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[Green Asia] Review of COP26
2021-12-28
Review of COP26 Last November, the 26th UN Climate change Conference of Parties (COP) was held in Glasgow, UK. COP is a meeting where countries that joined the United Nations Framework Convention on Climate Change have been meeting every year since 1995 to discuss preventive measures to prevent climate change, announce the plan, and check whether they are following each other well. This paper summarizes the results of this Glasgow COP, held for the first time in two years due to COVID-19. 1) Failure to agree on the implementation rules of the Paris Agreement: Unfortunately, due to the conflicting interests of each country, effective measures to prevent the climate crisis could not be agreed upon. In order to keep the global surface temperature from rising by 1.5 degrees, each country has decided to review and submit the Nationally Determined Contribution (NDC) again by next year's Conference of the Parties. 2) International Methane Commitment Agreement: More than 100 countries, including Korea, have agreed to reduce global methane emissions by at least 30% compared to 2020 by 2030. 3) Failure to declare coal-free: Efforts were made to reach an agreement on a coal-free declaration in order to suspend coal power generation by 2040, but this was not successful due to opposition from several countries, including India which is the third largest emitter of greenhouse gases. Instead, they had to be content with mentioning the phase-out of coal power plants and the phase-out of inefficient fossil fuel subsidies. 4) Withholding financial aid for climate-vulnerable countries which incurred losses and damage: An agreement could not be reached due to the refusal by developed countries to create a new fund to compensate for losses and damage to countries affected by the climate crisis. * Foreign Minister Simon Kope of Tuvalu, an island nation in the South Pacific, delivered a speech calling for a response to the climate crisis on the knee-deep coast. https://youtu.be/jBBsv0QyscE 5) Completion of international carbon market rules: With the completion of the international carbon market rules, a global common carbon market has been created that is directly verified and regulated by the United Nations.As a result, more countries and companies participate in the carbon market, which will ultimately help greatly in reducing carbon emissions.

[Green Asia] Review of COP26

2021-12-28

Review of COP26

Last November, the 26th UN Climate change Conference of Parties (COP) was held in Glasgow, UK. COP is a meeting where countries that joined the United Nations Framework Convention on Climate Change have been meeting every year since 1995 to discuss preventive measures to prevent climate change, announce the plan, and check whether they are following each other well. This paper summarizes the results of this Glasgow COP, held for the first time in two years due to COVID-19.

1) Failure to agree on the implementation rules of the Paris Agreement:

Unfortunately, due to the conflicting interests of each country, effective measures to prevent the climate crisis could not be agreed upon. In order to keep the global surface temperature from rising by 1.5 degrees, each country has decided to review and submit the Nationally Determined Contribution (NDC) again by next year's Conference of the Parties.

2) International Methane Commitment Agreement:

More than 100 countries, including Korea, have agreed to reduce global methane emissions by at least 30% compared to 2020 by 2030.

3) Failure to declare coal-free:

Efforts were made to reach an agreement on a coal-free declaration in order to suspend coal power generation by 2040, but this was not successful due to opposition from several countries, including India which is the third largest emitter of greenhouse gases. Instead, they had to be content with mentioning the phase-out of coal power plants and the phase-out of inefficient fossil fuel subsidies.

4) Withholding financial aid for climate-vulnerable countries which incurred losses and damage:

An agreement could not be reached due to the refusal by developed countries to create a new fund to compensate for losses and damage to countries affected by the climate crisis.

* Foreign Minister Simon Kope of Tuvalu, an island nation in the South Pacific, delivered a speech calling for a response to the climate crisis on the knee-deep coast. https://youtu.be/jBBsv0QyscE

5) Completion of international carbon market rules:

With the completion of the international carbon market rules, a global common carbon market has been created that is directly verified and regulated by the United Nations.As a result, more countries and companies participate in the carbon market, which will ultimately help greatly in reducing carbon emissions.

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