BusinessGreen brings you the latest news, announcements and updates from the pivotal climate talks in Glasgow
After a year's delay, the COP26 UN Climate Summit is finally underway, promising a packed schedule of events, speeches, and crucial announcements from world leaders and top business figures alike.
Throughout the fortnight, which officially runs until Friday 12th November - but with the very real possibility of negotiations spilling past the scheduled deadline - the BusinessGreen team will be on the ground in Glasgow to keep you to date with everything you need to know, including exclusive interviews, breaking announcements, and up-to-the-minute analysis on what it all means for businesses and investment. We'll be sharing all that and more here on our live blog.
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Nov 1, 2021 4:10 PMCOP26 Day Two Headlines
- World Leaders have dominated the first full day of the Summit, with speeches from Boris Johnson, Joe Biden, Emmanuel Macron, Justin Trudeau, Prince Charles, and Sir David Attenborough, among many others.
- India's Prime Minister Narenda Modi announces 2070 net zero target, backed by ramped up renewables goal for 500GW by 2030, when it will make up half of India's energy supply.
- In a speech that likened tackling the climate crisis to James Bond defusing a bomb, Boris Johnson pledged to increase the UK's climate funding by $1bn, subject to domestic economic projections proving accurate.
- UN Secretary-General Antonio Guterres announced plans for a new initiative to try and establish some degree of international standardisation for net zero targets.
- Joe Biden insisted the US was back following the Trump Presidency, promising more funding for climate adaptation and hinting at further announcements to come.
- The Brazilian government announced it is to strengthen its 2030 carbon target.
- Vietnam announces 2050 net zero target.
- Nepal pulls forward net zero emissions goal to 2045 - five years sooner than before.
- Michael Bloomberg has announced he is to extend his Beyond Coal campaign into emerging economies in a bid to close 20 per cent of coal power plants by 2025
- A major survey of CEOs as shown over 70 per cent are now working on net zero strategies.
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Nov 1, 2021 10:28 AMCOP26 is officially goThe Glasgow Summit formally kicked off yesterday afternoon, with Alok Sharma taking up the mantle of COP26 President.There was early progress, as diplomats agreed the agenda for the talks - a technical requirement, but one that has in the past led to arguments that have delayed the start of negotiations at previous COPs.Michael Holder is in Glasgow and has all the details from the opening day here.
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Nov 1, 2021 10:44 AMMixed signals from the G20The opening of COP26 coincided almost exactly with the closing of the G20 in Rome, which provided a decidedly mixed bag for the diplomats gathered in Glasgow.Hopes the G20 communique would deliver a clear date for phasing out coal power were quashed and there was little new movement on climate finance, beyond an increase in Italy's climate funding pledges.However, G20 leaders did assert their support for the 1.5C target and hinted at their willingness to strengthen national climate action plans, potentially ahead of the current timetable to resubmit plans in 2025.Cecilia Keating has an overview of what happened in Rome.
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Nov 1, 2021 10:50 AMWhat to expect today?The British Prime Minister is expected to announce a further £1bn increase in UK climate funding, in an attempt to build goodwill among developing nations who are angry that the $100bn by 2020 target has been missed. But experts warned there is small print attached to the current pledge that suggests it is contingent on the UK's economy performing as expected over the next few years.We understand several of the leaders of developing nations that are scheduled to speak this afternoon are planning pretty 'punchy' interventions, which are likely to further ratchet up pressure on larger economies to step up their climate finance and decarbonisation pledges.
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Nov 1, 2021 11:01 AMQueue and travel chaosFirst there were cancelled trains and then there were epic queues. It's fair to say the logistics for COP26 have not got off to a seamless start.There'll probably be a degree of understanding from delegates over the first day or so - the train chaos was outside the hosts' control and security was always going to be a challenge given Covid testing requirements. But if the 90 minute-plus queues become a daily feature then it'll become a genuine challenge for the Summit. The 2009 Copenhagen Summit became as notorious for the poor logistics as the diplomatic failure, and many seasoned observers noted that the long queues and other issues did little to help the atmosphere in which the crucial negotiations were carried out.
