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First Draft of COP26 Climate Deal is Published

First Draft of COP26 Climate Deal is Published

Posted by: Institute of Public Finance
Category: Our Blog

The first draft of an agreement setting out how countries will cut emissions to avoid temperature rises of above 1.5C has been published. Released by the UK, the draft outlines how the countries plan to cut emissions, and for the first time, calls for the phasing out of coal and fossil fuel subsidies.

The six-page document is the first version of the agreement that focuses on adaptation – helping countries deal with the effects of climate change – and finance, a controversial issue because poorer countries blame richer countries for not contributing enough.

This draft acknowledges the devastating impacts of the coronavirus disease 2019 pandemic and the importance of ensuring a sustainable, resilient and inclusive global recovery, showing solidarity, particularly with developing country parties. It recognizes the importance of international collaboration on innovative climate action, including technological advancement across all actors of society, sectors and regions, in contributing to progress towards the objective of the Convention and the goals of the Paris Agreement.

Additionally, it urges parties to ”revisit and strengthen the 2030 targets in their nationally determined contributions, as necessary to align with the Paris Agreement temperature goal by the end of 2022″.

During the Summit, more than 100 world leaders promised to end and reverse deforestation by 2030, including Kenya, where President Uhuru Kenyatta has been calling for the rest of the world to help Africa deal with the effects of climate change.

The draft does not solve the current climate crisis, but attempts to steer COP26 towards a series of significant steps that will prevent global temperature rises from going above 1.5C this century.