COP26: UK firms forced to plan for low-carbon future - BBC News

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Most big UK firms and financial institutions will be forced to show how they intend to hit climate change targets under new Treasury rules.

They will have to detail how they will adapt to a low-carbon future in order to meet the UK's 2050 net-zero target.

But firms and their shareholders will be left to decide how their business adapts to this transition, including how they plan to decarbonise the emissions they finance.

Firms will publish the plans in 2023.

Plans will be submitted to a panel of experts in an effort to make sure they are more than just spin.

The plans will need to include targets to reduce greenhouse gas emissions, and the steps which firms plan to take to get there.

However, the government said there was "not yet a commonly agreed standard for what a good quality transition plan looks like".

Finance groups said the proposals would help them measure progress, but green groups said they did not go far enough.

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Chancellor Rishi Sunak will outline plans to make the UK the world's first net-zero financial centre on Wednesday - as part of a day dedicated to finance at the COP26 climate conference in Glasgow.

In a speech, Mr Sunak will address an audience of finance ministers, central bank governors, heads of multilateral financial institutions and senior industry leaders from around the world.

He will say that 450 firms controlling 40% of global financial assets - equivalent to $130 trillion (£95tn) - have now aligned themselves to limit global warming to 1.5C above pre-industrial levels.

He will also say that progress has been made to "rewire the entire global financial system for net zero" under the UK's leadership of the conference.

The plans for businesses - financial institutions and listed companies - will require them to come up with net-zero transition plans, according to rules drawn up by a new Transition Plan Taskforce.

This will be made up of industry and academic leaders, regulators and civil society groups.

The Treasury said the taskforce would set a science-based "gold standard" for the plans in order to guard against so-called "greenwashing" - that is, environmental initiatives that are more about marketing than substance.

In 2015, developed countries promised to send $100bn to those that are less developed to help support their transition to net-zero.

That target has not yet been met, but Mr Sunak is expected to pledge that it will be achieved by 2023.

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Kay Swinburne, vice-chairman of financial services at KPMG UK, said the announcement would provide the financial services industry with a "valuable set of unified metrics to measure progress towards decarbonisation".

"It is brave to put a gold standard in place for all companies raising funding," she added.

And Dr Ben Caldecott, director of the UK Centre for Greening Finance and Investment, said the plans would "spur demand for green finance and accelerate decarbonisation, not just in the UK but wherever UK firms do business".

But Shaun Spiers, executive director of environmental think tank Green Alliance, said while the plan was welcome it would not happen fast enough.

"Private sector investment is vital, but it will be much easier to achieve on the back of serious investment by the chancellor," he said.

David Barmes, senior economist at the campaign group Positive Money, said: "While it's positive to see financial institutions scaling up their green finance commitments, this announcement says nothing of the billions they're still pouring into environmentally harmful projects.

"We need public institutions rather than bank CEOs to lead the way in setting standards and delivering green investment.

"The public investment announced by the UK government so far is nowhere near enough to meet their climate targets, and we will need huge increases to ensure a green transition that is both timely and fair."

Follow the money to net zero. That is the plan unveiled today, with two-fifths of the world's financial assets, $130 trillion, under the management of banks, insurers and pension funds that have signed up to 2050 net-zero goals including limiting global warming to 1.5C.

This means that the giant laser beam of global finance will be fired towards technologies that lower and eradicate carbon emissions, and away from "brown holdings" of investments in coal, oil and gas.

But can such fundamental ecological, economic and social change really be achieved more through financial carrot than by regulatory stick? This position suits politicians who don't necessarily want to tell their voting public to consume or travel less than they are used to.

By changing the financial system, their hope is that the trajectory of every economic sector, from energy to transport, food to clothing, how we live, work and what we consume will decarbonise of their own accord.

• Read more from Faisal

• JOBS THAT COULD SAVE THE WORLD: Four people whose careers reduce our impact on the planet
• EDUCATORS OR ACTIVISTS?: What role should the media play in climate change?