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Nov 1, 2021 12:26 PMIf you're joining us this morning for all things COP26 - quite a lot has already happened...The Summit officially opened yesterday, the the baton of the COP Presidency formally being passed on from Chile - which hosted COP25 in Madrid two years ago - to the UK's Alok Sharma.COP26 agenda was also swiftly agreed by countries, which is broadly good news for efficiency, as debates over the agenda can often take days - but on the other hand, some African nations are unhappy about issues left off the schedule for talks over the next fortnight.There was quite a lot of positive movement elsewhere over the weekend through - Israel and Thailand both announcing 2050 net zero targets, and New Zealand unveiling a 2030 target to halve its emisions (albeit with strong reliance on offsets)So, very much all to play for - all the details from the yesterday here:
'Success is entirely possible': COP26 opens amid flurry of fresh national climate pledges
Alok Sharma officially takes over mantle as COP26 President as he calls for 'ever increasing ambition' over the next decade -
Nov 1, 2021 12:28 PMWorld leaders prepare to take to the stageThe first wave of speeches is about to kick off, but ahead of the initial speeches the coalition of the world's poorest countries has issued a statement this morning expressing its continued dissatisfaction with industrialised nations failure to make good on their pledge to deliver $100bn of climate finance a year from COP26.Anyone hoping the new promise to meet the target from 2023 would help build goodwill between rich and poor nations looks set to be disappointed.
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Nov 1, 2021 12:31 PMBloomberg declares war on coalWe've also got one of the first big business announcements of the Summit, as Michael Bloomberg confirmed he is extending his Beyond Coal campaign in support of a new target to close a quarter of the world's coal power plants by 2025. Here are all the details.
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Nov 1, 2021 12:32 PMThe G20 Summit hosted by by Italy also drew to a close yesterday, with many leaders of the world's biggest economies jumping on a flight straight to Glasgow last night ahead of addressing COP26.Again, positive signals emerged in the final communique - all 20 nations committed to 1.5C, and to make efforts to enhance climate ambitions for 2030. There was also a commitment to end overseas coal financing by 2023, which could be significant.But beyond that, there were few concrete commitments or details as to how G20 nations' progress will be measured and assessed - and many commentators and green groups were not happy. Leaves much to do for concrete agreements and progress over the next fortnight.Cecilia Keating has the details here:
'We are running out of time': G20 Summit closes with mixed messages for COP26
Countries formally back 1.5C target and pledge to stop financing coal power plants overseas, but fall short of confirming coal phase out date and fail to set out concrete measures for how they will accelerate climate action and finance -
Nov 1, 2021 12:36 PMAs we await a star studded set of speeches at the COP26 World Leaders Summit this afternoon - including from Sir David Attenborough, US President Joe Biden, French President Emmanuel Macron, Indonesia President Joko Widodo, Australia's PM Scott Morrison - we've already been given a preview of Boris Johnson's speech shortly.He's set to announce a slight uptick in the UK's climate finance pledge - although its dependent on economic growth - while also urging other world leaders to step up their efforts.Here's the details:
COP26: Boris Johnson to offer further £1bn of climate finance from UK aid budget
But additional climate funding for developing nations over next five years is contingent on UK economy meeting growth forecasts -
Nov 1, 2021 12:59 PMThe UK Prime Minister Boris Johnson has just delivered is opening address to the Summit.In typical fashion, Johnson began by comparing the climate crisis to a James Bond film in which the hero has to diffuse a bomb device to prevent global catastrophe."Except that the tragedy is that this is not a movie," he said. "This device is real. And the clock is ticking."But elsewhere, he was notably more tempered in his statements regarding what COP26 might be able to achieve.In recent days, Johnson has suggested the next two weeks in Glasgow are the world's last chance of limiting temperature rise to 1.5C. But in his speech just now, Johnson said no single summit can solve climate change."If summits can solve climate change, then we wouldn't have needed 25 COP summits before today," he said.Interestingly, Johnson also had a clear eye on courting youth climate protestors - frequently referencing the fears and concerns of young people around the world over their future. And at one point, he even referenced Greta Thunberg's recent famous utterance.Johnson said all the promises made in Paris and the six years since would amount to nothing but "bla bla bla, to coin a phrase," unless action is taken as well. "And the anger and impatience of the world will be uncontainable unless we make Glasgow the moment when we get real about climate change," Johnson said.
