COP finished two days late on November 20 without any new agreements on climate change targets or emissions reductions, although a deal was hammered out to set up an as yet uncosted loss and damage fund.
Reducing coal consumption is the central challenge to achieving the world’s climate targets, Fatih Birol, executive director of the International Energy Agency, told COP27.
African nations are lobbying to be allowed to use their natural gas reserves to lift up to 600mn people out of energy poverty and to connect them to modern electricity supplies.
The UN has identified greenwashing by business and finance as the biggest danger facing the race to net zero, urging them to avoid a toxic cover-up and to ensure that any climate pledges they keep are in line with the 1.5-degree targets.
Greying of populations big dilemma for developed countries. Share of people on planet aged 65 years or above projected to rise from 10% now to 16% in 2050.
Emissions from future LNG projects and could use up 10% of the remaining global carbon budget for 1.5˚C warming by 2050.
COP26 has not delivered so far on the promises made in Glasgow in November 2021, with companies failing to move towards zero emissions pledges and the world as a whole not meeting the targets and aspirations laid down.
The world is heading for a 2.8°C rise in global warming by 2100 unless governments urgently improve their emissions targets, the UN warned, otherwise the window of opportunity to take the required climate action will slam shut.
The war in Ukraine has prompted new investment in green hydrogen to reach over $73bn as costs fall, making fossil fuel-produced hydrogen uneconomic as gas prices soar.
The combined climate pledges of 193 governments would limit global warming to 2.5°C by 2100, way above the Paris Agreement goals of 1.5°C.