FACTBOX-What's in the Glasgow Climate Pact?
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Wednesday
March 22, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
WEDNESDAY, MARCH 22, 2023
FACTBOX-What's in the Glasgow Climate Pact?

World+Biz

Reuters
14 November, 2021, 10:45 am
Last modified: 14 November, 2021, 11:06 am

Related News

  • Urgent climate action can secure a livable future for all: Scientist
  • 'Climate time bomb ticking', emissions must urgently be cut -UN chief
  • Dhaka among top 10% cities most at risk from extreme weather, climate change
  • Heat and cold records broken in just five days in Argentina
  • Developed nations should accept climate refugees: Experts

FACTBOX-What's in the Glasgow Climate Pact?

To attempt to solve this, it asks governments to strengthen those targets by the end of next year, rather than every five years, as previously required

Reuters
14 November, 2021, 10:45 am
Last modified: 14 November, 2021, 11:06 am
COP26 President Alok Sharma gestures as he receives applause during the UN Climate Change Conference (COP26) in Glasgow, Scotland, Britain November 13, 2021. Photo :Reuters
COP26 President Alok Sharma gestures as he receives applause during the UN Climate Change Conference (COP26) in Glasgow, Scotland, Britain November 13, 2021. Photo :Reuters

Nearly 200 nations agreed to adopt the Glasgow Climate Pact on Saturday after more than two weeks of intense negotiations, with the UK host of the talks saying the deal would keep alive international hopes of averting the worst impacts of global warming.

Here are the biggest achievements of the deal:

RATCHETING UP AMBITION

The agreement acknowledges that commitments made by countries so far to cut emissions of planet-heating greenhouse gases are nowhere near enough to prevent planetary warming from exceeding 1.5 degrees above pre-industrial temperatures.

To attempt to solve this, it asks governments to strengthen those targets by the end of next year, rather than every five years, as previously required.

Failure to set, and meet, tougher emissions-cutting goals would have huge consequences. Scientists say that to go beyond a rise of 1.5C would unleash extreme sea level rise and catastrophes including crippling droughts, monstrous storms and wildfires far worse than those the world is already suffering.

"I think today we can say with credibility that we've kept 1.5 (degrees Celsius) within reach," said Alok Sharma, the president of the COP26 summit. "But its pulse is weak, and we will only survive if we keep our promises."

TARGETING FOSSIL FUELS

The pact for the first time includes language that asks countries to reduce their reliance on coal and roll back fossil fuel subsidies, moves that would target the energy sources that scientists say are the primary drivers of manmade climate change.

The wording was contentious, though.

Just before the Glasgow deal was adopted, India requested that the deal call on countries to "phase down", instead of "phase out" unabated coal. That minor word change triggered a lot of angst in the plenary hall, but delegations agreed to the request to save the deal.

The deal's wording on "inefficient subsidies", meanwhile, kept the "phase out" phrasing.

Questions remain about how to define "unabated" and "inefficient".

PAYMENTS TO POOR AND VULNERABLE NATIONS

The deal made some headway on the demands of poor and vulnerable countries that wealthy countries responsible for most emissions pay up.

The deal, for example "urges developed country Parties to at least double their collective provision of climate finance for adaptation to developing country Parties from 2019 levels by 2025."

It also, for the first time, made mention of so-called "loss and damage" in the cover section of the agreement. Loss and damage refers to the costs that some countries are already facing from climate change, and these countries have for years wanted payment to help deal with it.

Under the deal, though, developed countries have essentially just agreed to continue discussions on the topic. We will see where that leads.

RULES FOR GLOBAL CARBON MARKETS

Negotiators also closed a deal setting rules for carbon markets, potentially unlocking trillions of dollars for protecting forests, building renewable energy facilities and other projects to combat climate change.

Companies as well as countries with vast forest cover had pushed for a robust deal on government-led carbon markets in Glasgow, in the hope of also legitimising the fast-growing global voluntary offset markets.

Under the accord, some measures would be implemented to ensure credits are not double-counted under national emissions targets, but bilateral trades between countries would not be taxed to help fund climate adaptation - that had been a core demand for less developed countries.

Negotiators also reached a compromise that sets a cut-off date, with credits issued before 2013 not being carried forward. That is intended to ensure too many old credits don't flood the market and encourage purchases instead of new emissions cuts.

SIDE DEALS

There were a number of notable side deals too. The United States and the European Union spearheaded a global methane cutting initiative in which around 100 countries have promised to reduce methane emissions by 30% from 2020 levels by 2030.

