World leaders and corporate bosses met virtually to set out what they will do to slow global warming — from emissions cuts to measures to force financial disclosure. The pledges largely consisted of incremental measures, and China disappointed. That doesn’t bode well for the next round of climate talks next year in Glasgow, Scotland. The summit was seen as an opportunity to build momentum into 2021 when incoming U.S. President Joe Biden plans to rejoin the Paris deal and set a net-zero goal.
That said, there were some bold pledges in the runup. In an 11th-hour deal this week, the European Union agreed to cut emissions by at least 55% by 2030, and the U.K. has pledged to cut by 68%.
key Developments:
- Xi takes small step to add details to carbon-neutral goal
- Argentina, Vatican aim for carbon neutrality by 2050
- Canada to spend $12 billion to cut emissions; hike carbon tax
- French companies agree to more disclosure
- Asset managers overseeing $9 trillion will run carbon-neutral investment portfolios by 2050
Clock Continues to Tick, Sharma Says (7:15 p.m.)
The global community has made real progress in the fight against global warming, said COP26 President Alok Sharma. A total of 75 leaders announced 45 renewed pledges to cut emissions, 24 net zero commitments and 20 adaptation and resilience plans.
“It is not enough and the clock continues to tick,” Sharma said. “The choices we make in the year ahead will determine whether we unleash a tidal wave of climate catastrophe on generations to come.”
Biden Tweets Support (5:30 p.m.)
Biden isn’t at the conference, but he’s offering support from the sidelines.
“Many countries contributing to the Climate Ambition Summit ignored the ‘ambition’ part and apparently still lack the moral courage to stand up to the fossil fuel industry,” she said.