Glasgow Climate Change Conference (COP26)

The COP26 conference concluded with nearly 200 countries agreeing to the Glasgow Climate Pact to limit global warming to 1.5 degrees Celsius.

The summit finalized the salient elements of the Paris Agreement, including:

- Urgently accelerate climate action, as all countries agreed to review and strengthen their existing emissions targets until 2030, known as Nationally Determined Contributions (NDCs) in 2022.

This will be put before an annual round table to consider the Global Progress Report and Leaders Summit in 2023.

- One of the most important outcomes of the conference was the completion of the Paris rulebook for Item 6 of the Paris List, which is related to the carbon market and is expected to grow from one billion US dollars annually to $50-$100 billion by 2030.

- The industrialized countries pledged in 2009 to provide financial support amounting to $100 billion annually by 2020 to help developing countries adapt, which has not been achieved so far, where the volume of funding does not exceed 10% of the agreed-upon amount of funding.

At the Glasgow Conference, the parties raised the necessity of doubling this pledge, beginning in 2025.

- During the Glasgow conference, Scotland pledged £1 million to the Loss and Damage Fund. A group of charitable organizations pledged $3 million.

On its part, Germany announced €10 million to the Global Ecosystem-based Adaptation Fund, which is managed by the United Nations Environment Program (IUCN).

Despite the effectiveness of the ecosystem-based adaptation approach to climate change, it represents only 5% of total climate finance. While directing the Secretary of the United Nations, the need to reach this percentage to 50%.

-A number of countries (the European Union - the UK - Canada - the US) pledged to achieve zero carbon emissions by 2050. China as well pledged to reach this goal by 2060.

The Glasgow Convention also called on countries to prepare ambitious plans to reduce emissions, according to scientists' reports, in terms of the need to reduce carbon emissions by 55 percent from 2010 rates by 2030.