The United States and China, the world's two biggest carbon emitters, also announced a join declaration to cooperate on climate change measures, a deal that reassured observers of Beijing's intention to accelerate its efforts to combat global warming after a long quiet period.

Companies and investors also made a slew of voluntary pledges that would phase out gasoline-powered cars, decarbonize air travel, protect forests, and ensure more sustainable investing.

Top News

Climate / Glasgow

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • 57 MNCs apply this year for permission to invest Tk15,000cr
    57 MNCs apply this year for permission to invest Tk15,000cr
  • Russian President Vladimir Putin and Chinese President Xi Jinping attend a joint statement following their talks at the Kremlin in Moscow, Russia March 21, 2023. Sputnik/Mikhail Tereshchenko/Pool via REUTERS
    What Russia-Chinese joint statement says about Ukraine
  • Representational image. Photo: Collected
    Earthquake of magnitude 6.5 hits northern Afghanistan - EMSC

MOST VIEWED

  • Photo: Collected
    Corruption, human rights violation, killings: US takes aim at Bangladesh, Pakistan, Israel
  • Russian President Vladimir Putin and Chinese President Xi Jinping attend a joint statement following their talks at the Kremlin in Moscow, Russia March 21, 2023. Sputnik/Mikhail Tereshchenko/Pool via REUTERS
    What Russia-Chinese joint statement says about Ukraine
  • Representational image. Photo: Collected
    Earthquake of magnitude 6.5 hits northern Afghanistan - EMSC
  • Photo illustration: Steph Davidson; Getty Images
    Elon Musk's global empire has made him a burning problem for Washington
  • Russian President Vladimir Putin and Chinese President Xi Jinping attend a meeting at the Kremlin in Moscow, Russia, March 20, 2023. Sputnik/Sergei Karpukhin/Pool via REUTERS
    Putin, Xi agree 'strategic cooperation' in Kremlin talks
  • Officials in protective suits head to a poultry farm for a suspected bird flu case in Higashikagawa, western Japan, in this photo taken by Kyodo November 8, 2020. Mandatory credit Kyodo/via REUTERS
    Vaccine makers prep bird flu shot for humans 'just in case'; rich nations lock in supplies

Related News

  • Urgent climate action can secure a livable future for all: Scientist
  • 'Climate time bomb ticking', emissions must urgently be cut -UN chief
  • Dhaka among top 10% cities most at risk from extreme weather, climate change
  • Heat and cold records broken in just five days in Argentina
  • Developed nations should accept climate refugees: Experts

Features

The place is a thoughtfully designed, vibrant and colourful environment, where children are encouraged to  run wild with their imagination and explore freely. Photo: Junaid Hasan Pranto

Creative Kid's: When space is designed to unleash children's imagination

18h | Habitat
At least 19 people were killed and 30 injured after a bus fell into a ditch near Padma Bridge Expressway in Shibchar upazila of Madaripur on Sunday. Photo: TBS

Millions went into our infrastructure. But what about safety?

18h | Panorama
Where death blurs the line of faith: The Patrokhola burial ground in Moulvibazar

Where death blurs the line of faith: The Patrokhola burial ground in Moulvibazar

20h | Panorama
Photo: Courtesy

Monica Makes: Bring out your inner fashionista with handcrafted jewellery

1d | Brands

More Videos from TBS

Why Lawrence Bishnoi wants to kill Salman Khan?

Why Lawrence Bishnoi wants to kill Salman Khan?

7h | TBS Entertainment
Bangladesh won their third straight Bangabandhu Cup

Bangladesh won their third straight Bangabandhu Cup

10h | TBS SPORTS
Putin, Xi to discuss Ukraine peace plan

Putin, Xi to discuss Ukraine peace plan

10h | TBS World
The homeless got land and houses under the shelter scheme

The homeless got land and houses under the shelter scheme

12h | TBS Today

Most Read

1
Md Shahabuddin Alam, managing director (MD) of SA Group. Photo: UNB
Court

SA Group MD, his wife banned from leaving country

2
Take a loan, buy the bank - the Southeast way
Banking

Take a loan, buy the bank - the Southeast way

3
Photo: Collected
Bangladesh

Mahindra shuts its Bangladesh subsidiary

4
Photo: Collected
Bangladesh

At least 15 injured as Daffodil University students clash with locals in Savar

5
Photo: Collected
Crime

Mahiya Mahi arrested in DSA case; sent to jail for 'defaming police'

6
Nokia coming back to flagship race with Magic Max
Tech

Nokia coming back to flagship race with Magic Max

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]