The United Nations Climate Change Conference of the Parties, COP26, begins Sunday 31 October in Glasgow. Its outcome could determine whether the world is closer to a net zero carbon economy by 2050.
The climate conference will bring together representatives from all over the globe to discuss plans to reduce emissions and limit climate change.
The crucial question is whether or not nations will increase their commitment to the Paris Agreement. This international plan was established in 2015 and aims to keep global temperature rise below 2 degrees Celsius (3.6 degree Fahrenheit) above preindustrial levels. It also aims to reduce global warming to below 1.5 C (2.7 F) by 20100.
Although 197 countries participated in the 2015 Paris Conference, their commitments to reduce their emissions are not enough to stabilize the climate below 1.5 C.
According to climate scientists, to achieve this goal, the world would have to quickly eliminate fossil fuels from its energy supply. This would allow for a reduction of 45 percent over 2010 levels by 2030, and a net zero in 2050.
The original signers of this agreement were not always as committed as their members. Live Science reported that the United States pulled out of the Paris Agreement in 2019 under President Donald Trump. After his election in 2021, President Joe Biden committed again to the agreement.
Related: 10 Signs that the Earth's climate has gone off-track
According to organizers, the goals of COP26 are to get countries agreeing to ambitious reductions of greenhouse gas emissions by 2030; work together to support adaptation that has already taken place; and mobilize developed countries for US$100 billion per year in climate finance for investment in global net zero. This means that the amount of carbon we produce is less than what is removed from the atmosphere.
Finalization of the Paris Rulebook, which is the step-by-step guide to achieving the Paris Agreement, would be the final goal.
Every year, the COP meeting takes place (this is the 26th annual). The conference is the focus of all eyes. As part of Paris Agreement, countries agreed that they would provide updates every five years about their highest emission reduction ambitions.
This should have happened in 2020. However, the coronavirus pandemic delayed that year's COP meeting. These updates will be made in Glasgow this year.
Each country is also required to submit an "Adaptation Communication", which will describe the challenges they face in adapting to changing climates and what they have plans to do about them.
Nations, particularly developed ones, will be asked to contribute their resources. The Paris Agreement required developed countries to raise US$100 billion annually to finance the climate goals of developing countries.
The intergovernmental Organisation for Economic Cooperation and Development, (OECD) reports that developed nations contributed $78.9 trillion in funding in 2018.
The COP26 delegates will also try to finalize Paris Rulebook. Much of it was adopted at UN COP24 in Poland in 2018. There are still some unfinished guidelines. The most important issue is that the countries must agree on how to reduce emissions.
Carbon markets are a part of the Paris Agreement structure. Countries and companies with difficult emissions reductions, such as airlines, can purchase emissions credits from companies more capable. This will create a balance that reduces overall emissions.
Double-dipping is possible. Imagine if Amazon, a US-based company, converted its delivery vans into electric-only. Amazon and the US could try to claim carbon credits in return for the reduction of emissions. Climate policy experts warn that carbon markets may not be able to prevent more emissions from being generated without clear rules.
There are indications that COP26 is facing strong headwinds in achieving these goals. BBC obtained leaked documents that reveal that some developed countries are trying to undermine the necessity to shift away from fossil fuels by lobbying against financial goals.
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Live Science originally published this article. You can read the original article here.
