The very fact that President Biden publicly condemned China and Russia for holding back progress is a clear signal that there will be no game-changing deal in Glasgow, Toomey said. There is no binary answer to whether the summit was a success or not, she added. “It was mixed up.”
The prime minister positioned the summit around the four key areas of coal, cars, money and trees, but it was only on trees that we saw a global deal, according to Toomey.
Quilter Investor’s presented their key lessons from the Leaders’ Summit at COP26:
Deforestation deal is successful, but enforcement mechanisms are needed
More than 100 world leaders, covering 85% of the world’s forests, have pledged to end deforestation by 2030, according to Toomey.
“Biodiversity loss is often overlooked when we think of climate change, and getting countries like Brazil, China and Russia to sign the deal is nothing short of a diplomatic coup.
“Governments have been notoriously bad at meeting their commitments on biodiversity loss. In 2010, the UN declared the 2020 decade as the United Nations Decade on Biodiversity and called on nations to sign an agreement setting 20 targets for Biodiversity None of these goals have been met, “Toomey added.
She stressed that the question of whether 2030 is ambitious enough remains. Some experts predicted the need for an immediate end to deforestation, so by 2025, to approach 1.5 degrees. Nine years is a very long time and 2030 is not ambitious enough, they said.
India’s net zero target in 2070 should be greeted with caution
Indian Prime Minister Modi promised at the summit that India will achieve carbon neutrality by 2070, Toomey said. “It’s the slowest commitment of any major economy, even slower than China targeting net zero by 2060. “
“But scratch the surface, and this engagement by India may not be as disappointing as it first appears,” she continued.
India is the world’s third-largest carbon emitter and the world’s most populous economy, so the fact that they’ve started the journey to net zero is positive, in his view.
Big hitters missing from US and EU methane pledge
Toomey explained that around 100 countries have made a pledge, pushed by the United States and the EU, to reduce methane emissions by 30% by 2030.
Of the original six members, we now have 105 countries agreeing to reduce their methane emissions by 30% from 2020 levels by the end of 2030, she said.
“However, some notable countries are missing from the pledge. China, Russia and India have all refused to sign the deal and, unsurprisingly, they are the top three emitters of methane in the world.”
Coal deal fund missing
Coal is the biggest sticking point when it comes to global agreements and action to end the use of coal is imperative if we are to reach the 1.5 degree ambition, according to Toomey. “There was no progress at the leaders’ summit at the COP, other than a pledge from the EU, US and UK to fund a project to accelerate South Africa’s transition out of coal.”
The reality of COP summits is that most take place and remain relatively obscure. That’s the problem when you can’t move as fast as the slower participants, Toomey concluded.