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COP26: Boris Johnson cautiously optimistic on climate progress - BBC News

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Prime Minister Boris Johnson has said there is "a long way to go" in the fight to curb climate change - but he is "cautiously optimistic".

Speaking at the COP26 climate summit in Glasgow, he said the doomsday clock "is still ticking", but "we've got a bomb disposal team on site".

World leaders are leaving the summit, with negotiators for each nation taking over to agree on climate pledges.

More than 100 countries agreed on Tuesday to cut emissions of methane.

The US-EU global partnership aims to limit the emissions by 30%, compared with 2020 levels.

As the second full day of the pivotal summit concluded:

• Mr Johnson warned "we must take care against false hope" as negotiators thrash out further deals
• He urged richer countries to meet their promise to send $100bn (£74bn) a year to less developed countries faster
• US President Joe Biden hailed progress made at the summit so far - but criticised China and Russia's leaders for not showing up
• More than 100 nations - including Brazil - pledged to end and reverse deforestation by 2030

Despite some notable absences, senior figures championed the breakthroughs made as world leaders began to depart Glasgow, leaving behind teams of country negotiators for the next 10 days.

Mr Johnson said a pledge by Indian prime minister Narendra Modi to switch half the country's power grid to renewable sources by 2030 was a "massive commitment".

"I've seen more energy and more commitment and more urgency than I've ever seen and I've been doing this since 1988," US climate envoy John Kerry said.

But there is some way to go if leaders are to get an agreement that would keep alive the prospect set out in the Paris Agreement of restricting global temperature rises to 1.5C, according to the prime minister.

China is said to be one of those pushing back against a focus on limiting warming to 1.5C.

• Global pledge to slash methane announced
• World leaders vow to end deforestation by 2030
• Should there be limits on meat eating? Your questions answered

Mr Johnson told a news conference "one thing that gives me optimism - for the countries who find it most difficult to transition from fossil fuels, we're starting to form those coalitions to help them".

But he added that "if we don't fix our climate, it will be an economic catastrophe as well as a environmental catastrophe".

COP26 climate summit - The basics

• Climate change is one of the world's most pressing problems. Governments must promise more ambitious cuts in warming gases if we are to prevent greater global temperature rises.
• The summit in Glasgow is where change could happen. You need to watch for the promises made by the world's biggest polluters, like the US and China, and whether poorer countries are getting the support they need.
• All our lives will change. Decisions made here could impact our jobs, how we heat our homes, what we eat and how we travel.

Read more about the COP26 summit here.

He said the public "may not listen to me, but they certainly listen to Sir David Attenborough (who spoke at the summit on Monday) and they look at what's actually happening around the world", referring to natural disasters in recent years.

Ahead of the summit, hosted by the UK, he had compared the fight against further climate change to a football match - suggesting humanity was 5-1 down at half-time.

With the world already experiencing dangerous heating, it's vital for this conference to produce more than what the activist Greta Thunberg calls "blah blah blah".

Today world leaders have announced initiatives of some significance.

In one declaration, more than 100 countries promised to reverse deforestation by 2030. The pledge includes almost £14bn ($19.2bn) of public and private funds.

Another major announcement is a pact to cut emissions of methane by 30% by 2030.

The third eye-catching action was an agreement between 40 nations, including the UK, China, India and the US, to work together to create standards and incentives for new technologies.

And in a fourth announcement, the governments of France, Germany, the UK, the US, and the EU, have outlined a partnership to get South Africa off coal, with an initial funding of £6bn ($8.5bn).

These actions together won't solve the climate problem. But they do demonstrate some valuable new thinking.

The prime minister said: "We've pulled back a goal, or perhaps even two, and I think we are going to be able to take this thing to extra-time, because there's no doubt that some progress has been made."

Shadow business secretary Ed Miliband responded by saying: "The score that really matters is whether we cut carbon emissions by half this decade."

Mr Johnson also said that while the "doomsday clock was still ticking" - having previously said it is at a minute to midnight - there was now a bomb disposal team on site and "they're starting to snip the wires - I hope some of the right wires".

