to the text.

Countries agreed to return next year with more ambitious carbon reduction targets, considerably sooner than in the previous five-year cycle. Signatories agreed to “scale down” rather than “phase out” the use of coal and other fossil fuels, as well as reduce industrial subsidies.

Rich countries agreed to double the money they will pay poorer countries to adapt to climate change and decarbonize their economies by 2025, doubling their climate financing pledges. Because affluent countries are responsible for the majority of greenhouse gas emissions, there is now an awareness of the need for richer countries to compensate developing countries for the loss and damage caused by climate change.

There was also more information on international carbon markets, which allow governments to sell carbon emission credits, potentially unleashing trillions of dollars for forest protection, renewable energy projects, and other climate-change-related projects. Critics, on the other hand, worry that the complication will allow governments to conceal their genuine emissions.

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