Countries have been urged to accelerate their phasing out of ‘unabated coal’ and ‘inefficient fossil fuel subsidies’ in the third draft of the COP26 agreement.
World leaders are considering it this morning, with many hoping they can settle on the agreement that will be the first to mention either pollutant.
However wording of the text, urging countries to make ‘efforts’ to cut the dirtiest fossil fuels, appears to be a watering down of the deal – with delegates expecting pushback from China and India.
The latest draft also asks nations to ‘revisit and strengthen’ their emissions-cutting targets next year.
It urges developed countries to at least double their collective provision of climate finance to help developing nations adapt to climate change, from 2019 levels, by 2025.
It calls on countries to accelerate technology and policies to shift towards low emission energy systems, by scaling up clean power generation and energy efficiency.
The pact also recognises the need for support towards a ‘just transition’, seen as important to protect those who might be hit by job losses or higher costs from the shift to clean energy.
The historic reference to coal and fossil fuel subsidies has survived into the latest draft of the ‘cover decision’ text for an overarching deal that countries are hoping to strike in Glasgow.
This was despite expected pushback from some big producer nations with high CO2 emissions.
Coal-reliant giants including China and India are expected to push back hard and there are concerns the references may not survive to the final text.
While the first draft called for countries ‘to accelerate the phasing-out of coal and subsidies for fossil fuels’, the latest version tells them to ‘rapidly scale up clean power generation and accelerate the phaseout of unabated coal power and of inefficient subsidies for fossil fuels’.
The addition of the qualifier ‘inefficient’ led to fears it could be used as a loophole to continue fossil fuel subsidies.
Scientists have warned that keeping temperature rises to 1.5°C requires global emissions to be cut by 45% by 2030, and to zero overall by mid-century.
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