Insight

COP26: Finance, fossil fuels and speeding up action - the key issues remaining

ITV News Correspondent Rachel Younger reports on the mounting concerns that current commitments made at COP26 are too weak to prevent disastrous levels of global heating


Some of what is known as the likeminded group of developing countries (including China, India and Saudi Arabia among others) are said to be trying to remove this bit of text that is deemed absolutely critical to the success of this conference:

"Urges parties to revisit and strengthen the 2030 targets in their nationally determined contributions, as necessary to align with the Paris Agreement temperature goal by the end of 2022".

That paragraph is critical because it speeds up the timetable - which is needed because scientists think there is no hope of staying below 1.5 degrees if things don’t ramp up now and up to 2030.

The COP27 climate conference - what you need to know

What is COP27? When and where will it be?

Each year, the United Nations Framework Convention on Climate Change (UNFCCC) meets at what is called the Conference of the Parties (abbreviated as COP) to discuss the world's progress on climate change and how to tackle it.

COP27 is the 27th United Nations Climate Change Conference of the Parties summit which will be held in Sharm El Sheikh, Egypt from November 6-18.

Who is going?

Leaders of the 197 countries that signed the United Nations Framework Convention on Climate Change (UNFCCC) - a treaty that came into force in 1994 - are invited to the summit.

These are some of the world leaders that will be attending COP27:

  • UK Prime Minister Rishi Sunak is attending the conference, after initially saying he wouldn't as he was too busy focusing on the economy within his first weeks in office.

  • US President Joe Biden and his experienced climate envoy, John Kerry, will appear at the talks.

  • France President Emmanuel Macron will also be among the heads of state from around the world staying in Egypt.

King Charles III will not be attending COP27, despite being a staunch advocate for the environment. The decision was made jointly by Buckingham Palace and former prime minister Liz Truss.

Elsewhere, Russian President Vladimir Putin and his Chinese counterpart Xi Jinping will not attend the talks just as they decided to do for COP26.

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What is it hoping to achieve?

1. Ensure full implementation of the Paris Agreement and putting negotiations into concrete actions - included within this is the target of limiting global warming to well below 2C.

2. Cementing progress on the critical workstreams of mitigation, adaptation, finance and loss and damage, while stepping up finance notably to tackle the impacts of climate change.

3. Enhancing the delivery of the principles of transparency and accountability throughout the UN Climate Change process.

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The hope to water down this language was posed by Bolivia on behalf of the group so one question is how much other key countries within the alliance are pressing for the same. 

And there's another issue with fossil fuels.

A first draft of the cover decision includes a commitment to phase out subsidies for fossil fuels, the first time this has ever appeared in a document drawn up at one of these conferences but there are worries Saudi Arabia and perhaps Australia want the reference out.


What are the chances of reaching key global warming pledges at COP26 by the end of this week? Robert Peston reports


But perhaps most tense is the question of finance in particular for poorer countries to adapt and cope with loss and damage caused by climate change.

Here there are worries the IS is the block. 

On the way into last minute ministerial negotiations on finance the ministers for Kenya and Ecuador argued this was a matter of justice and without it the talks could be in serious damage. 

Delegates walk past the neon light installation 'Hurry Up Please It's Time' by artist Cornelia Parker during the Cop26 summit in Glasgow. Credit: PA

There is a feeling that the US and China joint declaration on Wednesday was basically a cover that didn’t really go beyond the Paris agreement wording - but allowed both of the countries to then, behind the scenes. pull back from hoped for delivery.

There is also a sense that without enough money to support poorer nations they will scupper richer countries hopes for action on cutting emissions. 

The UK needs these talks to succeed if Cop26 is to be a success.