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Nov 1, 2021 1:18 PMHis Royal Highness, the Prince of Wales, has just addressed the world leaders at the Summit - and its a big draw, with Joe Biden among the audience.And Charles' speech will be a particularly welcome one for green businesses, with a clear focus on driving action and investment from the private sector to help decarbonise economies worldwide."We know this will take trillions, not billions of dollars," Prince Charles says, adding that the private sector "offers the only real prospect of achieving a fundamental economic transition"."So how do we do it? How do we get the private sector all pulling in the same direction?" he asks.Charles highlights his work with the Sustainable Markets Initiative, and calls for clear decarbonisation plans for all sectors and industries."We know from the pandemic that the private sector can speed up timelines drastically," he says. "There is absolutely no doubt in my mid that the private sector is ready to play its part and work with governments to try and find a way forward."
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Nov 1, 2021 1:31 PMAgainst a backdrop of film footage showing all kinds of beautiful wildlife and nature destruction - Sir David Attenborough delivers a typically passionate and emotional speech that will surely have caught everyone's attention, both within the conference hall and to the probably millions who will watch this speech back worldwide in news reals and on social media this week.As the screen behind him shows a big number - 414 - a reference to the parts per million of carbon in the atmosphere that is warming the planet, and which is continuing to rise as we burn more fossil fuels."It comes down to this: the people alive now and the generation to come, will look at this conference now and at one thing - did that number stop rising, and start to drop as a result of commitments made here?" he asks. "There is every reason to believe that the answer can be yes."Finally, Sir David ends with quite the emotive kicker, imbued with urgency and hope."If working apart we are powerful enough to destabilise our planet, surely working together, we are powerful enough to save it."In my lifetime I have witnessed a terrible decline," Attenborough says. "In yours, you could and should witness a wonderful recovery. That desperate hope is why the world is looking to you, and why you are here."
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Nov 1, 2021 1:42 PMMia Amor Mottley, Prime Minister of Barbados, is giving a passionate speech and her anger is palpable (and justifiable) - she calls the failure of richer nations to deliver on their collective $100bn climate finance pledge to assist nations most vulnerable to the impacts of rising temperatures "immoral".Yet she also argues that $100bn is far from enough to help developing nations cope with impacts of greenhouse gases they haven't even emitted."We do not want that dreaded death sentence, and we've come here today to say: try harder," she says.
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Nov 1, 2021 1:51 PMNot long ago UN Secretary-General Antonio Guterres addressed world leaders in Glasgow. He makes a heck of a lot of speeches in his job, but I'm sure every single one has gotten gradually more angry with fewer words minced each time he talks about climate change, and he always keeps up the energy.Here are just a few few choice words from his speech - and 'punchy' probably understates them:"Our addiction to fossil fuels is pushing humanity to the brink," he says. "We face a stark choice: Either we stop it — or it stops us. It's time to say: enough. Enough of brutalizing biodiversity. Enough of killing ourselves with carbon. Enough of treating nature like a toilet. Enough of burning and drilling and mining our way deeper. We are digging our own graves."Oof.There are also some very interesting and crucial announcements in his speech though.Firstly, he calls on countries to come forward and revisit their national climate plans - or NDCs, in UN jargon - every single year from now on after COP26, in recognition of the urgent need to accelerate ambition to keep 1.5C alive. It's becoming an increasing calling card from various figures, and is likely to be a big issue over the next two weeks. The Paris Agreement mechanism as it stands calls for greater ambition every five years, but it also leaves open the possibility of more frequent ambition raises - so watch this space on that."Let's have no illusions: if commitments fall short by the end of this COP, countries must revisit their national climate plans and policies," he says. "Not every five years. Every year. Until keeping to 1.5 degrees is assured."
