Policy paper

COP26 Presidency Outcomes

Published 30 November 2022

1. COP26 President Introduction

Nearly a year ago the world arrived at COP26 and, under the UK’s stewardship, nearly 200 countries came together to forge the historic Glasgow Climate Pact. Parties understood that it was in their collective self-interest to join forces in the face of a shared global challenge.

What we agreed went further than many people had expected.

Thanks to the commitments made, both inside and indeed outside the negotiating rooms, by both the public and private sector, we were able to say with credibility that we had kept alive the prospect of limiting global warming to 1.5°C above pre-industrial levels and increased support for vulnerable people facing increasing climate impacts.

We left Glasgow with what I described as a fragile win and the only way of strengthening the pulse of 1.5°C and building resilience is for countries to deliver on the commitments made at COP26.

As my three-year stewardship of the UK’s COP Presidency ends, we take stock in this report of where we are and what we have achieved. We have seen some progress since COP26 and outstanding work is taking place to cement the gains of the Glasgow Climate Pact.

The last three years have been a unique privilege. I have been inspired by the urgency and the ambition I have felt around the world.

The decade ahead can be one where we pull the world back from the precipice of climate catastrophe. It can be the decade we unlock a just and sustainable path of prosperity for billions of people around the world.

But to do that we must deliver fully on the promises made at COP26 and in the Glasgow Climate Pact. And despite all the good progress so far, we need to go further and faster because every fraction of a rise in average global temperature matters.

The Rt Hon Alok Sharma MP,
COP26 President

2. COP26 CEO Introduction and Operating Context

Over the three years since the UK took on the Presidency of the COP, our task has been to navigate the global climate process towards faster and more ambitious climate action. And this was despite a series of international crises, including COVID-19 and Putin’s invasion of Ukraine, which although underlining the case for climate action nonetheless had the potential to knock climate ambition backwards.

While the world is still not yet on track to limit global temperature rises to 1.5°C, the UK has over those three years played our part in keeping that hope alive by focusing on what needs to happen in this critical decade.

When we became the incoming COP Presidency at the end of 2019, we had under 12 months to deliver what was widely seen as the most important COP since Paris; and the first the UK had held.

As we moved into 2020, COVID-19 took over the world and our plans for a conference in November 2021 in Glasgow looked unlikely. We took the decision in Spring 2020 that if we couldn’t hold the COP the world needed, we would postpone.

Holding the largest summit the UK had ever hosted during the greatest pandemic in a century brought enormous challenges. That we did so safely, inclusively and successfully is a tribute to the tireless work of the UK’s COP26 Unit, to colleagues across Government and the UK and the willingness of delegates from around the world to make it work.

The delay of a year gave us the opportunity and, given the growing evidence of climate impacts, the imperative to increase ambition.

And we determined to use all the means at our disposal and our role in other international organisations, including the G7 and G20, to support COP26.

This report sets out where things stood in 2019, what was delivered at COP26 and what the UK’s Presidency has delivered since then.

We have sought to do so collaboratively, working openly and in partnership not only with all Parties but the widest possible range of partners in civil society, the private sector and sub-national governments.

We know of course that our Presidency has advanced the cause and not resolved the challenges of climate change. It now falls to Egypt and the United Arab Emirates, the Presidencies of COP27 and COP28, to address the impacts of climate change and to strengthen our collective ability to limit warming to 1.5°C.

Peter Hill,
COP26 CEO

3. Summary

When the UK’s Conference of the Parties (COP) Presidency was confirmed in 2019, the science was clear that a path to limiting warming to 1.5°C would soon be out of reach without urgent action to reduce emissions. The challenge was significant. By working together, focusing on the science and by encouraging action on mitigation, adaptation and loss and damage, finance and collaboration, the historic Glasgow Climate Pact was agreed by every Party at COP26 - representing almost 200 countries.

The Glasgow Climate Pact and associated decisions strengthened the world’s ability to address climate change and deal with its growing impacts. This meant securing new Nationally Determined Contributions (NDCs) and net zero commitments; driving real world action on energy, transport, industry and nature; mobilising finance at scale, including on adaptation; promoting practical action to adapt to climate impacts; agreeing to increase action and support to address loss and damage including establishing the Glasgow Dialogue on funding arrangements; and, critically, finalising the rulebook so that all countries can fully implement the Paris Agreement.

Collaboration and co-operation have been at the heart of our approach. We initiated the first Just Energy Transition Partnership (JETP) with South Africa and set up new groups and initiatives to drive practical action by governments and business. Despite the coronavirus pandemic, we brought those closest to the problem to the forefront, raising up voices from civil society, Indigenous Peoples, local communities and youth. These voices from around the world were essential to the success of Glasgow and have resonated across our Presidency.

As a result of COP26, the goal of limiting global temperature rise to 1.5°C, while fragile, remained alive.

Based on these foundations, our Presidency has sought to deliver on the promise of Glasgow in a changing international context. The impacts of climate change are ever more present, but the challenges countries face are significant and growing. Many are concerned that these multiple challenges will delay climate action.