As he prepared to return to London, Mr Johnson told the teams remaining in Glasgow: "The eyes of the world are on you - the eyes of the British government and all the other governments that care about this - and we have got your numbers."

The COP26 global climate summit in Glasgow is seen as crucial if climate change is to be brought under control. Almost 200 countries are being asked for their plans to cut emissions, and it could lead to major changes to our everyday lives.

• Why the COP26 climate summit is important
• Simple guide to climate change
• What will climate change look like for you?
• Will the UK meet its climate targets?
• How extreme weather is linked to climate change

• JOBS THAT COULD SAVE THE WORLD: Four people whose careers reduce our impact on the planet
• EDUCATORS OR ACTIVISTS?: What role should the media play in climate change?

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COP26: World leaders pledge to cut methane emission levels by 30% by 2030 in 'game-changing commitment' - Sky News

World leaders have pledged to cut methane emission levels by 30% by 2030 as part of efforts to tackle the climate crisis at the COP26 summit in Glasgow.

The Global Methane Pledge is an international initiative put forward by the US and EU to reduce methane emissions, an effective way to slow warming in the short term.

John Kerry, the Biden administration's climate envoy, said more than 100 countries have joined the effort to meet the targets of the pledge.

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Image: John Kerry, US Special Presidential Envoy for Climate, speaks at the Global Methane Pledge event

He spoke before US President Joe Biden and European Commission President Ursula von der Leyen appeared together in Glasgow to announce details of the wide-ranging plan.

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The Biden administration plans to tackle oil and gas wells, pipelines and other infrastructure first as part of its broader strategy to crack down on climate change.

Its goal is to eliminate over 0.2C of near-term warming by cutting global methane by at least 30% by 2030.

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While it sounds like a small change, it could have a significant impact on the severity and frequency of extreme weather events.

It will also substantially improve public health and agricultural productivity by reducing the ground-level ozone pollution that methane exacerbates.

Addressing the summit, Mr Biden thanked those who have signed the "game-changing commitment".

He said: "What we do in this decisive decade... is going to impact whether or not we can meet our longer-term commitment.

"One of the most important things we can do in this decisive decade to keep 1.5C in reach is to reduce our methane as quickly as possible.

"As has already been stated, it is one of the most potent greenhouse gases there is. It amounts to about half the warming we are experiencing today."

Image: US President Joe Biden speaks at the Global Methane Pledge event during COP26

Other highlights so far from the summit include:

• The summit's first major announcement came in the form of more than 100 countries representing 85% of the world's forests agreeing to end and reverse deforestation by 2030 - with £14bn ($19.2bn) in public and private funding behind it
• Scores of world leaders signed a pledge to slash potent climate heating gas methane by 30% by 2030, a "low hanging fruit" when it comes to slowing warming in the short-term. It could shave 0.1-0.2 degrees off global warming
• Japan committed extra $10bn climate finance over five years, meaning rich countries could hit $100bn a year target one year sooner than expected, US climate envoy John Kerry said, as it "has the ability to leverage" a further $8bn
• Over 40 world leaders back plan to fund clean technology around the world by 2030, the UK government announced
• India finally came forward with a net zero promise - the 2070 target is 20 years later than the key 2050 date but still a big step forward, especially with its commitment to significantly slash emissions by 2030
• Boris Johnson warned the 1.5 degrees target is the difference 'between life and death'
• Five countries, including Britain and the United States, and a group of global charities promised $1.7bn to support indigenous people's conservation of forests and strengthen their land rights

Mr Biden added the pledge will make a "huge difference" not just when fighting climate change, but with the physical health of individuals.

During his two-day appearance at the summit in Glasgow, Mr Biden has vowed to work with the EU and other nations to achieve the goal.

Justin Trudeau, Canada's prime minister, told the summit: "We all want to build a cleaner and healthier future for our kids. That means taking real climate action."

He also told COP26 there's no achievable global pathway to reach the 1.5C target "without deep cuts to methane over the next decade".

Ursula von der Leyen, president of the European Commission, explained that cutting back on methane emissions is "one of the most effective things we can do" to slow down climate change.

