The Glasgow Climate Pact – Key Outcomes from COP26
Nations adopted the Glasgow Climate Pact, aiming to turn the 2020s into a decade of climate action and support.
The package of decisions consists of a range of agreed items, including strengthened efforts to build resilience to climate change, to curb greenhouse gas emissions and to provide the necessary finance for both. Nations reaffirmed their duty to fulfill the pledge of providing 100 billion dollars annually from developed to developing countries. And they collectively agreed to work to reduce the gap between existing emission reduction plans and what is required to reduce emissions, so that the rise in the global average temperature can be limited to 1.5 degrees. For the first time, nations are called upon to phase down unabated coal power and inefficient subsidies for fossil fuels.
As part of the package of decisions, nations also completed the Paris Agreement’s rulebook as it relates to market mechanisms and non-market approaches and the transparent reporting of climate actions and support provided or received, including for loss and damage.