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PwC comments on the new Glasgow Climate Pact

13 Nov 2021

Commenting on the new 'Glasgow Climate Pact', Kiran Sura, sustainability and climate change expert at PwC UK, said:

“COP26 has kept the possibility of reaching 1.5°C alive, but it’s all hands on deck now to turn this into reality. Going into COP26 we knew we had not closed the emissions gap. Country announcements during COP have succeeded in narrowing the gap to 2.4°C by the end of this century (if all commitments are implemented), but one of the most important outcomes from Glasgow is the agreement to review targets next year (and year on year) to put us on a 1.5°C trajectory this decisive decade. The global stocktake in 2023, which will review country and non-state actor action, will be a defining moment that tells us if we have indeed succeeded in bending the emissions curve and putting ourselves on a trajectory that averts climate catastrophe or whether we have consigned ourselves to a dangerous fate.

“COP26 had a huge mandate to deliver. Not only was it charged with keeping 1.5°C alive; it was also to deliver on unresolved elements of the Paris Agreement Rulebook - carbon markets, common timeframes for national climate targets (NDCs) and an enhanced transparency framework. I’m really pleased to say that COP26 delivered this outcome. The establishment of market and non-market approaches are critical for delivering greater emissions cuts, mobilising finance and for spurring increased cooperation. Common timeframes for national climate targets (NDCs) ensures greater synchronisation across country efforts. The establishment of an enhanced transparency framework helps build trust in the process through delivering greater transparency and accountability.

“COP 26 has sent an important political signal, including to the private sector. COP26 profiled real economy action like no other COP has done before - as recognised by the UNFCCC Executive Secretary Patricia Espinosa. A number of critical private-public partnerships were announced during the two weeks in Glasgow covering a range of sectors from deforestation and oceans, to the built environment and cities, to energy, finance and transport. But what also came through loud and clear at COP26 is that these can’t be hollow promises - societies, communities, youth, indengous groups and those on the front lines of climate change will hold governments and businesses to account to deliver what they have promised. Testament to this statement was the United Nations Secretary General's announcement to set-up an Expert Working Group to assess the credibility of non-state actors net zero targets and track progress. It’s critical that business steps up and helps governments deliver on the promises made in Glasgow and likewise for governments to create a policy and regulatory environment to enable business to deliver on pledges. And ultimately creating an ambition loop that spurs ever greater levels of emissions reductions. 

“Compromise. That was a theme that came through strongly in the final hours of COP26. We’ve done enough to keep 1.5°C alive, but the work starts now to avoid a climate catastrophe. Whilst climate vulnerable countries acknowledged the progress that has been delivered in Glasgow on adaptation (work programme established for the global goal for adaptation and increases in adaptation financing), loss & damage (function established for the Santiago Network and agreement to begin work on a fund for loss and damage) and finance - they emphatically noted that the Glasgow Package fell far short of delivering what was promised in terms of responding to the damage, destruction, and devastation these economies, societies and communities are facing now.  All issues will need to be taken up as a matter of urgency at COP27, which was echoed by the incoming Egyptian Presidency.”

Ends.

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Sian Gentle

Sian Gentle

Manager, media relations, PwC United Kingdom

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