COP26 Daily Digest: Day 6

FleishmanHillard COP26 Daily Digest, Day 6: Friday 5th November 2021

As we approach the halfway point of COP26, organisations are beginning to assess the potential impact of commitments made at the summit.

The International Energy Agency reports that if all pledges are delivered in full, global heating could be limited to 1.8 degrees Celsius, but the University of Melbourne predicts heating of 2 degrees Celsius, increasingly seen as unacceptable. 

We also highlight the impact of the International Just Transition Declaration, and a new initiative to use pensions as a vehicle to improve climate investment.

 Today’s “Connecting to COP26” perspective comes from Canada – home to public demands for stronger climate action but an economy with a sizeable fossil fuel sector – and Pierre Cyr, Senior Vice President at FleishmanHillard HighRoad in Ottawa.

TEMPERATURES RISE IN NET ZERO COMMITMENT ANALYSIS

If every commitment pledged so far at the COP26 summit is delivered,  rising global temperatures could be limited to 1.8C above pre-industrial levels, says the International Energy Agency.

The IEA analysed the commitments made by governments aiming to achieve net zero and estimated the result could be almost one degree lower than the UN had predicted before the conference. And just a day previously, the University of Melbourne predicted the pledges made so far would result in a temperature increase of 2 degrees Celcius.

But the UN has warned against complacency.

Selwin Hart, UN Special Adviser, challenged the IEA’s claims, telling the COP26 audience in Glasgow that the world remains on “a 2.7C pathway, a catastrophic pathway.” His words were underscored by figures showing that carbon emissions have shot back to the record level seen before the coronavirus pandemic.

The discussion serves to highlight the gap between optimists, fuelled by the potential of so many powerful pledges, and pessimists, who fear a lack of legislation and accountability will dull any significant progress in saving the world.

Expect this to define the second week of COP26 in particular, as parties look to shape the legacy of Glasgow and determine the level of further progress required in the short term.

ENABLING A “JUST TRANSITION” AWAY FROM CARBON

The UK Government launched a new International Just Transition Declaration on COP26’s energy day, with the aim of delivering the transition from coal energy and high-carbon industries in ways that can benefit society through new green jobs.

The agreement, signed by more than 30 countries, including heavy coal producers, has a particular focus on emerging economies.

COP26 President Alok Sharma told reporters it would help facilitate a “just transition”. The phrase, regularly used by Mr Sharma, is designed to acknowledge the importance of workers, trade unions, and local businesses in delivering real change.

He said support for local social dialogue mechanisms was vital to bringing businesses, employees, and trade unions together.

“It is about getting their help, also, to design a green, and what we describe as a fair, future,” he said.

South Africa will be a target country for the programme, receiving grants, concessional loans and risk-sharing instruments that help the country, and its state-owned power company Eskom, shift away from coal energy.

TRANSFORMING PENSIONS TO MOBILISE CLIMATE FINANCE

The 21x Club – brainchild of screenwriter Richard Curtis – was unveiled during COP26 as part of the Make My Money Matter campaign.

Supported by a host of celebrities, including Stephen Fry and activists and international businesses, the campaign aims to harness the power of pensions to tackle climate change. The group includes firms such as Ikea, insurer Aviva, and drinks firm Innocent.

It was inspired by research published in the summer that suggests that turning your pension green makes it 21 times more effective at cutting your carbon footprint than stopping flying, going vegetarian, and switching to a green energy provider combined.

Stephen Fry said trillions in cash could be working to fight climate change. “The world desperately needs new big ideas, and this is one of those,” he said.

Connecting to COP26 – View from Canada

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This COP26 Daily Digest is brought to you by the FleishmanHillard Cop26 Unit. For more information, please contact the FleishmanHillard COP26 team.

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