The Glasgow Climate Pact signed and published at the end of the COP26 Summit, while not legally binding, sets the global agenda on climate change for the coming decade. Signatory countries are to replace their national 2030 climate action targets with more ambitious emission reductions by the end of 2022.
Complying with the standards set by the 2015 Paris Agreement is reiterated, with the aim to make changes to limit global warming to 1.5°C by the end of 2022. More than 40 countries have pledged to phase out coal, which is one of the biggest sources of greenhouse gas emissions. Developed countries engaged to phase out coal in the 2030s and developing countries committed to do so in the 2040s.
At least 20 countries – including Italy, Canada and the US – pledged to stop financing overseas fossil fuel industries by the end of 2022, and instead divert the financing toward clean energy. The Glasgow Pact also establishes the Santiago Network, which is to be funded by richer countries and would provide technical expertise, knowledge and resources to assist vulnerable developing countries in addressing climate risks.
A group of world leaders, comprising of about 70 percent of the global GDP, including the EU and US, agreed to a UK-led plan for a global speed-up of affordable and clean technology by 2030. The plan encompasses five goals set for 2030, the Glasgow breakthroughs, which aim to address more than 50 percent of global emissions by accelerating innovation for climate-smart and sustainable options in the power, road transport, steel, hydrogen and agriculture sectors.
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