1. World leaders meeting at the COP26 climate summit in Glasgow issued on Tuesday November 2nd a multibillion-dollar pledge to end deforestation by 2030; but that date is too distant for campaigners who want action sooner to save the planet’s lungs.
100 untries Pledge to End Deforestation at COP26 Backed by $19 Billion - Bloomberg
2. The ECB published its pledge to contribute, within its field of responsibility, to decisive action by policymakers to implement the Paris Agreement and mitigate the consequences of climate change.
In line with its recent decisions, the ECB pledges to contribute, within its mandate, to goals of the Paris Agreement and to the efforts of the NGFS with the following activities:
- Integrating climate-related risks into financial stability monitoring and prudential supervision of banks
- Integrating sustainability factors into own portfolio management
- Exploring the effects of climate-related risks on the Eurosystem monetary policy framework within its mandate
- Bridging data gaps on climate-related data
- Working towards higher awareness and intellectual capacity, also through technical assistance and knowledge sharing
3. In the context of the 2021 United Nations Climate Change Conference (COP 26), the Bank of Greece contributes within its field of responsibility to the Objective in Article 2.1(c) of the Paris Agreement, making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development. This pledge supports the Glasgow Declaration of the Network for Greening the Financial System and the European Central Bank pledge on climate change action.
Press Release (bankofgreece.gr)
4. Countries must put a price on the carbon dioxide emissions causing climate change, European Commission President Ursula von der Leyen told the United Nations COP26 summit on Monday (1 November).
5. Nations and businesses commit to create sustainable agriculture and land use. 45 governments pledge urgent action and investment to protect nature and shift to more sustainable ways of farming and 95 high profile companies from a range of sectors commit to being ‘Nature Positive’, agreeing to work towards halting and reversing the decline of nature by 2030.
6. Countries will be asked to strengthen their national climate blueprints by the end of next year to bring them in line with the goals of the Paris Agreement (average temperature rise much less than 2 degrees Celsius), according to an early draft document emerging from COP26 negotiations. It also calls on the United Nations to report every year on what the overall impact of countries’ climate plans is on global warming. At the moment, they put the planet on course for 2.7 degrees Celsius of warming.
7. China and the U.S. vowed to work together to slow global warming, issuing a surprise joint statement that injects new momentum into the last days of global climate negotiations. The two sides agreed to boost their efforts to cut emissions, including by tackling methane and illegal deforestation. They will establish a working group to increase action in the 2020s which will meet in the first half of next year.
Surprise U.S.-China Climate Deal Breaks Through Superpower Standoff - Bloomberg
8. The head of the United Nation says a group he’s convening to police net-zero commitments will submit recommendations to him over the course of next year. “We need to hold each other accountable -- governments, non-state actors and civil society,” UN Secretary-General Antonio Guterres said.
UN Chief Antonio Guterres Says Policing of Net-Zero Claims to Take Shape in 2022 - Bloomberg
9. Negotiators at the COP26 climate talks in Glasgow are closing in on an agreement, though the final stretch is — as always — set to be the hardest. New drafts published on Saturday morning show what battles remain. Environmental groups said the proposed framework for a global carbon market is markedly better than previous versions, though there are still many loopholes. If the negotiations end with weak rules, there’s a risk that it will allow countries and companies to greenwash and give them a license to pollute while claiming to offset those emissions.