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1:33

'Let's keep 1.5 alive'

The pledge is arguably the biggest single thing countries can do to keep alive the goal of limiting global warming to 1.5C above pre-industrial levels.

Methane is usually produced as a by-product of the oil and gas industry, but if captured, it can be used as fuel for power plants and domestic purposes.

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Invisible and odourless, it is considered to be a major contributor to global warming and is much more harmful than carbon dioxide.

Experts believe lowering methane levels can not only stop the planet from getting hotter, but can actively lower global temperatures.

Image: Actor Leonardo DiCaprio participates in the Global Methane Pledge event

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Commenting on the updated pledge announced today at COP26, Professor Emily Shuckburgh, director of Cambridge Zero at the University of Cambridge, said: "Methane is the second most important greenhouse gas and rapid cuts would make an important difference.

"It has contributed about 0.5C to warming to date and although it doesn't stay as long in the atmosphere as carbon dioxide in the first 20 years after its release it is 80 times more powerful at heating.

"Methane is an easy win in terms of climate action: cuts using existing technologies and adopting different land management practices could reduce warming by 0.25C by 2050 at little or no cost, and help to keep 1.5 alive."

For full coverage of COP26, watch Climate Live on Sky channel 525.

Follow live coverage on web and app with our dedicated live blog.

Get all the latest stories, special reports and in-depth analysis at skynews.com/cop26

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COP26: World leaders promise to end deforestation by 2030 - BBC News

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More than 100 world leaders will promise to end and reverse deforestation by 2030, in the COP26 climate summit's first major deal.

Brazil - where stretches of the Amazon rainforest have been cut down - will be among the signatories on Tuesday.

The pledge includes almost £14bn ($19.2bn) of public and private funds.

Experts welcomed the move, but warned a previous deal in 2014 had "failed to slow deforestation at all" and commitments needed to be delivered on.

Felling trees contributes to climate change because it depletes forests that absorb vast amounts of the warming gas CO2.

UK Prime Minister Boris Johnson, who is hosting the global meeting in Glasgow, will call Tuesday's deal a "landmark agreement to protect and restore the Earth's forests".

"These great teeming ecosystems - these cathedrals of nature - are the lungs of our planet," he will say at a COP26 event later where world leaders are meeting to discuss forests and land use.

The two-week summit in Glasgow is seen as crucial if climate change is to be brought under control.

• Can COP26 really save the planet?
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• Indigenous climate activist: 'We have no more time'
• The bold plan to save Africa's largest forest

The countries who say they will sign the pledge - including Canada, Brazil, Russia, China, Indonesia and the Democratic Republic of the Congo, the US and the UK (the full list is here) - cover around 85% of the world's forests.

Some of the funding will go to developing countries to restore damaged land, tackle wildfires and support indigenous communities.

Governments of 28 countries will also commit to remove deforestation from the global trade of food and other agricultural products such as palm oil, soya and cocoa.

These industries drive forest loss by cutting down trees to make space for animals to graze or crops to grow.

More than 30 of the world's biggest companies will commit to end investment in activities linked to deforestation.

And a £1.1bn fund will be established to protect the world's second largest tropical rainforest - in the Congo Basin.

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Prof Simon Lewis, an expert on climate and forests at University College London, said: "It is good news to have a political commitment to end deforestation from so many countries, and significant funding to move forward on that journey."

But he told the BBC the world "has been here before" with a declaration in 2014 in New York "which failed to slow deforestation at all".

He added that this new deal did not tackle growing demand for products such as meat grown on rainforest land - which would require high levels of meat consumption in countries like the US and UK to be addressed.

Ecologist Dr Nigel Sizer called the agreement "a big deal" - but that some will find the target of 2030 disappointing.

"We're facing a climate emergency so giving ourselves another 10 years to address this problem doesn't quite seem consistent with that," said Dr Sizer, a former president of the Rainforest Alliance.

"But maybe this is realistic and the best that they can achieve."

