Climate change action: COP26 outcomes and conclusions
The 2021 United Nations Climate Change Conference (COP26) took place on 1-13 November 2021 in Glasgow, Scotland. The conference ended on Saturday with a first-time deal targeting fossil fuels as the key driver of global warming. On the negative side, the lack of financing from rich to developing countries risked casting a shadow over the unprecedented deal – which included a promise to double adaptation finance by 2025 but no guarantees.
Some of the outcomes and conclusions of these negotiations include a US-China bilateral compromise to redouble climate change mitigation efforts; and the creation of the Beyond Oil and Gas Alliance (BOGA) by Denmark and Costa Rica, aimed at phasing out coal and gas.
The EU received some criticism for backing EUR 13 bln worth of gas projects. In this regard, Vice President Frans Timmermans pointed out that “exiting out of coal, for a number of member states, will have to happen through an intermediary phase using natural gas.” The EU Commission conclusions are available here.
HOTREC confirms its support of the UN Sustainable Development Goals (SDGs) and the EU targets on climate change. However, we once again stress the importance of providing ad hoc incentives and funding to the sector SMEs for them to be able to comply with the necessary infrastructural changes.