The burning of coal to generate electricity produces lethal gases and contributes to climate change. In order to keep 1.5C momentum active it is essential to instantly discontinue the building of new coal power plants and retiring existing coal fleets by increasing the usage of clean power in advanced economies by 2030 and globally by 2040. 65 countries committed to coal phase-out, including more than 20 new commitments at COP26. 190 countries agreed to phase down coal power, with the global pipeline of new coal plants falling by 76% since the Paris agreement. Over $20 billion of new public and philanthropic finance has been committed to supporting developing countries to scale up clean power and make the transition away from coal. Phasing out the usage of fossil fuels across the energy sector is of great importance to keep the 1.5C momentum running.
“Energy Day at COP26 brought countries together to focus on how to speed up the global energy transition towards net zero. It’s encouraging to see more pledges being made, under the leadership of the UK COP Presidency, to reduce planet-warming emissions and increase financing for clean energy.“ Fatih Birol, Executive Director, International Energy Agency
At COP26 34 countries and 5 public finance institutions committed to ending direct public support for the international unabated fossil fuel energy sector by the end of 2022. All major coal financing countries are committed to ending international coal finance by the end of 2021. International partners have organized over $20 billion for a just and inclusive transition from coal to clean energy.
This includes the $8.5 billion South Africa Just Energy Transition Partnership; the $2 billion Climate Investment Funds Accelerating Coal Transition and Renewable Energy Integration programs, which will also leverage additional finance via multilateral and private partners; a new $10 billion energy fund, the Global Energy Alliance for People and Planet, which will bring reliable renewable electricity to a billion people by 2030 and avoid 4 billion tonnes of CO2 emissions and the Asian Development Bank Energy Transition Mechanism to support Indonesia and the Philippines to accelerate early coal power retirement and the clean energy transition.
“Energy Day at COP26 was an important milestone for building momentum on the just, equitable clean energy transition we are striving to achieve. …I was heartened to see more countries signing onto the No New Coal Compact and the Energy Transition Council being extended.“ Damilola Ogunbiyi, UN Secretary General’s Special Representative for Sustainable Energy and CEO of Sustainable Energy for All
Post COP26
The Glasgow Breakthroughs will accelerate collaboration between governments, businesses, and civil society to deliver on climate goals faster, whilst collaborative councils and dialogues in energy, electric vehicles, shipping, and commodities will help deliver on commitments. At COP26, the Paris Rulebook was finalized agreeing with the ‘enhanced transparency framework’ which involves common reporting of emissions and support, a new mechanism and standards for international carbon markets, and common timeframes for emissions reductions targets.
Countries that committed to discontinuing coal usage must keep their word and use the funds available to them to transition to clean energy by using wind energy, solar energy, bioenergy, geothermal, hydropower, nuclear energy, and natural gas to generate electricity and ensure that there are zero emissions to mitigate and adapt to climate change. Countries should be held accountable for committing and actually keeping their word, there should also be a track record to keep track of the funds that are used in phasing out coal usage.
References
https://news.sky.com/story/cop26-the-key-agreements-from-glasgows-climate-summit-12457842
https://ukcop26.org/wp-content/uploads/2021/11/COP26-Presidency-Outcomes-The-Climate-Pact.pdf
https://enb.iisd.org/Glasgow-Climate-Change-Conference-COP26