‘This is a fragile win. We have kept 1.5 alive. That was our overarching objective when we set off on this journey two years ago, taking the role of the COP presidency-designate. But I would say the pulse of 1.5 is weak’ – Alok Sharma, President for COP26.

If scientists, politicians and activists were hoping that COP26, delayed by one year because of the pandemic, would yield concrete plans for progress on climate change, perhaps the overall conclusion might be ‘at least we haven’t gone backwards’.

The Glasgow Climate Pact, signed by 197 countries, required an extra day of negotiations. In his summing up, the UN Secretary General António Guterres said: ‘The approved texts are a compromise. They reflect the interests, the contradictions, and the state of political will in the world today.’

In his video statement Guterres said that the agreement ‘takes important steps but unfortunately the collective political will was not enough to overcome some deep contradictions. We must accelerate action to keep the 1.5 (degrees °C) goal alive…it’s time to go into emergency mode or our chance of reaching net-zero will indeed be zero.’

Guterres added that it was his conviction that it was time to phase out coal, end fossil fuel subsidies and build resilience in vulnerable communities. He also addressed the many young people and indigenous communities, saying: ‘I know you are disappointed. But the path to progress is not always a straight line…but I know we will get there. We are in the fight of our lives, and this fight must be won.’

COP26 President Alok Sharma believes that the measures agreed at COP26 are a ‘fragile win’ in the fight against catastrophic climate change. | Editorial credit: Paul Adepoju / Shutterstock.com

The Glasgow Climate Pact calls on signatories to report their progress towards more climate ambition in time for COP27, which will be hosted by Egypt. Welcoming the agreement, Alok Sharma, COP26 President, said: ‘This is a fragile win. We have kept 1.5 alive. That was our overarching objective when we set off on this journey two years ago, taking the role of the COP presidency-designate. But I would say the pulse of 1.5 is weak.’

European Commission President Ursula von der Leyen said: ‘We have made progress on three of the objectives we set at the start of COP26. First, to get commitments to cut emissions to keep within reach the global warming limit of 1.5 degrees. Second, to reach the target of $100 billion per year of climate finance to developing and vulnerable countries. And third, to get agreement on the Paris rulebook. This gives us confidence that we can provide a safe and prosperous space for humanity on this planet.’

The NGO Greenpeace said in a statement: ‘While the COP26 deal doesn’t put the 1.5C goal completely out of reach, the governments and companies that obstructed bold action on climate change are knowingly endangering whole communities and cultures for their own short-term profits or political convenience. History won’t judge them kindly for this.’

While the final Pact has not reflected the hopes of many, it can be said that COP26 wasn’t short of a desire to see change. Perhaps the surprise package of the two-week event was the declaration between China and US which states that the countries ‘…recognise the seriousness and urgency of the climate crisis. They are committed to tackling it through their respective accelerated actions in the critical decade of the 2020s, as well as through cooperation in multilateral processes, including the UNFCCC process to avoid catastrophic impacts.’ The declaration from the two countries was widely welcomed.

Methane emissions and ocean protection

Other notable developments from COP26 included: The formal launch of the Global Methane Pledge led by the US and the European Union. The Pledge, which seeks to reduce overall methane emissions by 30% below 2020 levels by 2030, saw 100 countries, representing 70% of the global economy and nearly half the global methane emissions, sign up.

In agriculture, the Agriculture Innovation Mission for Climate (AIM4Climate) was launched. Initiated by the US and United Arab Emirates, with endorsement from the COP26 Presidency, the goal of the initiative is to increase and accelerate global innovative research and development on agriculture and food systems in support of climate action.

For some, including environmental activist Greta Thunberg, the resolutions agreed by governments at COP26 are insufficient. | Editorial credit: Mauro Ujetto / Shutterstock.com

The initiative has the backing of 32 countries. In addition, ocean protection received a boost with the UK Government using the COP26 Ocean Action Day to announce a wave of investment including at least £20 million in commitments made at the Ocean Risk and Resilience Action Roundtable to drive the health and resilience of the oceans and climate vulnerable communities.

The Science and Innovation day at COP26 saw the launch of four initiatives, backed by global coalitions of nations, businesses and scientists. In what was said to be a global first, the Adaptation and Research Alliance was launched. The network of more than 90 organisations will collaborate to increase the resilience of vulnerable communities most impacted by climate change.

