Global commitment to a green recovery and progress on carbon trading and climate finance key to successful COP26

In response to the publication of the UK Government’s COP26 strategy, Nick Molho, Executive Director of the Aldersgate Group, said: “The UK is right to place a strong emphasis on delivering the 1.5 degree goal of the Paris Agreement and send a clear message on phasing out the use of coal globally. This approach is clearly supported by science and countries should aim for more ambition, not less, ahead of this important summit. Plans to push for all new car sales to be zero emissions by 2040 globally and radically increasing international finance to deliver on climate initiatives are also vital.”

Nick Molho added: “However, recent analysis from the International Energy Agency tells us that many parts of the world are pursuing economic stimulus investments that are taking us away from the 1.5 degree goal. To close the gap, it is essential that the UK presidency continues its diplomatic efforts to secure increased climate commitments from the world’s key emitters and a global commitment to pursue and co-operate on delivering a green economic recovery from the COVID-19 crisis.”

Nick Molho concluded: “The confirmation that COP26 will be held in person sends a strong signal for international diplomatic negotiations in the months ahead. Particular areas of focus for negotiations must include finalising a rule book for a credible global carbon trading system under Article 6 of the Paris Agreement as well as delivering on today’s commitment to provide climate finance support for developing economies, which are often disproportionately impacted by the growing impacts from climate change. The UK can also strengthen its influence globally by publishing a detailed net zero delivery strategy well ahead of COP26, in a way that provides a clear policy plan for UK businesses and serves as a credible exemplar for other major economies to follow.”