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Nov 1, 2021 1:57 PMThere was also another very interesting announcement in UN Secretary-General Antonio Guterres' speech just now that will be of particular interest for green businesses.In view of concerns over credibility of net zero targets and offsetting - which is set to be a major bone of contention at COP26 - Guterres stresses the need for "greater clarity", as he announced a new expert group to try and draft clear standards for net zero."There is a deficit of credibility and a surplus of confusion over emissions reductions and net zero targets, with different meanings and different metrics," he says. "That is why - beyond the mechanisms already established in the Paris Agreement - I am announcing today that I will establish a Group of Experts to propose clear standards to measure and analyze net zero commitments from non-state actors."
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Nov 1, 2021 2:32 PMIn case you missed it earlier, Scotland's First Minister Nicola Sturgeon is in the building today - and she's arrived with her own fresh commitment in tow, which although relatively small in sum-terms, is potentially pretty significant from a diplomatic point of view.Indeed, her pledge of £1m to climate 'loss and damage' makes Scotland the first country in the world to commit to the global fund, which is aimed at assisting countries hit by devastating impacts of climate breakdown.Think tank Green Alliance described the announcement as "a huge boost to climate justice campaigners".
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Nov 1, 2021 2:35 PMElsewhere, there's some perhaps slightly concerning news for diplomats at COP26, as the main area in which talks are held at the summit appears to be very busy indeed.Whether this is likely to become a common problem at the summit remains to be seen - it's certainly a far smaller venue than where COP25 was held in Madrid two years ago...
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Nov 1, 2021 2:38 PMOver at the Brazilian pavilion, the country's environment minister, Joaquim Alvaro Pereira Leite, has just announced that the country intends to formalise a new climate plan at COP26 that will commit the nation to halving its emissions by 2030 - up from 43 per cent - and achieving carbon neutrality by mid-century."I reinforce our commitment to generating a neutral greenhouse gas economy at the same time creating jobs and creating income contributions to Brazil," he said. "The federal government is committed to a positive result, both for Brazil and for the world. In this way, Brazil shows once again its commitment as a part of a collective agreement. Today, we present a new climate goal which is even more ambitious."Leite added that climate finance is "urgent" to meet the challenges ahead, arguing that it was "essential" to have funding for climate initiatives "robust volumes and the right quantities".This will allow the transition to this new economy to happen in a "fair manner", he said, across "every region of the world"."Brazil is today a green power," Leite said.Leite announced Brazil's new climate target after a short video adress from Brazilian President Jair Bolsonaro -- who has has controversially declined to attend the conference.Bolsanaro said Brazil was comitted to tackling climate change and participating in the new green economy."When it comes to climate change, we have always been part of the solution not the problem," he said, pointing to a new 'national green growth programme' launched by the federal government last week. He said the agenda would bring "environmental concerns to centre of agenda".Brazil has long courted criticism from campaigners and the international community for being a laggard on climate and using its leverage at negotiating tables to dampen ambition on a variety of key climate issues, from deforestation to carbon markets. Deforestation of the Amazon has soared under Bolsonaro;s presidency, and last year the country submitted an "updated" climate plan last December that had weaker targets that the first and projected a rise in emissions.It remains to be seen how Brazil's new targets will be received, with the details yet to be unveiled. However it is clear that the shift towards conciliatory language hymning the need for collaborative action from Bolsanoro and his minister suggest a country attempting to recover its image on environmental issues. And given the low bar, it is clear these new targets are a step in the right direction.,
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Nov 1, 2021 2:40 PMElectric buses and net zero adsOver on the summit fringes, the corporate announcements are coming thick and fast.Glasgow looks set to get a massive expansion of its electric bus fleet, after First Bus and Hitachi announced a wide-ranging new partnership to support the roll out of nearly 150 electric buses. All the details here.Meanwhile, Sky has announced plans to broadcast a new net zero ad throughout the Summit. And Ad net Zero has launched a new training course to help the industry deliver on its emissions targets. More details here.
