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PwC comment: Reflecting on the pivot from week one to two, as we reach the final negotiation stages at COP26

10 November, 2021

As we enter the business end of COP26, there are still a number of textual elements to address. Reflecting on the pivot from week one to two, as we reach the final negotiation stages, Kiran Sura, sustainability and climate change expert at PwC UK, said:

"Week one started with a series of announcements that gave a sense that momentum was building; however, in many instances these initiatives lacked clear, concrete action and credible plans for achieving them. Carbon Action Tracker estimates that current 2030 targets (without long-term pledges) put us on track for a 2.4°C temperature increase by the end of the century - it’s clear we need urgent action now. We have seen very little progress on the Paris Rulebook and the action and finance agenda - where stated ambition during the world leaders summit has failed to translate into the softening of negotiations. 

“But there is still time for delegations to move things forward. The critical outcomes for week two will be to agree a mechanism for accelerating action to close the emissions gap and get on the right trajectory within the next year to  keep 1.5°C alive; to put sufficient finance on the table for mitigation,  adaptation, and dealing with the losses and damages of climate change; and to build transparency and accountability into the system to ensure that progress against commitments can be tracked and assessed.

“As we move into the final stages of the summit, a lot more commitment and action is needed if this is to be a successful COP. Success would entail leaving Glasgow having mandated for five year common timeframes for NDCs, an enhanced transparency framework that ensures accountability while also providing flexibility for developing countries, and an international carbon market that preserves the environmental integrity of the Paris Agreement. It will also be important to conclude COP26 with a clear plan for continued engagement with the broader non-state actor community, including the establishment of a rigorous and transparent framework for measuring action. We have seen some progress - but time is ticking.”

Ends.

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