The COP26 is an important milestone in our journey towards reaching net-zero by mid-century and our battle against the climate crisis. The recent IPCC climate report shows that we need to urgently step up our efforts to mitigate climate change. The report states, that the earth’s surface global temperature will rise to +1.5°C as soon as the next two decades – human activities being the principal cause. There is no more time to wait, we need to act now to avoid a further rise of temperature beyond the 1.5°C goal. The UNFCCC/COP is a decisive step to take concrete and bold climate action, both at technology-based and mainly nature-based climate projects.
This is why our Natural Carbon Solutions Senior Manager Andrea Vera and Climate Solutions Senior Director Julian Ekelhof presented at the UN Climate Change Conference in Glasgow. Our experts gave insight into of the relevance of ocean ecosystems and FORLIANCE’s work on mangrove methodologies. “I am looking forward to clear guidelines and progress on mobilizing climate finance and on using the existing mechanism such as the voluntary carbon market to reach the climate commitments and even go beyond that!”, says Andrea Vera. “I expect international cooperation at every level and sector to halt deforestation, enhance ecosystem services, reduce emission and transition to clean energy and industries. My hope is that everyone acts now. Change towards a low-carbon future is possible.” You can find the full presentation and the full Q&A session on the COP26 website.
But first… What is COP26?
The COP26 is the 26th UN Climate Change Conference of the Parties (COP26). It is the world’s major international climate conference.
This year’s Climate Conference was hosted in Glasgow under the presidency of the United Kingdom and Italy. The COP26 summit brought parties together to accelerate action towards the goals of the Paris Agreement and the UN Framework Convention on Climate Change.
The goals of the UNFCCC are to:
- Secure global net zero by mid-century and keep 1.5 degrees within reach
- Adapt to protect communities and natural habitats
- Mobilise finance
- Work together to deliver
Why is the COP26 relevant for your company?
1. Be the first to know about new regulations
By following the outcomes of the COP26, businesses get an early insight into where regulation might be heading so they can work collaboratively with governments. Business leaders are obliged to engage with policies that help countries to deliver on their emissions targets while protecting jobs, preventing energy poverty through high fuel costs, and further driving economic growth and prosperity. Keeping track of green financing arrangements and anything specific in the company’s area of focus, companies can take advantage of new opportunities. A major focus of COP26 is specifying the implementation of Article 6 of the Paris Agreement, which defines the role of carbon markets – and thus setting the framework for the future voluntary support of international climate projects.
2. Boost of the green finance marked
Investments in greener companies and countries will rise, putting polluting business models at a heightened risk. The focus on “greenwashing” will drive standardization, providing clarity around what defines a “green project” or “green finance”. An increased alertness will prevent companies from shifting assets to countries that don’t prioritize the environment.
3. Create value and drive consumer behaviour
The pressure on businesses to become sustainable is growing. By responding to this trend – which is likely to be accelerated no after the COP26 – companies have an opportunity to create value and grow revenues. The climate crisis is arguably the biggest business risk and the biggest commercial opportunity of all time. Businesses that want to do both: manage the risk and seize this opportunity to create value from sustainability, should draw appropriate conclusions from the UN Climate Change Conference.
FORLIANCE at the COP26
As methodology developer and active actor in the voluntary carbon market, it was of most relevance for FORLIANCE to be involved on the current discussion about the future of the VCM. It is important for us to share the successes of nature based solutions and its carbon removal potential. There is great potential in scaling up these projects, that lead to climate, social and biodiversity benefits. FORLIANCE can support the development of natural carbon projects via accessing the carbon and climate financial mechanism.