Breaking News
Investing Pro 0
Free Webinar - What Is a Gold IRA? Fees, Advantages, and Risks - December 7, 2022 | 01:00PM EST Enroll Now

UN climate talks drift into overtime in push to save 1.5 Celsius goal

Commodities Nov 13, 2021 06:12AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
6/6 © Reuters. A delegate walks past a sign during the UN Climate Change Conference (COP26) in Glasgow, Scotland, Britain, November 11, 2021. REUTERS/Yves Herman 2/6

By Kate Abnett, Jake Spring and Elizabeth Piper

GLASGOW (Reuters) - Two weeks of U.N. COP26 climate talks in Glasgow blew past a deadline on Friday as the conference president called on countries to make a final push to secure commitments that would rein in the rising temperatures that threaten the planet.

With a deal now expected sometime on Saturday, there remained tough talking to be done on issues such as the phasing out of fossil fuel subsidies, carbon markets and financial help for poor countries to tackle climate change.

A draft of the final deal, released early on Friday, requires countries to set tougher climate pledges next year - in an attempt to bridge the gap between current targets and the much deeper cuts scientists say are needed this decade to avert catastrophic climate change.

"We have come a long way over the past two weeks and now we need that final injection of that 'can-do' spirit, which is present at this COP, so we get this shared endeavour over the line," said Britain's COP26 President Alok Sharma.

Late on Friday Sharma announced that meetings would continue into Saturday, and that he expected a deal later in the day. A revised draft of the agreement would be released Saturday morning to kick off the last round of talks, he said.

The meeting's overarching aim is to keep within reach the 2015 Paris Agreement's aspirational target to cap global warming at 1.5 degrees Celsius (2.7 Fahrenheit) above pre-industrial levels, the limit scientists say would avert its worst effects.

Under current national pledges to cut emissions this decade, researchers say the world's temperature would soar far beyond that limit, unleashing catastrophic sea level rises, droughts, storms and wildfires.

The new draft is a balancing act - trying to take in the demands of the most climate-vulnerable nations such as low-lying islands, the world's biggest polluters, and countries whose exports of fossil fuels are vital to their economies.

"China thinks the current draft still needs to go further to strengthen and enrich the parts about adaptation, finance, technology, and capacity building," said Zhao Yingmin, the climate negotiator for the world's largest greenhouse gas emitter.

The draft retained its most significant demand for nations to set tougher climate pledges next year, but couched that request in weaker language than before, while failing to offer the rolling annual review of climate pledges that some developing countries have sought.

Nations are currently required to revisit their pledges every five years.

WEAKER LANGUAGE

The latest proposal included slightly weaker language than a previous one in asking states to phase out subsidies of the fossil fuels - coal, oil and gas - that are the prime manmade cause of global warming.

That dismayed some campaigners, while others were relieved that the first explicit reference to fossil fuels at any U.N. climate summit was in the text at all, and hoped it would survive the fierce negotiations to come.

"It could be better, it should be better, and we have one day left to make it a lot, lot better," Greenpeace said.

"Right now, the fingerprints of fossil fuel interests are still on the text and this is not the breakthrough deal that people hoped for in Glasgow."

Some thinktanks were more upbeat, pointing to progress on financing to help developing countries deal with the ravages of an ever-hotter climate.

Saudia Arabia, the world's second largest oil producer and considered among the nations most resistant to strong wording on fossil fuels, said the latest draft was "workable".

A final deal will require the unanimous consent of the nearly 200 countries that signed the Paris accord.

To increase pressure for a strong deal, protesters rallied outside the COP26 venue, where activists had hung ribbons with messages imploring delegates to protect the Earth.

The latest draft acknowledged scientists say the world must cut carbon dioxide emissions by 45% from 2010 levels by 2030, and to net zero by "around mid-century" to hit the 1.5C target.

This would effectively set the benchmark to measure future climate pledges.

Currently, countries' pledges would see global emissions increase by nearly 14% by 2030 from 2010 levels, according to the U.N.

