What is COP & Why is Glasgow So Important?
What is COP?
In the wake of alarming scientific reports on the state of our planet including the Report on the World Commission of Environment and Development: Our Common Future, and the first Assessment Report of the IPCC released in 1990, 117 heads of state and representatives of 178 nations in all came together in early June of 1992 in Rio de Janeiro for the United Nations Conference on Environment and Development (UNED), informally known as the Earth Summit. It was there in Rio that 154 countries signed the United Nations Framework Convention on Climate Change (UNFCCC), the first global agreement to combat "dangerous human interference with the climate system." The treaty called for ongoing scientific research and regular meetings, negotiations, and future policy agreements.
Each year, the UNFCCC parties to the treaty gather at the Conference of the Parties, or COP to accelerate action towards the goals of the UNFCCC.
The first COP was convened in Berlin, Germany in 1995 and since then, there have been momentous advancements as well as international disappointments. COP3, held in Kyoto, Japan in 1997, made history through the signing of the Kyoto Protocol, which committed economically developed countries to reduce greenhouse gas emissions. Eighteen years later, COP21 took place in Paris, France and stole the international stage. For the first time, every country agreed to work together to limit global warming to well below 2° C above pre-industrial levels, with a goal to reach 1.5° C. This was a momentous moment for the international sustainability community and beyond.
Then, disappointment came at COP15 in Copenhagen, 2009, when the fifteen days of negotiations ended without a negotiated, agreed to, and binding decision on firm targets, dates, and financing for slowing global warming. There have been great successes as well as major setbacks throughout the years of COP, and we know that the next two weeks of negotiations in Glasgow have the power to make or break the future of our planet.
Why is Glasgow so important?
This past August, we received our most recent update from the IPCC which made it frighteningly clear that we cannot afford to have COP26 in Glasgow be a disappointment: we have a very slim window to limit global warming to less than 2 degrees celsius. Another stark warning sounded just this week when the UN Climate Change released a report on October 25, warning that if stronger emissions targets aren’t set, the world is on track to warm 2.7°C by 2100, which is 1.2° C above our goals. In Glasgow, countries will update their plans for reducing emissions, and it is crucial that our leaders not only build off of, but far exceed the commitments laid out in Paris.
Not only does Glasgow present a chance for countries to increase their commitments to reduce emissions, it also is the stage on which global leaders can advance the three key levers to solving our climate crisis: moving money, accelerating private-public partnerships, and winning the narrative.
To achieve our climate goals and build a better future, we need every company, every financial institution, every investor and every insurer to invest in the climate revolution. There has been momentum in the financial industry leading up to Glasgow, including commitments towards net zero, but it is crucial that we leave Glasgow not only with more commitments, but with solid plans to achieve our goals. Possibly the biggest announcement ahead up to COP was the Glasgow Financial Alliance for Net Zero (GFANZ), announced in April 2021, which brings together 160 financial firms representing $70 trillion under management. The biggest financial players across the world have committed to accelerating the transition to net zero, and Glasgow must be the stage upon which money is deployed. Alongside GFANZ in the private sector, government leaders of developed countries have committed $100 billion in climate finance per year, and now they must deliver.
The deployment of money to scaleable and impactful solutions depends upon strong public-private partnerships, and Glasgow presents a chance for governmental, non-governmental and corporate leaders to connect. Over 190 world leaders will gather with tens of thousands of negotiators, government representatives, businesses and citizens to collectively take action. This may be the last chance to form the private-public partnerships that will be necessary to achieve collaboration in this decade. The only way that governments can create and uphold policies to combat climate change is with the support of businesses, investors, and civil society.
While our global leaders work together to fight for a better future, the world must hear a message of momentum and optimism. Up until this moment, all people have heard is that the future of our planet is doomed, and who wants to get on board with that? COP26 is our opportunity to change the narrative and signal to all that we can deliver impactful change and commit to our planet. We’ve heard the voices of the youth yelling at us to wake up, stop making promises, and to act. So let us create a legacy for COP26 of one of hope and action.