In further developments the UK, along with several countries including Canada and India, will collaborate to develop new markets for low carbon steel and concrete. The work is being carried out under the Industrial Deep Decarbonisation Initiative.

The need for innovation

Commenting on this, George Freeman, the UK Minister for Science, Research and Innovation, said: ‘Real change to combat climate change cannot happen without new scientific ideas, innovation and research, and it is clear no country or company acting in isolation can deliver the change that is needed at the pace that is needed.’

While the final COP26 Glasgow Climate Pact has disappointed many, there is no doubt that there is a will to make positive change, keep global temperatures in check and see humanity reap benefits.

The theme of the 2021 World Economic Forum’s Davos Agenda was ‘The Great Reset’ and how the world might recover from the effects of Covid-19. Because of the current circumstances, the forum was split into two parts, with a virtual meeting held January 25-29 and an in-person gathering planned for May 13-16, in Singapore.

Each day of the January summit was dedicated to discussing a key area for recovery. On Monday, January 25, the focus was on designing cohesive, sustainable and resilient economic systems. On Tuesday, delegates discussed how to drive responsible industry transformation and growth, while on Wednesday they spoke about enhancing the stewardship of our global commons. Thursday's talks centred on harnessing the technologies of the Fourth Industrial Revolution, and on Friday attendees discussed ways to advance global and regional cooperation.

With the International Labor Organization jobs report, published at the start of the week, stating that at least 225 million jobs vanished worldwide over the past year (four times more than the 2008 global financial crisis) and concerns that vaccine nationalism will see the pandemic continue to ravage many less wealthy nations, much of the talk was around equality and unity.

Christine Lagarde, President of the European Central Bank, spoke in Monday's meeting. ‘Once we’re through to the "second phase" of the 2021 Covid-19 recovery,’ Lagarde said, ‘it is most likely going to be a new economy, which will be associated with positive developments and also with challenges.’ Many advanced economies, she noted, particularly in Europe, have jumped forward in terms of digitalisation, some by up to seven years.

Christine Lagarde, President of the European Central Bank, has called for continued support for the digital-centred, post-pandemic economy. | Credit: Alexandros Michailidis / Shutterstock.com

She added that it is likely that there will be a 20% increase in the amount of people working from home post-pandemic, which will have an impact on many economies, and claimed that technological changes are already having positive effects. She said that it is critical to continue ‘favouring and supporting investment into this new economy’ and that on the fiscal and monetary policy front, authorities will have to stay the course and continue to support. At the same time, investment will have to be focused on laying the ground for a new economy.

Ursula von der Leyen, President of the European Commission (EC), agreed about the increase in digitalisation, and reported that the EU hopes ‘the 2020s can finally be Europe’s Digital Decade’, highlighting a number of investments to boost this process, including the startup scenes in cities such as Sofia and Lisbon.

However, she warned that there is a ‘darker side of the digital world,’ noting the assault on Capitol Hill in the US and making clear that ‘The immense power of the big digital companies must be contained. She spoke of the EC's plans ‘to make internet companies take responsibility for content, from dissemination to promotion and removal, and highlighted the Commission’s new rulebooks, the Digital Services Act and the Digital Markets Act.

Ursula von der Leyen, President of the European Commission, believes the 2020s can be Europe’s ‘Digital Decade’. | Credit: John Smith Williams / Shutterstock.com

She invited the US to work together to: ‘Create a digital economy rulebook that is valid worldwide: it goes from data protection and privacy to the security of critical infrastructure. A body of rules based on our values: Human rights and pluralism, inclusion and the protection of privacy.’

Marc Benioff, Salesforce CEO, made a noteworthy intervention in his panel discussion, claiming, ‘There has been a mantra for too long that the business of business is business, but today the business of business is improving the state of the world.’ He added that, while there were many CEOs who had been ‘bad actors,’ others had used their considerable resources to help fight the pandemic.

Many speakers noted a shift towards sustainability in investments, with others demanding more change and faster. Of the latter, Mark Carney, Special Envoy for Climate Action and Finance to the UN, said bluntly, ‘if you are part of the private financial sector and you are not part of the solution […] you will have made the conscious decision not to be aligned to net zero […] if you’re not in, you’re out because you chose to be out.’

It could be concluded that there was a great deal to feel positive about, but the circumstances are difficult. Now we will see whether the attendees of the World Economic Forum can deliver on their inspiring rhetoric.