'INSANITY'

Fossil fuel subsidies remain a bone of contention. Kerry told reporters that trying to curb global warming while governments spend hundreds of billions of euros supporting the fuels that cause it was "a definition of insanity".

Financial support is also hotly debated, with developing countries pushing for tougher rules to ensure rich nations whose historical emissions are largely responsible for heating up the planet, offer more cash to help them adapt to its consequences.

Rich countries have failed to meet a 12-year-old goal to provide $100 billion a year in so-called "climate finance" by 2020, undermining trust and making some developing countries more reluctant to curb their emissions.

The sum, which falls far short of what the UN says countries would actually need, aims to address "mitigation", to help poor countries with their ecological transition, and "adaptation", to help them manage extreme climate events.

The new draft said that, by 2025, rich countries should double from current levels the funding set aside for adaptation - a step forward from the previous version that did not set a date or a baseline.

"This is a stronger and more balanced text than what we had two days ago," Helen Mountford of the World Resources Institute said of the current draft.

"We need to see what stands, what holds and how it looks in the end - but at the moment it's looking in a positive direction."

Of roughly $80 billion rich countries spent on climate finance for poor countries in 2019, only a quarter was for adaptation.

A more contentious aspect, known as "loss and damage" would compensate them for the ravages they have already suffered from global warming, though this is outside the $100 billion and some rich countries do not acknowledge the claim.

A group of vulnerable nations including the Marshall Islands in the central Pacific said the final deal needed to do more to address the question. "Loss and damage is too central for us to settle for workshops," said Tina Stege, the Marshall Islands' climate envoy.

UN climate talks drift into overtime in push to save 1.5 Celsius goal
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (8)
Alan Rice
Alan Rice Nov 14, 2021 2:46PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
co26 is missing the point. The point is: insisting on using Metric temperature measurements instead of English. (That`l fix it !!)
Jose Cabreja
Jose Cabreja Nov 13, 2021 11:36AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
1.5 C 🤣🤣🤣🤡🤡🤡
Karl Kessler
Karl Kessler Nov 13, 2021 10:52AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
All in! Yes, get all the caterpillar diesel tractors in motion to slow down emissions! Do these people understand that what they're saying is completely contradictory? What is needed is not more money, it is LESS money. LESS activity. If you're engine is overheating, who here thinks the right thing to do is put pedal to the metal? NOBODY. And yet, this is what they are recommending. Insane, and completely ignorant of thermodynamics. When your fingers are trapped in a finger puzzle, what do you do? Think. Then STOP PULLING. Instead, they're suggesting we YANK twice as hard. All that's going to happen is that our collective fingers are going to break off.
Llewellyn Kruger
Llewellyn Kruger Nov 13, 2021 4:02AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
"Global warming" which changed to "climate change" along with "Carbon credits" is another way to manipulate industries and justify higher taxes which then are passed onto the consumer. Scientists who do not agree with the "climate change" narrative are similarly ignored and ridiculed in the mainstream media as those doctors who are against people taking an experimental vaccine for a flu with a mortality rate comparable to seasonable flu.
Empire Destroyer
Empire Destroyer Nov 13, 2021 4:02AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Carbon credits go to Tesla, Tesla goes to the moon... Great business model 🤣 proper innovative
Todd Gray
Todd Gray Nov 12, 2021 7:55PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
if anybody looks back 10,000 years before pre-industrialization, you'd see a massive ice bridge from Alaska to Mongolia, and the entire north pole covered with ice that extended into the middle of the USA, and Siberia. A big, fat, lie!
TheGamingFoxy FoxyGamer
TheGamingFoxy FoxyGamer Nov 12, 2021 7:55PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
"you will have nothing " world economic forum
Llewellyn Kruger
Llewellyn Kruger Nov 12, 2021 7:55PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Scr3w the world economic forum.
Andrew Ulferts
Andrew Ulferts Nov 12, 2021 11:50AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This is a purely government, globalist agenda. Always has been, because we are not being fooled by it. The more they try, the more we see their agenda is against us.
Felipe Daniel
Felipe Daniel Nov 12, 2021 9:30AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
According to Al Gore NY should already be under water what happened?
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email