Key Results from the COP26 Climate Conference

14 Dec 2021

Remarkable highlights of the 26th United Nations Climate Change Conference (COP26), held in Glasgow, Scotland this year:

  • COP26 had four main objectives determined by the UK COP Presidency: combating climate change/greenhouse gas reduction, adaptation, finance and cooperation. According to the Paris Climate Agreement, the aim is to keep the temperature increase at 2 degrees or even 1.5 degrees if possible. In this context, 154 countries updated their National Contribution Declarations (NDC). However, according to the COP26 results, countries need to review their 2030 emission reduction targets in order to maintain the 1.5 degree target.
  • Türkiye, which accepted the Paris Agreement before COP26 and announced its net zero target as 2053, will prepare a road map and update its NDC next year.
  • International declarations and declarations signed by Turkey at COP26:
    • Leaders' Summit Declaration on making clean technologies and sustainable solutions affordable and accessible
    • Leaders' Declaration on forest and land use
    • Declaration signed on zero-emission vehicles and commercial vehicles
  • It was decided to double financing for climate adaptation in developing countries by 2025. In addition, an agreement was reached on Article 6 of the Paris Agreement regarding carbon markets and the "Paris Agreement Rule Book" was completed.
  • More than 40 countries have committed to phasing out coal. However, the USA, India and Australia did not specify a date. South Africa announced that it will phase out coal by 2040.
  • A pact was formed by 90 countries to reduce methane emissions.
  • One of the main agendas of COP26 was financing. Green financing, low-interest loans and climate investments were discussed extensively.
  • Public and private sector collaborations were evaluated within the framework of the concept of just transition.
  • Renewable energy, energy efficiency and reducing fossil fuel subsidies were emphasized.
  • The importance of R&D and innovation, hydrogen technologies and carbon capture solutions came to the fore.
  • It was stated that the transition to circular economy, use of recycled materials and bio-based products should be accelerated.
  • The importance of electrification in road transportation was emphasized.
  • The use of green ammonia in maritime transportation and biofuel in air transportation has come to the fore.
  • The establishment of ISSB within the scope of International Financial Reporting Standards (IFRS) was considered an important step in corporate sustainability management.

Source: TSKB

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