One of the major problems today’s world is facing is Climate Change. Many disasters are occurring in different parts of the globe which are more or less part of the bigger issue of Climate Change. COP26 stands for the 26th UN Climate Change Conference Of The Parties. It is being conducted in Glasgow from October 30 to November 12. COP26 is being hosted by the UK.
The prime objective of the COP26 is to bring parties on one platform to enhance the action to achieve the objectives of the Paris agreement on climate change and of the UN Framework Convention on Climate Change. In this article, we are going to look at five main aspects of the COP26 Summit so far. These five aspects are as follows-
- Importance Of COP26
- Problems To Get Highlighted In COP26
- Paris Agreement And COP26
- India’s Say At COP26
- COP26 And The Finance Sector
We will now see each point in detail about the COP26 summit.
1) Importance Of COP26 Summit
Climate change is affecting the world in different ways on an everyday basis. Also, for the last two years due to the covid pandemic world is already facing its several consequences. COP26 will assess so far how many participating parties have managed to work on the goals of the Paris agreement as they will have to report called Nationally Determined Contributions, NDCs it which will reveal the effectiveness of the same. It also divulges rich nations meets the goal of contributing $100bn a year as climate finance.
2) Problems To Highlighted In COP26
From carbon market mechanisms to funding for loss and destruction are the range of issues being addressed at the COP26 summit. It also includes a set of new aims for climate finance that is targeted to be achieved by 2025. It will also put across the idea of including Nature-Based Solutions involving natural elements like forests, agriculture, and ecosystems in the Paris agreement.
3) Paris Agreement And COP26
At Paris of COP21, different parties had ought to mitigate the greenhouse gas emissions by 2025 to 2030. It was then the concept of funding for loss and destruction was introduced and rich nations agreed to provide assistance to poor and developing nations to implement the actions. All these are being measured at COP26.
4) India’s Say At COP26
In his address at the 26th UN Climate Change Conference, prime minister Narendra Modi announced new targets for India’s fight against Climate Change. He has announced achieving a net-zero emission target by 2070, mitigating emissions intensity, raising the renewable mix in electricity generation, emphasis on the usage of Non-fossil fuel sources of energy, decreasing 1 billion tonnes of emissions from its projected emissions between now and 2030.
5) COP26 And The Finance Sector
Assembling the finance sector to combat climate change is one of the prime objectives of the COP26 summit. It has become a vis-à-vis situation as on one hand several eco-friendly projects are in quest of finance whereas, on the other hand, many finances are in search of project opportunities worthy of investments. However, one thing is clear that along with being global challenge firms are seeing climate change as a big business opportunity.