The end of week one of the COP26 summit is upon us. So far we have seen major commitments from financial institutions, countries, and foundations as to how parties will work together to accelerate action toward the goal of reducing anthropogenic effects on climate change. Here are some key takeaways from this week:
- Over 450 of the world's largest financial institutions pledged to make trillions of dollars available to help shift the economy toward cleaner energy, many of these financial institutions committed to reaching a net-zero emissions portfolio by 2050.
- Eighteen countries agreed to phase-out coal-fired power plants.
- Philanthropic foundations pledged $10.5 billion to fund a switch from fossil fuels to renewable energy sources in poor countries.
- Al Gore discussed emerging technology that enables emissions data to be tracked independently and in real time.
- The U.S. Treasury Secretary indicated that the U.S. aims to direct $500 million per year to assist developing countries to move away from coal-based energy and toward renewable energy sources.
Next we expect attention to be focused on behind-the-scene talks, finalizing the Paris Rulebook, and devising plans on how to meet set targets.