The latest United Nations Climate Change Conference of the Parties, COP26, was hosted on this occasion by the United Kingdom in partnership with Italy in Glasgow from 31st October and the 12th of November
Around 40,000 people, including heads of state, diplomats, representatives of civil society and private companies met at this face-to-face conference to agree on new objectives in the fight against climate change
Glasgow COP26 has been the most critical summit since the Paris Agreement, , in which the world expected countries' proposals to be more ambitious than ever before, is a major milestone since the Paris Agreement. Scientists continue to insist that if governments do not urgently abandon the burning of fossil fuels, they will not be able to achieve a significant reduction in greenhouse gas emissions.
Further on, we will tell you all the details of this COP26 and the most important points of the agreement that has been reached. But first, let's put it in context:
The main purpose of COP26 was to keep within that 1.5°C, i.e. to find national compromises to keep the global average temperature below the 1.5 ºC threshold compared to the pre-industrial era temperature.
The Conference of Parties (COP) is the top body of the United Nations Framework Convention on Climate Change (UNFCCC). "Parties" refers to the 197 nations (actually 196 countries plus the European Union) that meet every year for two weeks to combat the "dangerous anthropogenic interference with the climate system" and to address the problem of global warming that our planet is facing.
Glasgow COP26 is the twenty-sixth time that countries meet for this purpose. The last summit was Madrid COP25 in December 2019, as the COVID-19 pandemic prevented countries from meeting in 2020.
Glasgow COP26 has addressed some of the crucial points of the Paris Agreement and to establish technical details to ensure compliance with the rules governing the carbon market or the way in which countries must report reduced emissions at a national level. The conclusions on these points are explained below.
But what is the Paris Agreement about? It is the most significant pact adopted by 196 parties on 4 November 2016 after 20 years of negotiations. Its objective is to limit global warming to 2°C compared to the industrial era and to really try and limit it to 1.5°C by reducing greenhouse gas emissions enough to achieve carbon neutrality by 2050.
The Agreement establishes that signatory countries must submit national plans to achieve this objective, which will have to be reviewed every five years. In addition, developed countries pledged to contribute at least USD 100 billion every year, from 2020, to climate change mitigation and adaptation.
COP26 in Glasgow, although it ended with a weaker agreement than intended, represented decisive progress toward the urgent reduction of the emissions responsible for the planet’s global warming. The problem now is speed. Will countries be able to take the necessary measures to transform the energy system? And do so in time to halt the effects of climate change? The final declaration from COP26 urges the parties to step up their efforts in 2022 to bring about reduced emissions during the rest of the decade. And, for the first time, the text includes an explicit reference to coal. Below we summarize the most important advances made by COP26 in Glasgow:
To read the full documents agreed at COP26, consult them here
The fight against climate change is a fundamental priority for ACCIONA. It is for this reason that we are working towards a sustainable business model that seeks economic growth but also social and environmental regeneration, leaving a positive impact on the planet. For many years we have been developing infrastructure solutions and projects in renewable energy, clean water and sustainable mobility that address the main global challenges that we are facing. As a company, we go beyond making our business sustainable and support projects that help regenerate and leave a positive impact on the communities and ecosystems in which we operate.
Tuesday 2nd November 17:00h. - 20:00h CET
We are the only utility in the world finalist of the #FinancefortheFutureAwards (@ICAEW) in the "Moving financial markets" category. This category rewards ambitious organizations for building more sustainable financial systems.
Follow the awards ceremony here.
Thursday, November 4 at 10:00 h CET
The EU Taxonomy makes a fundamental contribution to sustainable finance, the EU Green Deal and the global transition to a low-carbon, climate-resilient and environmentally sustainable economy. Taxonomies are also evolving in other regions and countries. What does it mean for financial actors and how can we translate the EU Taxonomy criteria into action on the ground? How can it help channel capital towards sustainability goals and what are the trends, challenges and solutions to overcome them?
Participant: José Luis Blasco, Sustainability Director.
If you want to join our session, you can follow it here.
Monday 8th November 11:30h. - 12:30h. CET
The Next Frontier: Positive Impact beyond Net-Zero" forum organized by ACCIONA is a panel of discussion focused on what will come after the 2030 Goals and how the world will achieve the targets set for 2050.
Taking a regenerative approach and creating a positive impact on business will be discussed by four leading companies working on this forward-looking approach.
Moderated by John Elkington, father of the concept of regenerative capitalism, and featuring:
Follow the live event here.
Wednesday 10th November 13:00h. - 14:00h. CET
ACCIONA liderará un panel dentro de la COP26 donde expondrá la iniciativa "Sostenibles 50:50" y la importancia de la diversidad en los proyectos para combatir el cambio climático.
"Sostenibles 50:50" es un proyecto de ACCIONA para potenciar el liderazgo femenino. Más de 1.000 mujeres han participado ya en los programas con más de 25.000 horas de formación.
ACCIONA will lead a panel at COP26 where it will present the "Sustainable 50:50" initiative and the importance of diversity in projects to combat climate change.
"Sostenibles 50:50" is an ACCIONA initiative to promote female leadership. More than 1,000 women have already participated in the programs with more than 25,000 hours of training.
If you want to join our session, you can follow it here.
Tuesday, November 9 at 17:45h. CET
ACCIONA Energía has been a pioneer in using blockchain technology since 2018. It started as tool to trace the origin of its renewable energy and storage processes, to guarantee the 100% clean origin of the energy sold to its costumers. This year, the company has developed two new uses to tokenize an entire value chain: green hydrogen and biomass sustainability.
The workshop will develop how tokenizing through blockchain can accelerate renewable consumption in those regulations that lack certifying mechanisms, especially in nascent markets like green hydrogen.
Participant: Rafael Mateo, CEO Energy
If you want to join our session, you can follow it here.
Thursday, November 11 at 11:00 h CET
Cities drive almost three-quarters of humanity’s emissions and are on the front lines of climate risks. To meet the decarbonization and resilience goals of the next decade, we need to make rapid changes to how we live, work, move, and play in cities. This session will address how to unlock rapid action through changes in financing approaches, institutional frameworks, and community mobilization.
Participant: Luis Castilla, CEO Infrastructure
If you want to join our session, you can register here.
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