COP 26 failed. What can YOU do?
The COP26 final agreement can be looked at under the half full or half empty lenses. What will remain is either a full or a half-failure. Here is why, in 4 points:
- Despite 80% of global emissions being covered by G20 countries long term targets, recent research studies (Lately Net Zero Atlas Report from FTSE Russell) have shown the misalignment of current policies. The COP26 pact only calls for “revisiting and strengthening the 2030 targets”. This is not ambitious and very vague, to say the least.
- The agreement includes for the first time a reference to fossil fuels. But the language used is VERY weak. China and India got their veto on the “phasing out coal and subsidies for fossil fuels” initial draft that became a “phasing down” with no targets, no figures, no timing.
- Carbon credits are given more weight. But it is still wise to approach the carbon offset market with healthy skepticism and keep in mind the two major common concerns: a) Carbon offset credits are of little use in mitigating climate change if they are not a valid substitute for an organization’s own internal GHG reductions. b) There are instances of carbon offset projects that harmed local communities or resulted in broader environmental damage. The risk of carbon offset used as a greenwashing tool is in fact exponentially increasing.
- Financing the developing counterparts: COP26 note with deep regret that the promised US$ 100 Billion/year for climate finance has been missed. Every year, year after year. Yet the text just emphasizes the need to do the same promise again, until 2025. No commitment, no agreement, just emphasizing.
So, COP26 is a failure. What can YOU do about it? Here it is, in 4 points:
- Develop a sound ESG strategy for your organization
- Use Science Based Targets and measurable Key Performance Indicators
- Have a “real” decarbonization plan acting on your own and your value chain emissions, not only using carbon offset credits
- Set the right transparent and engaging narrative for your stakeholders
Find out how our integrative ESG approach can support you @ www.stratesgy.com