Personal Reflections on COP26
This autumn has been packed with unprecedented activity on climate aimed toward COP26, the COVID-delayed 26th gathering of the governmental Parties to the UN Framework Convention on Climate Change (UNFCCC). Along with the UN Convention on Biological Diversity, the UNFCCC is one of two global treaties signed at the Earth Summit in 1992 in Rio de Janeiro, setting forth the vital frameworks to protect nature and the stability of our planet’s climate system. I attended the Rio summit as a young advocate, not in the negotiating halls, but supporting the non-governmental gatherings where they developed their own “treaties” to act alongside governments knowing that the governmental agreements would not be sufficiently ambitious, nor sufficient on their own.
As I’ve considered COP26 and its outcomes, I reflected back to Rio and the walls between government and those it serves and how that undermines our efforts. In Glasgow, I felt finally like these talks were where governments and business, non-governmental organizations, academia, scientists, investors and citizens, have really begun to align themselves for accelerated action. In the negotiations, governments did their best (most of them, anyway) to reach the ambition needed to continue to keep a window of possibility open to stabilize temperatures at 1.5 degrees C or less. In addition to the Glasgow Declaration and the parties’ individual “Nationally-Determined Commitments” (NDCs) to limit emissions, there were key side agreements among coalitions of governments that took action further, including:
The Methane Pledge: More than 100 countries have signed a “first-of-its-kind pledge to cut emissions of methane, a powerful greenhouse gas, by 30% between now and 2030. The signatories represent 70% of the global economy, including six of the world’s top 10 methane polluters.”
The Coal Pledge: More than 40 countries committed to quit coal, banning any new coal power generation domestically and internationally and to phase out coal power over the next two decades. Participants include Poland, Vietnam and Chile. While China and the U.S. are notably missing, they and 18 other members of the G-20 agreed just before COP26 to stop financing coal outside of their borders
Forest Pledge: 110 countries (including Brazil!) agreed to stop and reverse deforestation by 2030.
(NOTE: although important progress was made on carbon markets, we still don’t have a price on carbon globally or even in the majority of nations, which would be the single most effective way to shift behavior to protect our climate. In nearly every discussion we attended, business and investors consistently called for a price on carbon!)
Outside of the formal negotiations, the private sector did step up in a big way, but like governments, it is not yet enough - unless their pledges are met with action quickly. We are in the midst of a massive shift to remake global economies to stabilize the climate for our security and prosperity, and many of the largest businesses and investors are aligning themselves with that shift. Asset owners and managers representing over $130 trillion committed to net zero emissions of their investments by 2050, representing 40 percent of the world’s total financial assets and managed by 450 firms across 45 nations, yet banks have financed over $4 trillion in fossil fuel projects since the Paris agreement in 2015! We need accountability for tracking these commitments and more generally need better standards and reporting clarity for ESG finance claims. We hope that efforts such as the new International Sustainability Standards Board launched at COP26 and new climate and ESG disclosure moves by the U.S. Securities and Exchange Commission will help.
We saw important joint action by governments and business recognizing the need to work in a concerted way with governments, providing policies and regulatory frameworks as well as concessionary capital, and business and investors shifting their operations and capital flows alongside. Key collaboratives include on vehicles, shipping, and aviation and the Mission Possible Partnership focused on so-called hard to abate sectors (e.g., steel, cement) led by chair Chad Holliday and co-executive director Anthony Hobley, friends and former Sustainable Energy for All and Baker & McKenzie colleagues, respectively.
In addition to the activities of our clients during COP (check them out below!), I participated in substantive working sessions convened collaboratively by the Atlantic Council, Liebreich and Associates, National Grid, ClimateWorks and others including:
Agricultural innovation with the AIM for Climate partnership, hosted by Secretary Vilsack of the U.S. and Minister Mariam Al Mheiri, the UAE's Minister of Climate Change and Environment, and Minister of State for Food Security. of the UAE
Food systems and the future of protein, with Good Food Institute and ClimateWorks where Lee Recht of client Aleph Farms was a presenter
Strategies for the protection of nature for climate, hosted by climate visionary pioneer James Cameron (FIELD, Baker & McKenzie, Climate Change Capital, now Iconiq and Pollination Group)
Leveraging global trade system for climate technologies hosted by the brilliant Ricardo Melendez-Ortiz, CEO of the International Centre for Trade and Sustainable Development with whom I had the joy to work long ago
Securing supply chains for the accelerated electrification of transportation with experts from the International Energy Agency and World Bank
The depth and concrete takeaways of these conversations informed our plans and sparked new partnerships that I am excited to take forward.
Finally, one of the best things about the annual climate talks is the chance to reconnect, reinspire and recharge. In addition to immense gratitude for being able to help to advance climate efforts, to be there in person and with our whole team, it is the chance to get to reconnect with mentors and longtime climate friends and to meet new ones, and to support the leadership of colleagues. On that note, we are excited to share that Christensen Global has endorsed the Fossil Fuel Non-Proliferation Treaty which is being led by friend and award-winning environmental campaigner, Tzeporah Berman. Check out her TED talk about this pathway for urgent fossil phase out ensuring a just transition and join us in endorsing the treaty!” Check out entire TED Countdown program - it was inspiring and fun, and set the right stage for momentum toward the COP!
I wrap with a question I get often: do I have hope? Yes, I continue to have hope - now reinforced by this increasing alignment and momentum, powerfully informed by the indigenous leaders bringing their knowledge and moral leadership to the effort, and more than ever, inspired by the incredible youth representatives inside and outside the talks. I have two young colleagues on my team, who I am grateful keep the urgency real each day, and at Glasgow we were joined by our friend Madeleine McLean of Boise, who is attending St. Andrews and spent a couple of days with us, sharing her perspective and insights during our time together and in her contribution below.
As always, I ask, will it be enough, fast enough? That is up to all of us, as citizens, consumers, in our communities, in our work, in our daily lives - including importantly, what we eat, where it comes from, and how it was produced. I am inspired every day by our clients, from the innovators who are inventing and scaling the solutions we need, to the major corporations and investors who are rapidly aligning their operations and capital for the world we need.
- Aimée Christensen, Founder & CEO
