COP26 key takeaways: From India’s 2070 net-zero target to global methane pledge

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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There were a number of big announcements at the COP26 climate summit in Glasgow as countries set out a roadmap to reducing carbon emissions and combating global warming.

Here are key takeaways from the COP26 summit’s first week

*India committed to carbon neutrality for the first time by 2070. Prime Minister Narendra Modi also called for developed nations to step up climate finance efforts and deliver $1 trillion. And, that’s a 1000 times increase on current targets.

*The Glasgow Financial Alliance for net-zero and alliance for financial institutions, with close to one $130 trillion in terms of assets under management (AUM), committed to financing the transition to a low carbon economy and decarbonising its own operations by 2050.

An agreement was reached between 40 nations to phase out coal power generation. However, the world’s top three consumers —USA, India, and China— did not join this agreement.

*More than 90 countries signed the US and European-led global methane pledge. Countries of note include 15 of the world’s top 30 methane emitters. However, omissions included China, Russia, and India.

Also Read: India at COP26 says its solar energy capacity increased 17 times in 7 years; now at 45 GW

*Hundred nations with territorial responsibility of 85 percent of the world’s forests committed to ceasing deforestation.

*The IFRS Accounting Standards Board, that is the international sustainability standards board, announced the formation of a new common language that will be used globally. The board will also assess sustainability-related company disclosures.

*About 43 African countries also relaunched an initiative to attract green capital from international and domestic investors.

*Australia Climate Finance pledged an additional $500 million in climate finance.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow