Page 26 - REM Annual Review 2021

REM COMMENTARY REM

damage finance. compared to pre-industrial temperatures.
“Delivering on their promises in the next 12 Countries are also expected to constantly
months will be key to addressing the disappoint- update and improve their NDCs in years to
ment raised by some on the plenary floor that the come.
deal didn’t go far enough. Alongside countries’ Meanwhile, the document also stressed that
pledges on cutting emissions from coal, meth- developed countries should increase climate
ane and deforestation and unlocking trillions finance for developing countries beyond the
of dollars of finance, the negotiated deal shows current $100bn target.
the Leaders’ level politics has shifted. The real Meanwhile, the Glasgow Financial Alliance
test of the Glasgow Climate Pact will be whether for Net Zero (GFANZ) aligned over $130 trillion
finance ministries take the tough decisions over in private finance behind net zero.
the next 24 months to deliver on the faster action This commits around 40% of the world’s
now promised to their citizens.,” said Alex Scott, financial assets to limiting global warming to
E3G Climate diplomacy and Geopolitics lead. 1.5C.
The document also called for the “doubling”
Achievements cash for adaptation, or loss and damage pay-
However, despite the final change on coal, ments to developing countries in order to repair
there were a number of achievements at the what climate change has already done, such as
conference, flooding and drought.
The agreement has urged governments to What the world can take away from Glasgow
improve and republish new Nationally Deter- is the now universal acceptance that fossil fuels
mined Contributions (NDCs), containing more and CO2 emissions cause global warming, and
ambitious emissions reduction targets for 2030, that the 1.5C target for 2010 is needed. Even
by the end of 2022. India and China have agreed to this principle,
Countries are now expected to bring their even though they forced a climb-down on coal.
NDCs into line with the 1.5C goal at the next Other plusses were a list of agreements on
COP in Egypt in 2022. sectoral issues, principally deforestation, ending
The NDCs now in place after Glasgow would coal and reducing methane emissions. These
result in 2.4C of global warming in 2011, when contained more definite dates and targets.™

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