FromOctober 31stthroughNovember12th,theUKwill host the26thConference of theUNFramework Convention on Climate Change(COP26) in Glasgow.Amid the pandemic, theannual summit will be a key moment in the global efforts to tackle the climate crisisand send strong signals on the implementation phase of the Paris Agreement.
Unprecedentedwas named word of the year in 2020 as the Covid-19 pandemic disrupted life as we knew it. Whilecountries of the worldjoinedforces to tackle thehealthemergency, the climate crisisonly intensified.2021 has reportedmore intense heat waves, floods,wildfires,andevencropsfailuresthat threaten the world’s food production.
Unlessurgentandconcreteactionisundertaken, the planet is on trackto a 3-5°C increase in global temperaturewith more intense and frequentextreme weather eventsthatwould have devastating consequenceson livelihoods andhuman security.We know that an estimated216 million peoplecould be forced to migrate within their countries by 2050.
In the Latin American and Caribbean region, eight countrieshave been ranked among the world’s 10 most vulnerable to the effects of climate change.In parts of the Amazon and in the Pantanal, droughts have been the worst in six decades and have fed a record year of forest fires in 2020.
The latestIPCCreportcalls for urgent action to avoid a climate catastrophe. To limit the globaltemperaturerise to 1.5°C, countries must cut global emissions by 45%by 2030 and reach net-zero by 2050.
Why is COP26 important?
DuringCOP21,held in 2015,197countriesadopted the Paris Agreement andagreed toreduce carbon emissionsand limit the increase of the global temperaturetowell below 2°C.Countries’commitments and strategiestodecarbonize their economies and build climate resiliencewere reflected in theirNationally Determined Contributions (NDC).
These commitments were to be revised every five yearswith more ambitious goals.As of October 2021,115 countrieshavesubmittednew NDC targets.InLatin America and the Caribbean,all countries are working on a revised version oftheirNDCswith at least75%countrieshavingsubmittedan updated versionfor COP26.
However, assuming their implementation is fully successful,current climate pledgeswouldstillput the world on course for2.7- 3.1°Cofglobal heatingby the end of the century.
COP26representsan opportunity for countries toshowcasetheir NDCs and seek ways of implementation by accessingclimate finance and technology transfer.
A few days ago, the UK, host of the COP26, unveiled its roadmap to reachnet-zero emissions by 2050, astrategy whichis expected tobring in £90billionof private funding and createnearly halfa million new jobs by 2030.Similar pledges have been made byover 100 countriesthathave committed to this target in the coming decades.
The comingCOPis under pressure, as key topics were left unresolved in Madrid during COP25, andnegotiators willaim tofinalizethe Rulebook of the Paris Agreement.For example, underArticle6countries andthe privatesector expect to get clearguidelineson the role ofcarbon marketsand how toengage with this instrument.
Loss and damage will remain a topicofcomplaint for developing countries, as they expect majoremitters to makeambitious commitmentsbut also ensure thatdeveloped countriesreach their commitment to mobilize$100 billionannually, a targetthat was expected to have been achieved by2020.Based on a recent publicationbytheOECD,public climate finance provided by bilateral and multilateral providerswillconverge over time towards thestated intentions,pledges,and targets, albeit with some delaysover the expected 2020objective.
Positive signsarevisiblebut asusualthe questionremains,canwe do it on time?
What does COP26 mean for our region?
Latin America and the Caribbeanhas a historic opportunity toundertake transformative change and invest in a better type ofdevelopment that creates a greener, healthier, andmore inclusive future.Luckily, the region has realized the importance of a whole-of-government approach to climate action, asevidencedby the increasing involvement of ministries of finance,economy,and planningin incorporating climate considerations into budgetary processes and national planning.
For a region highly vulnerable to the impacts of climate change, the business case of investing in adaptation and resilience efforts is clear:investing one dollar in resilience in Latin America and the Caribbeanwillsavefourdollarsinthereductionofdamages in the short term.Efforts to reduce emissions are also compatible with economic growth. Decarbonizing our economieswould reap economic benefits, including 15 million net jobs by 2030, and the private sector is quickly catching on to this trend.
Nature should also be at the center of our climate response.Our region’sbiodiversity powerhousehosts 40% of the world’s biodiversity, 12% of its mangrove forests, 10% of its coral reefs, and its largest expanse of wetlands. Our natural capital is key for climate regulation and building resilience to climate changeand it is vital for economies and the livelihoods of billions of people.
Nature-based solutions could account for 40% of the reduction of carbon emissions. Nature isa valuable assetin climate actionand the good news is that our region has the potential toadvance nature-based solutionsthat foster both economic development and healthy ecosystems. On the road to COP26, it has been crucial to continue to bring the climate and biodiversity agendas closer together.
As we work to overcome the worst economic crisisin a centurydue to the effectsofCOVID-19,an ambitious,coordinated,and innovative approach to climate action, which understands the power of nature,canfoster a recovery that ensuressustainableand inclusive growth for ourregion and our planet.
TheIDBhas prepared a dedicated site for all content related to COP26. Check it out here:https://www.iadb.org/en/eventos/COP26
Photo: @kydroon - unsplashed.com