There’s a vigorous Extinction Rebellion gathering on the high of Buchanan Street, with booming drummers and this tree who has come all the way in which from South Wales.
“Stumpy” instructed the Guardian he was happy with the reforestation deal introduced on Monday, however cautioned: “We’ve had so many deals and people have reneged on them and if we’re not keeping the likes of Bolsonaro accountable then there’s little point.”
Barclays branches and workplaces throughout Glasgow at the moment are plastered with “congratulations” after a brand new report claimed the financial institution has financed extra fossil gas projects than any of the UK’s largest banks within the months main as much as the climate summit.
The report by climate finance campaigners at Market Forces, coated by the Guardian this week, discovered that Barclays financed $5.6bn (£4.1bn) for new fossil gas projects from January 2021 to the eve of Cop26 regardless of rising worldwide warnings that new fossil developments would destroy any probability of avoiding a catastrophic climate breakdown.
Market Forces mentioned the stickers are vinyl, so not like Barclays’ fossil gas financing they received’t trigger any harm.
Climate model places world on monitor for 1.9C of heating
India’s pledge to succeed in web zero by 2070 was described as lacklustre and too late by some observers however number crunching by the University of Melbourne suggests it could possibly be higher than first thought and, taken with different latest pledges on emissions made in Glasgow, could possibly be sufficient to deliver the worlds emissions trajectory on a pathway under 2C for the primary time.
It continues to be removed from sufficient to carry the world inside 1.5C, the purpose of Cop26, however it makes a helpful distinction. Researchers have run the numbers by means of their IPCC AR6 WG1-consistent climate emulator Magicc – which ends up in a best-estimate projection of a 1.9C peak warming this century.
Here’s a picture launched by Climate Resource displaying the distinction:
Ninawa Huni Kui, of the Huni Kui folks from Acre, Brazil was exterior the convention venue protesting in opposition to carbon offsetting, which he mentioned was tearing indigenous communities aside.
“They should not be deciding things without us. This Cop won’t help the climate emergency without our participation. Our land is being invaded by miners, farmers and hydroelectric companies. Our voice must be heard.”
There’s widespread concern that Rishi Sunak has missed the chance to make an actual change to the way in which companies and monetary establishments function in terms of the climate and web zero.
Christian Aid’s UK advocacy and coverage lead, Jennifer Larbie, mentioned: “It’s welcomed that the chancellor recognises London’s financial sector is critical to any meaningful progress towards a global net zero. But this announcement does little to shift the dial now on the trillions still flowing into fossil fuel projects every day, with the deadliest of impacts borne by developing countries. The UK government must mandate the financial sector to act with urgency to end fossil fuel investments.”
But some have been extra constructive. Kate Levick, affiliate director for sustainable finance on the E3G thinktank mentioned: “This is a major step forward. To be in line with the science and 1.5C, financial regulators will have a crucial role to play in enforcing these transition plans to ensure they are credible.”
But we received’t know what Sunak’s reply is to those considerations as extremely, he’s coming to Glasgow however refusing to do a press convention or settle for any questions from the media or anybody else. Hardly reassuring.
Sunak has mentioned he desires UK to be a web zero finance hub and to that finish desires publicly listed corporations to reveal their climate metrics . But he’s not making it necessary to fulfill web zero. Why not? At this stage of a worldwide disaster, absolutely it’s not an excessive amount of to ask that the most important and richest corporations needs to be chopping their emissions.
Dr Frederik Dahlmann, affiliate professor of sustainability at Warwick Business School mentioned: “If the publication of these plans isn’t necessary, corporations will find yourself contemplating primarily public status advantages and business danger impacts from disclosure, reasonably than dedicate effort and time to plan their web zero methods
“Moreover, in lots of circumstances, corporations’ personal carbon footprints are considerably outweighed by these of their provide chains. If these transition plans don’t cowl all of so-called scope 3 emissions (and ideally impose related reporting necessities on non-listed corporations), the advantages of the proposal could also be inadequate to actually bend the emissions curve throughout the UK financial system as an entire.
“Finally, the treasury has to explain what exactly happens with these transition plans once they have been reviewed. They may be useful for opening a wider discussion on decarbonisation within firms, but what are the consequences of failing to meet these self-imposed plans?”
Japan UK Travel