COP26 Day Two Summary – 2nd November 2021

COP26 Day Two Summary – 2nd November 2021

Further emphasis on nature restoration, a methane agreement and more funding for renewable energy, governments and companies alike put their money towards change.

An alliance has been formed between the Ikea Foundation, Bezos Earth Fund and Rockefeller Foundation with central investment banks, the initiative has been named the Global Energy Alliance for People and Planet (GEAPP) and aims to put $100 billion (~£73.5bn) towards low-carbon technology, clean energy production and eco-friendly jobs.

The Indian and UK governments have also launched an initiative known as the Green Grid Initiative that hopes to accelerate the construction of infrastructure for renewable energy with help from national governments to citizen groups. Ideally, this initiative aims to construct an international grid for solar power, removing the lack of energy production at night by supplying countries in the dark with electricity from a country in daytime.

A new coalition has been formed, the Water and Climate Coalition, launched to inform people about how water and the climate are linked. Created by the heads of UN Water and the World Meteorological Organisation, this coalition aims to inform governments, the private sector and civilian groups about the connections between water systems, climate and nature, bringing attention to the fact that 80% of climate impacts relate or are manifested by water.

Building on the forest and land use declaration made yesterday, seen here, a further 19 countries have signed up. The EU and 11 nations have separately pledged to allocate $12 billion (~£8.8bn) towards globally aiding the halting and reversing of deforestation, prioritising assisting developing nations and protecting the rights of indigenous people. Known as the Global Forest Finance Pledge, it is supposedly the largest commitment of its kind.

The Global Methane Pledge has been put forward by the US and EU, hoping to cut back methane emissions and reduce warming in the short-term. After failing to set a target at G20 for methane emissions, the initiative seeks to cut methane emissions by 30% by 2030, delivering on this could reduce warming by 0.2oC by 2050. The pledge now has signatories from 103 countries, representing 70% of the global economy, found here. Funding has also been provided by philanthropists globally to support methane mitigation methods.

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