Trying to make sense of what did the Glasgow summit achieved?
- “Keep 1.5 Alive” – Parties have agreed to ramp up 2030 climate action plans (nationally-determined contributions) by next yr.
- Created a 2 yr work programme to define a global goal on adaptation.
- Called for an annual synthesis report to track the progress of countries.
- Rules for carbon markets – The new rules provide developing countries for using carbon credits to meet their first NDC targets. Meaning, developed countries can buy credits to meet their emission reduction targets only until 2025.
There has been a long-standing deadlock on these rules between the countries since the Paris Agreement. Article 6 of the Paris climate agreement allows countries to work across borders to meet their climate goals.
The agreement has expressed “deep regrets” over the failure of the developed countries to deliver on their $100 billion promise. It has asked them to arrange this money urgently & every yr till 2025.
First-time mention of fossil fuels
Original text: Countries to accelerate “efforts towards the phase-out of unabated coal power and inefficient fossil fuel subsidies.” India & China made last-min amendments to the text. Now, “phase out” has been replaced with phase down”.
- Over 100 countries pledged to reduce methane emissions by at least 30 per cent from present levels by 2030.
- Another set of over 100 countries promised to arrest and reverse deforestation by 2030.
- 30+ countries signed on to a declaration promising to work towards a transition to 100% zero-emission cars by 2040.
- 40+ countries have committed to ending their domestic use of coal for electricity & 25 countries agreed to stop financing coal power in developing countries.