Starting on Sunday, October 31st, Glasgow, Scotland began the COP26 climate summit. The summit is to end on Friday, November 12th. Climate diplomats from most countries are meeting to discuss possible solutions to slow global warming. Here are a few things that have already been discussed during the summit and what it means for our earth. Be sure to check out https://www.wsj.com/articles/cop26-glasgow-climate-summit-2021-11611254971 for more information!
Deforestation to end by 2030
Present world leaders decided to allocate $20 billion from public and private funds to support the end of deforestation by the end of the decade. These funds will not only be used for forest restoration. They will be used to handle effects of climate change such as wildfires. The money will also support better tracking for illegal logging and help protect the land of indigenous people. In addition to funds for supporting the end of deforestation, many companies agreed to not invest in commodity-driven deforestation. In all reality, this 2030 goal has to be enforced in order for it to happen. A similar goal was set in 2014 to end deforestation, yet it has only increased, but the hope for a different outcome this time is high.
Less methane emissions
Methane traps about 85 times more heat than carbon dioxide, so world leaders expressed deep concerns about this gas. Most leaders vowed to lower methane emissions, while President Biden said that the U.S. would tighten oil and natural gas regulations to successfully contribute to less methane emissions. The goal is to cut these emissions by 30% by 2030. Basically, all gas and oil wells will have to follow a specific EPA guideline that is put in place (hopefully) by 2026. Of course, this decision is costly. However, those at the summit are reviewing a proposed rule encouraged by the EPA’s concerns and regulations, but also keeping in mind the importance of the financial part of things, especially for small businesses in the oil and gas industries.
Cutting carbon emissions and fund cleaner energy
It’s obvious that carbon dioxide is one of the largest contributors to global warming. Because of that, those at the climate summit expressed that something needs to be done for future energy use. Many of the world’s investors, insurers, big businesses and more pledged to include the thought of carbon emissions reduction in their future plans. Many developed countries have admitted their fault when it comes to the contribution of emissions, however many developing nations have not admitted their contributions. In order to support cleaner energies and gain the support of those developing countries, some of the wealthier and developed nations have committed to using $100 billion annually to fund clean energy technologies in developing nations. This will also help poorer countries deal with and adapt to climate change.
The goal is to hit net-zero emissions
According to climate experts, hitting net-zero emissions is essential for the world in order to achieve the Paris Agreement’s, a climate change treaty, targets. The U.S. and Europe say they will hit net-zero emissions by 2050, while China hopes to be carbon-neutral by 2060. Getting to net-zero emissions is very important because it balances out the amount of harmful emissions we have already put into the atmosphere. These emissions are the bulk of what is causing climate change, so by at least hitting net-zero, the hope is to slow global warming and improve the earth.
The U.S. and climate change
President Biden, who attended the summit for a short amount of time, is pushing for congress to pass a spending package that will essentially speed up the adoption of cleaner energy. President Biden has also pledged to provide billions in funds to help developing and poorer countries deal with the consequences of climate change. He has also said that America aims to cut greenhouse gas emissions in half from 2005 to 2030. The U.S. EPA has also proposed stronger regulations against methane emissions coming from oil and natural gas production.
It is hopeful that the COP26 will provide us with the climate change solutions that we need. It is crucial that all nations begin to act with a concern for global warming.