Doha, August 2021
Can COP26 Live Up to the World's Expectations?
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About This Webinar:
The world’s watchful gaze will be fixed on Glasgow at the beginning of November 2021, as global leaders and important industry figures convene for the 26th UN Climate Change Conference of the Parties (COP26). Expectations are running high, with hopes that the two-week climate conference will call on all nations to end the use of polluting vehicles, decarbonise the energy system, abandon coal power, and stop deforestation – all in the pursuit of limiting global warming to 1.5 degrees Celsius.
COP26 represents a turning point for the energy industry as it will explore how countries can make sustainable production profitable. It also presents an opportunity for delegates from developing countries to sit face-to-face with the world’s biggest polluters and discuss how they can turn promises into actions.
As governments and corporations continue to respond to the call for ambitious climate plans in the lead up to COP26, there is growing recognition that a host of tools will be required to achieve the targets of the Paris Agreement. Carbon pricing is one such policy instrument that has the potential to decarbonise the world’s economic activity while unleashing technological innovation and generating revenues needed for greening the economy. Article 6 of the Paris Agreement includes provisions that would allow countries to cooperate to achieve their Nationally Determined Contributions, specifically through carbon pricing, to meet mitigation commitments. It is therefore important to finalise the rules for Article 6 at COP26.
As we count down to COP26, what can the global energy industry expect from this summit? Are we going to see clear targets for the decarbonisation of the energy sector? What new policies and commitments can the energy industry expect from COP26, that will accelerate the transition to renewables? With an estimated $3.5 trillion in energy-sector investments needed every year until 2050 to make the required transition, can we expect fresh climate pledges from financial institutions and governments?
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