COP26 climate summit - The basics

• Climate change is one of the world's most pressing problems. Governments must promise more ambitious cuts in warming gases if we are to prevent greater global temperature rises.
• The summit in Glasgow is where change could happen. You need to watch for the promises made by the world's biggest polluters, like the US and China, and whether poorer countries are getting the support they need.
• All our lives will change. Decisions made here could impact our jobs, how we heat our homes, what we eat and how we travel.

Read more about the COP26 summit here.

Tuntiak Katan, from the Coordination of Indigenous Communities of the Amazon Basin, welcomed the deal, telling the BBC that indigenous communities were on the frontline of stopping deforestation.

Mr Katan, an indigenous Shuar from Ecuador, said indigenous communities globally protected 80% of the world's biodiversity but faced threats and violence.

"For years we have protected our way of life and that has protected ecosystems and forests. Without us, no money or policy can stop climate change," he said.

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The deal's signatories will include a number of key countries.

Indonesia is the world's largest exporter of palm oil, a product found in everything from shampoo to biscuits. Production is driving tree destruction and territory loss for indigenous people.

Meanwhile, Russia's huge natural forests, with more than one fifth of the planet's trees, capture more than 1.5 billion tonnes of carbon annually.

In the planet's biggest rainforest, the Amazon, deforestation accelerated to a 12-year high in 2020 under Brazilian President Jair Bolsonaro.

One of the biggest causes of forest loss in Brazil is to grow soy beans, much of which goes to China and Europe for animal feed for pigs and chickens, said Dr Sizer. "We all end up consuming that, unless we're strict vegetarians and we don't eat soy. It's a very serious problem that we're all connected with."

Ana Yang, executive director at Chatham House Sustainability Accelerator, who co-wrote the report Rethinking the Brazilian Amazon, said: "This deal involves more countries, more players and more money. But the devil is in the detail which we still need to see.

"This is a really important step at COP26. This meeting is around increasing the level of ambition and keeping global temperature rises below 1.5C - this is a big building block."

"Having Brazil signing the deal is really important because it holds a large chunk of tropical forests. But the money must be channelled to people who can make this work on the ground," Ms Yang added.

Many people living in the Amazon, including in its urban areas, depend on the forest for their livelihoods and they need support in finding new incomes, she added.

Trees are one of our major defences in a warming world. They suck carbon dioxide out of the atmosphere, acting as so-called carbon sinks. They absorb around one third of global CO2 emitted each year.

Currently an area of forest the size of 27 football pitches is lost every minute.

• How is the Amazon forest cleared?

Depleted forests can also start to release CO2. If too many trees are cut down, scientists are worried that the planet will reach a tipping point that will set off abrupt and unpredictable climatic change.

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On the second day of the two-week climate summit, the US and EU are also launching an initiative that aims to drive global efforts to cut emissions of methane, a greenhouse gas which comes from sources including fossil fuel extraction and livestock farming.

Dozens of heads of state will join the pledge, which commits countries to cut their emissions of the gas by 30% by 2030.

The opening day of the conference in Glasgow saw India pledge to cut its greenhouse gas emissions to net zero by 2070 - missing a key goal of the COP26 summit for countries to commit to reach that target by 2050.

Among those to address the summit was the Queen, who urged world leaders in a video message to act "for our children and our children's children" and to "rise above the politics of the moment".

Outside of the conference, climate activist Greta Thunberg told young protesters that politicians attending COP26 were "pretending to take our future seriously", calling for an end to "blah, blah, blah".

Under present targets, the world is on track for warming of 2.7C by 2100 - which the UN says would result in "climate catastrophe".

The COP26 global climate summit in Glasgow in November is seen as crucial if climate change is to be brought under control. Almost 200 countries are being asked for their plans to cut emissions, and it could lead to major changes to our everyday lives.

• Why the COP26 climate summit is important
• Simple guide to climate change
• What will climate change look like for you?
• Will the UK meet its climate targets?
• How extreme weather is linked to climate change

• JOBS THAT COULD SAVE THE WORLD: Four people whose careers reduce our impact on the planet
• EDUCATORS OR ACTIVISTS?: What role should the media play in climate change?

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