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Nov 1, 2021 3:17 PMNet zero is the new normalAccenture and the UN Global Compact have published a major survey of over 1,000 CEOs globally today, and there are some fascinating insights into how the pursuit of net zero is now a corporate priority. From our story:
It also stressed that CEOs regard policy weaknesses as a major barrier to the acceleration of their decarbonisation efforts. Nearly three-quarters said they feel increasing pressure to act to deliver on climate and environmental goals, while 57 per cent said they were prioritising climate action as part of their recovery from the COVID-19 pandemic.
But to date just seven per cent said they are 'advanced' in setting up early warning systems to prepare for climate-risk events, and while 71 per cent say they are actively working to develop a net-zero emissions target and 57 per cent believe they are operating in line with a 1.5C temperature goal, only two per cent of these companies have a formal target validated by the independent Science-Based Targets initiative.
Similarly, nearly two-thirds of leaders said they were already advancing new net zero business models and solutions, but only 16 per cent said their net zero plans were at an advanced stage. -
Nov 1, 2021 3:39 PMTrudeau calls for global deal on carbon pricingIn a speech dominated by showcasing Canada's domestic climate action, Prime Minister Justin Trudeau this afternoon floated an interesting proposal for a new international agreement on carbon pricing. He argued it should no longer "be free to pollute anywhere in the world" as he called for a "shared minimum standard for pricing emissions".There's very little chance of such an agreement being reached over the next few weeks, but its interesting to see a world leader making such an argument at a time when a growing number of governments are considering carbon border adjustment tariffs.
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Nov 1, 2021 3:44 PMFiji's Frank Bainimara slams carbon addictsFijian Prime Minister Frank Bainimara is the latest leader from a developing country to aim stinging criticism at those countries blocking bolder climate action."We are losing the race to net zero to a coalition of carbon addicts," he said, arguing that these "leaders make pledges, but won't show us plans" and that "clean coal... is a figment of the selfish mind".He didn't name the petrostates, but that appeared to be where the criticism was aimed. However, other industrialised nations were not spared Bainimara's critique, with the Prime Minister arguing that "other leaders pursue a policy of appeasement".He concluded by urging all countries to ramp up their decarbonisation efforts, warning that "no one will be spared from the reckoning that will come beyond 1.5C of warming".
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Nov 1, 2021 3:50 PMUS President Joe Biden has now spoken at the Summit - and while it certainly wasn't his most animated of speeches, he was clearly keen to deliver a mea culpa of sorts for US actions over the four years that preceded his time in the White House under Donald Trump.It is worth here perhaps reflecting how much things have changed for the better over the past year from a climate diplomacy perspective, even as emissions rise and societies struggle with the devastating Covid-29 pandemic. Just a year ago, Trump was in the White House, and the COP process was just about held together in Madrid a year before that.Now, we have the US, Saudi Arabia, Australia, Israel, Russia and a host of other major emitters committed to net zero targets - and even Brazil earlier pledged a new more ambitious emissions reduction target for 2030.So while this may not have been Biden's most inspiring speech, and there were few new commitments - there is much to be thankful for in hearing him reiterate the USA's commitment to green jobs, clean energy, and short term emissions goals.And, on that, today the US released a detailed long-term emissions plan to achieve net zero by 2050, and Biden will also be hoping for good news in the next few days as Congress votes on his crucial Infrastructure Bill, which promises a hefty investment sum for the green economy.Biden stressed that he wanted to prove that the US is "back at the table" not just through pledges, but through "the power of our example"."I know it hasn't always been the case - that's why my administration is working overtime to show our commitment through words not actions," he says.Crucially, perhaps - he also teases fresh pledges and initiatives from the US on agriculture, oil and gas, deforestation and "hard to abate industries" in the coming days.And, he promises to deliver the USA's first commitment to the global Adaptation Fund.
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Nov 1, 2021 3:55 PMFresh from his ongoing battle over fishing rights with the UK this week, French President Emmanuel Macron stepped up to the podium just now, delivering an address that largely focused on climate finance.Clearly frustrated by richer nations' failure to deliver on their collective $100bn pledge to assist developing nations in the path to a more climate friendly world, he called on countries to step up to the plate by the end of COP26.In a bid to further drive action here too, Macron called for an annual report to be drafted setting out how richer nations are delivering on their climate finance pledges, and how the money will be used by developing nations, in a drive for "full transparency".The funding, he said, shouldn't just be used to support countries with growing climate impacts, but also to help them build greener, more resilient economies that boost jobs and wellbeing.
