Energy

Why Is COP26 Critical To The Energy Transition

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<p style="text-align: justify;">The UN Climate Change Conference (the official name for climate COPs) has happened every year since 1995. For the first time in history, the UN Climate Change Conference is being held in the UK, as Scotland&rsquo;s largest city, Glasgow, serves as host. Representatives from every country in the world are expected to attend, along with members of the press and observer organizations.&nbsp;</p><p><img style="display: block; margin-left: auto; margin-right: auto;" src="https://kradminasset.s3.ap-south-1.amazonaws.com/ExpertViews/Picture1.jpg" alt="" width="583" height="164" /></p><p style="text-align: justify;">*The Green Zone is planned to be in the Glasgow Science Centre*&nbsp;</p><p style="text-align: justify;">Our history shows that governments, business and civil society can all play a vital role in accelerating technology transitions and collaborating to tackling the more important pressing issues. In order to pass the Tipping Point: the next decade of clean energy cooperation, all nations should revisit and strengthen their ambition and commitments, since clean energy transition present a huge opportunity from which all nations can benefit.&nbsp;</p><p style="text-align: justify;">This year marks a landmark, since COVID-19 has refocused priorities and caused individuals and governments alike to pay closer attention to the environment. Furthermore, COP26 is being viewed as the successor to COP21 where the Paris Accord was signed. COP26 is seen as the summit to both address what has and hasn&rsquo;t been achieved since 2015, while also setting concrete plans to reach the Paris Agreement targets.&nbsp;</p><p style="text-align: justify;">Over 40 countries, covering more than 80% of global GDP, population and carbon emissions, to identify how to work together to meet the goals of the Paris Agreement. They included the USA, which re-joined the 2015 climate accord earlier this year.&nbsp;</p><p style="text-align: justify;">The latest data shows, there is significant work to be done in terms of mitigating financial, operating and natural catastrophe risks by connecting global governments, heads of state, market makers, and economic decision makers to create an economically focused roadmap to achieve sustainable climate objectives.&nbsp;</p><p style="text-align: justify;">Clearly, current numbers don&rsquo;t look good. &nbsp;However, many countries have been raising their ambitions and commitments. China, the world&rsquo;s largest emitter, says it is aiming for its emissions to peak by 2030 and reach net zero by 2060. The EU has agreed to reach net zero emissions by 2050, with an intermediate objective of a 55% reduction from 1990 levels by 2030. The UK has committed to what it describes as the world&rsquo;s most ambitious climate target: a 78% reduction from 1990 levels by 2035, on the way to net zero by 2050. &nbsp;</p><p style="text-align: justify;">On the other hand, Russia and Mexico, have published new NDCs that are no more ambitious than their previous plans. One of the key objectives for COP26 will be persuading more countries, particularly large emitters, to commit to steeper emissions cuts.&nbsp;</p><p style="text-align: justify;">COP26 must be a key moment when we work together towards this goal. Already we are crossing a tipping point in the power sector. Solar and wind are now cheaper than coal or gas power in two thirds of countries around the world. For the more demanding 1.5&deg; C goal, they need to do it by around 2050, the Intergovernmental Panel on Climate Change. (PCC, 2020) &nbsp;"Half the energy world needs to transform itself to reach the net-zero target&rdquo;.&nbsp;</p><p style="text-align: justify;">Moving forward COP26 must be a success. A success for the planet, our people and society. &nbsp;&nbsp;</p><p style="text-align: justify;">The good news is that momentum is in our favor, this is pivotal moment in our history to make those essential, progressive and positive decisions. Considering that Green energy is here, there is no reason to doubt that this change too is here to stay.&nbsp;</p><p style="text-align: justify;">&nbsp;</p>
KR Expert - Mauricio Bribiesca Roldan