COP26 AND ITS IMPLICATIONS | Corporality Global

It cannot be denied that climate change is an existential threat. That is why humanity by and large respects the COP26 summit initiative to address the situation.

What is COP26?

COP26 (Conference of Parties 26) has been all over the news lately, and rightfully so. It is the world's most extraordinary summit. The 26th meeting of countries all over the world uniting to discuss climate change. Leaders worldwide stood united in Glasgow, Scotland, "The World's Friendliest City" for this Summit between October 31st and November 12th. Amid these dates, November 4th was significant - the countries made several commitments making way for notable and meaningful changes in global warming.

In 1992, the first Rio Earth Summit saw the birth of UNFCCC or the United Nations Framework Convention that was instrumental in establishing agreements between the parties to work on climate change.

Why does COP26 matter?

Even in the wake of the coronavirus pandemic, the climate change crisis was still looming. People are now living the consequences of centuries of ancestral damage due to greenhouse gas emissions. The time to act against this disaster is now, and turning a blind eye would only mean repudiating developmental efforts made especially for vulnerable people in society. Scientific evidence is constantly mounting, pointing towards the need for a reversal of this erosion. It is also time to listen to the voices of concern revolving around loss and damage due to climate change.

The Promise

COP26 is a summit solemnly dedicated to making real commitments that would help the world climate. Here is a quick brief about the kind of vital responsibilities that the countries have pledged. To date, some have even passed laws to make their intentions possible.

Others have declared their NDCs – National Determined Contributions, a financial aid that will contribute to achieving all agreed goals.

Implications

1. End the use of Coal: Fossil fuel utilities to be slowly and eventually stopped. Twenty countries have agreed to discontinue the practice by 2022.
2. Climate Financing: The most prominent financial institutions across the globe are committed to improving the world economy with all the financial support they can provide.
3. Net Zero: All countries are committed to achieving net zero by 2050, which involves extracting an equal amount of carbon from the atmosphere that it emits throughout a year. Developed nations have already reached their peak carbon emissions, which means they aim to reduce their carbon footprint every year.
4. Reversal of Deforestation: Considered one of the best outcomes of this year's summit, 130 countries have agreed to stop and eventually reverse deforestation. Fewer trees will be cut down and forests gradually restored, resulting in a greener and better world.
5. Countries declare Climate Emergency: 48 countries have decided to declare a climate emergency and actively help reduce emissions and pollution and accept that they are in a Climate Emergency.

Foundation and the way forward

In December 2015, 195 countries agreed to reduce greenhouse gas emissions and hold accountability for global climate change. It was the COP21 summit. All of them pledged to restrict temperature rise to 2°and keep it well below catastrophic levels. They also agreed to meet every three years to summarise actions taken and their outcomes. On the same lines, the United Kingdom's Prime Minister, Mr Boris Johnson, addressed the entire world with a fantastic speech given on November 10th. As the final days of COP26 are in order, Boris Johnson encouraged world leaders to walk the talk and deliver on the commitments made at the COP26 showdown. He said they are in the 'hard yards' and must own up to the promises made throughout COP26. The words used by him were moving, "This is the greatest gift we can give to our children, our grandchildren and generations unborn". Even the former president of the US, Barack Obama, voluntarily attended the summit and addressed the media about the remarkable unity of 197 countries to end the looming climate threat.

Takeaways:

Corporality respects and admires the spirit of these great leaders who have united to achieve these global climate goals. As the world witnessed this important and unique event, we were also in awe of the decisions taken to set the course towards a better world for generations to come. The 2021 Summit has seen the compounding effect of the Paris Agreement; countries and world leaders that participated along with around 30,000 delegates from across the globe. It is great to see powerful leaders make time to address this imminent danger. Here is how the promising future looks:

• Electric vehicles will make their way on to our roads
• Great Britain has already reduced coal dependency from 70% to <1% over the past 50 years
• Fossil fuels are set to become obsolete

Humankind is looking for better means to survive, not despite the environment, but in favour of it. A cautious and counteractive today, for a better and greener tomorrow. Corporality salutes global leaders who came together for a cause. We are highly conscious about the impact of corporate social responsibilities that collectively help people survive to achieve their goals.