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Nov 1, 2021 4:20 PMBoris Johnson's speech earlier in Glasgow has now been published in full, so you can read about why the climate crisis is like a James Bond movie, but also not like a James Bond movie. A Schrodinger's Bond movie, then, perhaps.
PM address at COP26 World Leaders Summit Opening Ceremony
Prime Minister Boris Johnson spoke at the COP26 World Leaders Summit Opening Ceremony. -
Nov 1, 2021 5:09 PMBREAKING NEWS: India announces net zero by 2070 targetIndia's Prime Minister Narendra Modi has this afternoon announced a goal for India to reach net zero emissions by 2070.He also announced a target for the country to reach 500GW of renewables capacity by 2030.The move means one of the last remaining major emerging economies without a net zero target now has one in place.Campaigners will question whether the 2070 date is ambitious enough to be in line with a 1.5C warming trajectory, but the move still represents a major step forward for the global net zero transition.
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Nov 1, 2021 5:12 PMIndia's new 2070 net zero emissions target - just announced by PM Narenda Modi from the speakers podium at COP26 in Glasgow just now - is a big deal, and likely to be the headline news of the day.Modi was not expected to unveil a net zero goal, and while it is a long 50 years until he plans on India reaching that goal, this a country of almost 1.4 billion people and growing, and a major, rapidly rising economic powerhouse alongside China.On top of the headline net zero goal, too Modi, announced several other key pledges:- new higher target for 500GW of non-fossil fuel power by 2030- renewables/clean energy to make up half of India's power supply by 2030- 1Gt of emissions reduction between between 2020 and 2030- emissions intensity reduction by 45 per cent by 2030.Again, 2070 may be a long way away, but make no mistake - this commitment is a big and unexpected boost for the climate talks at COP26 this year, and a clear demonstration of ambition being raised.
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Nov 1, 2021 5:24 PMNigel Topping, the UK's High Level Climate Action Champion for COP26, and the former CEO of the We Mean Business coalition, is now offering a closing speech in the wake of a raft of world leaders on the podium today.He offers the business perspective on the climate crisis and the COP process, highlighting the vast growth in ambition and net zero commitments from the business community since the Paris Agreement was signed six years ago.Despite the impact of the pandemic, more than 20 per cent of major businesses are now committed to race to net zero, he says, adding that the Race to Zero is now backed by £100bn in capital from financiers.
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Nov 1, 2021 5:31 PMIn yet more positive news for growing climate ambition in Asia, not long ago Nepal's Prime Minister Sher Bahadur Deuba announced a fresh commitment to pull forward the country's net zero emissions target to 2045. That is five years sooner than its previous 2050 goal.He also called for more action on loss and damage, describing 1.5C as crucial for the survival of mountainous regions.
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Nov 1, 2021 5:40 PMFresh from Australia's net zero emissions target for 2050 last week - the details of which have prompted much criticism - Prime Minister Scott Morrison wasn't expected to come forward with much more in the way of commitments during his speech today in Glasgow - indeed, he wasn't even expected to attend at all until a few weeks ago.But while extolling the virtues of technology in delivering net zero, and the ability to achieve economic growth and boost jobs while decarbonising the economy, Morrison did also offer up a new climate finance pledge for an additional $2m (unclear as to whether this is US or Australian currency, however) specifically for vulnerable Pacific nations.
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Nov 1, 2021 5:47 PMThe net zero pledges keep on coming today, with Vietnam the latest to join the fray, setting its sights on 2050 as the key marker.While the East Asian nation had previously signaled its intention to target carbon neutrality as soon as possible, this marks the first time it has put a clear date on the goal.
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Nov 1, 2021 7:42 PMThat's about a wrap from us at BusinessGreen today - and it has certainly been a big, and very long, one.We'll see you bright and bushy tailed in the morning right here, for all the latest from this most crucial of UN Climate Summits. Good night!
