Cover text: The first draft of the cover text (the political umbrella text coming out of the summit) was published overnight. The text includes:
- Commitment for 196 countries to boost climate targets by 2023
- Countries to submit net-zero targets & plans in line with Paris by 2022
- Countries to accelerate coal phase-out and cut fossil fuel subsidies
- The key finance line welcomes the $100bn pa delivery plan, but has no push to accelerate funding
- The need for recompense for Loss & Damage is recognised in the main text, but lacks specifics.
- Plans to assess progress on emissions reductions more often.
Whilst some important elements are included, there is a lot of work to be done as countries negotiate over the coming days, and it still is quite a way away from keeping 1.5oC within reach. There is some helpful language around mitigation, ambition and nature, but the text is weak and undetailed on finance, in particular for adaptation, and loss and damage.
More action is needed on temperature rises: A new report from the Climate Action Tracker has calculated that despite pledges made at COP26, the world is nowhere near reaching its goals on limiting global temperature rise to 1.5oC, but heading for 2.4oC of warming since pre-industrial times
Public funding for fossil fuels: Germany is the latest country to announce signing on to the Joint Statement to end international public finance for fossil fuels (the policy win celebrated last week). This brings the number of countries committed to the Joint Statement to 29, with $21.7 billion of finance, which is about a third of G20 countries’ international public finance for fossil fuels. There are likely to be more sign-ons up until COP27.
- Keep the 1.5oC goal alive
- Strengthen plans to cut emissions
- Have more frequent checks on global progress
- Strengthen plans to help the poorest countries to adapt and recover from climate impacts.