The Conference of Parties to the UNFCCC, or COP26, met in Glasgow for the 26th time. Every year, these meetings are convened to develop a worldwide response to climate change. Each of these sessions results in a collection of choices with various names. This has been dubbed the Glasgow Climate Pact in this edition. Previously, these sessions resulted in the Kyoto Protocol in 1997 and the Paris Agreement in 2015, both of which are treaty-like international accords.

Salient features of Glasgow accord

Mitigation:

All the parties agreed that stronger action in the present decade is vital for meeting the 1.5^oC objective, according to Glasgow Accord.
As a result, it has been requested/decided:
By the end of the year, they should have strengthened their 2030 climate action plans, or NDCs (nationally determined contributions).
Create a work plan to increase mitigation ambition and implementation as soon as possible.
Organize an annual summit of ministers to increase the ambition of climate action in 2030. o Annual synopsis of individual country’s actions.
In 2023, a gathering of world leaders will be held to increase the ambition of climate action.
Countries should take steps to limit coal use as a source of energy and eliminate “inefficient” fossil fuel subsidies.
Coal will be phased down, and fossil fuels will be phased out. This is the first time coal has been mentioned clearly in a COP decision.

Adaptation:

Adaptation is regarded as the most crucial component of climate action by most countries, particularly the smaller and poorer ones, as well as small island governments.
They have demanded that adaptation efforts receive at least half of all climate money.
As a result, the Glasgow Climate Pact has the following provisions:
Developed countries have been asked to at least double the amount of money allocated to adaptation by 2025, compared to current levels.
Developed a two-year work plan to create a global adaptation goal.

Finance:

Every step taken to address climate change has a monetary cost. It is now predicted that trillions of dollars will be required each year to pay for all the initiatives required to meet the climate goals. • As a result of their past culpability for greenhouse gas emissions, developed countries have a responsibility.
They must help underdeveloped countries cope with climate change by providing funds and technology.
Developed countries committed in 2009 that by 2020, they would raise at least $100 billion annually. Even though the 2020 deadline has passed, the $100 billion pledge has yet to be met.
The industrialised countries have recently stated that they will raise this sum by 2023.

Carbon Markets:

Carbon markets make trading emission reductions easier.
They are regarded as a crucial and effective tool for reducing overall emissions.
A carbon market existed under the Kyoto Protocol; however, it has since disappeared due to the Protocol’s expiration last year.
Because many countries abandoned their emission reduction commitments, developing countries such as India, China, and Brazil have substantial amounts of carbon credits left over.
The Glasgow Pact has provided some relief to poor countries.
It has enabled countries to use these carbon credits to satisfy their first NDC targets.

Announcement of Parallel Processes:

In Glasgow, a lot of important work was done in parallel procedures that were not part of the official COP debates. Prior failures in financing must be considered.
“Deep regrets” were expressed over the rich countries’ failure to deliver on their $100 billion promise.
It has requested them to put this money together as soon as possible and to do so every year until 2025.
Discussions on creating a new climate finance target beyond $100 billion for the period after 2025 have begun.
Wealthy countries have been asked to offer transparent information about funds they intend to provide.

Loss and Damage:

Climate disasters are becoming more common, and many of them have resulted in widespread devastation. There is no institutional system in place to reimburse these countries for their losses or to assist them with relief and reconstruction.
The Paris Agreement’s loss and damage provision attempts to remedy this. Substantive discussions on loss and damage could take place in Glasgow, thanks to a push from numerous countries.
A provision for the establishment of a facility to coordinate loss and damage actions was included in one of the earlier draughts.
India has announced a Panchamrita (a five-point plan) to combat climate change.
Brazil’s net-zero target year would be pushed back from 2060 to 2050.
China agreed to release a clear strategy for meeting its commitment to peak emissions in 2030 and achieve net-zero emissions by 2060. Israel has set a goal of achieving net zero emissions by 2050.
Over a hundred countries have committed to cutting methane emissions by at least 30% by 2030, compared to current levels.
Over a hundred countries have pledged to halt and reverse deforestation by 2030.
Over 30 countries signed a declaration vowing to work toward a transition to zero-emission vehicles by 2040, at least in the world’s major car markets.

Panchamrit Strategy of India Prime Minister of India announced a heightened commitment to address the issue of climate change. This was in line with the principle of Common but Differentiated Responsibilities and Respective Capabilities (CBDR-RC), wherein it is accepted that developed nations account for most of the legacy greenhouse emissions, which are the cause of present climate change. Hence, developing nations like India which have only very low per capita carbon emissions need lesser commitment.

Also, developing countries like India need carbon space to pursue development path ensuring sustainable development of their country.

The strategy includes:

India will get its non-fossil energy capacity to 500 GW by 2030
India will meet 50 per cent of its energy requirements by 2030 with renewable energy.
India will reduce its projected carbon emission by one billion tons by 2030.
India will reduce the carbon intensity of its economy by 45 per cent by 2030.
India will achieve net zero by 2070.

‘Panchamrita’ is a traditional method of mixing five natural foods — milk, ghee, curd, honey and jaggery. These are used in Hindu and Jain worship rituals. It is also used as a technique in Ayurveda.