But progress is being made: the UNFCCC’s NDC synthesis report shows that we are bending the curve. NDCs that have come forward since Paris reduce expected 2030 emissions by around 6 Gt - roughly equivalent to the entire annual emissions of the United States today. Since Glasgow new NDCs imply 1.4 Gt lower emissions in 2030 than those submitted ahead of COP26. This is equivalent to the entire annual emissions of Brazil. That’s some progress, but we still need much more.

The task now is to ensure we accelerate the transition to a more sustainable, equitable and secure global net zero economy and support those experiencing climate impacts. The UK’s COP Presidency has helped to provide the tools to enable us, together, to do so.

4. COP26 Overarching Goals

The UK’s preparation, delivery and implementation of COP26 has been guided by four overarching goals:

• Mitigation - reducing emissions

• Adaptation and Loss and Damage - helping those impacted by climate change

• Finance - enabling countries to deliver on their climate goals

• Collaboration - working together to deliver greater action

5. COP26 Outcomes at a Glance

	MITIGATION	ADAPTATION,LOSS AND DAMAGE	FINANCE	COLLABORATION
NATIONAL ACTION	• 90% of world economy covered by a net zero target (up from 30% in 2019) • Updated NDCs from 169 countries including more than 25 since COP26	• 86 countries have National Adaptation Plans/Adaptation Communications • Record mobilisation of Adaptation Fund and Least Developed Countries Fund	• 95% of major donors increased their climate finance pledges • Delivery Plan shows $100bn/yr goal to be met in 2023	• Biggest ever representation at COP26 from countries, civil society, Indigenous Peoples, youth, and business
MULTILATERAL AGREEMENT	• Established a new UN Climate Change work programme on mitigation • Established an annual high-level Ministerial event on pre-2030 ambition • Urged all Parties to revisit and strengthen their 2030 emissions reduction targets in 2022, and come forward with long term strategies • First ever commitments to phase-down coal and phase out fossil fuel subsidies	• Commitment to double Adaptation Finance on 2019 levels by 2025 • Launched Glasgow • Sharm el-Sheikh work programme on Global Goal on Adaptation • Agreed share of proceeds for adaptation from carbon markets • Agreed functions and funding for the Santiago Network on Loss and Damage • Established Glasgow Dialogue on funding arrangements for Loss and Damage	• Agreed and launched the process for the new post-2025 finance goal • Agreed a formal review and lessons learned report related to the $100bn/yr goal • Initiated new technical work to promote a common understanding of climate finance definitions • Launched work on a report on best practice in making finance flows consistent with the objectives of Paris, for discussion at COP27	• Finalised the Paris Rulebook through agreement on Enhanced Transparency Framework • Article 6 (carbon markets and non-market approaches) • Common Timeframes for NDCs • Agreed new 10 year Glasgow Work Programme on Action for Climate Empowerment • Agreed three year Work Programme on Local Communities and Indigenous People • Strong calls in the Glasgow Climate Pact for meaningful inclusion and action on gender, Indigenous Peoples, and youth • Established annual ocean-climate dialogue and strengthened ocean-climate-biodiversity links
COALITIONS/ INITIATIVES	• 65 country commitments to coal phase out and all Parties agreed to coal phase-down • 145 countries committed to the Glasgow Leaders’ Declaration on Forests and Land Use • 12 largest agricultural commodity companies responsible for >50% global trade in forest risk commodities announce 1.5°C pathway • 12 members joined the UN No New Coal Power Compact • Powering Past Coal Alliance grew to 168 members including national governments • 34 countries and five public finance institutions committed to end international fossil fuel finance by end of 2022 • 110 countries signed the Global Methane Pledge • Over 120 signatories across governments, businesses and financial institutions to the COP26 Declaration on Accelerating the Transition to 100% Zero Emission Cars and Vans (ZEVs) • Race to Zero campaign has almost 11,000 members, including 8,307 businesses, 595 financial institutions, 52 regions, 1,136 cities, 1,125 educational institutions, and 65 healthcare institutions	• Launched Adaptation Research Alliance • 40 members of Adaptation Action Coalition • Over $450m mobilised for initiatives and programmes enhancing locally-led approaches, with 70 governments and organisations endorsing the locally-led adaptation principles • Race to Resilience mobilising non-state actors to strengthen the resilience of 4 billion people worldwide, with over 2.3 billion people and 100 natural systems in over a 100 countries covered by the campaign • Race to Resilience campaign launched new metrics framework which enables businesses, cities and investors to measure the resilience impact of their work for first time • The Coalition for Climate Resilient Investment has over 120 members, including governments, the financial sector and infrastructure operators, with $20 trillion in assets under management	• International Sustainability Standards Board established • Over $133trn Glasgow Financial Alliance for Net Zero • The Multilateral Development Banks (MDB) committed to increase ambition on climate action, including adaptation finance and the level of private capital mobilised • Established the Climate and Development Ministerial process • Established Taskforce on Access to Climate Finance • New Just Energy Transition Partnership started with South Africa ($8.5bn) • $12bn Global Forest Finance Pledge • $1.5bn Congo Basin Forest Pledge • $2bn Climate Investment Funds Accelerating Coal Transition and Renewable Energy Integration programmes • $10bn energy fund, the Global Energy Alliance for People and Planet • $1.7bn committed for Indigenous Peoples and Local Communities land tenure rights • $7.2bn of private sector forest positive commitments • 30 financial institutions worth $8.7trn committed to deforestation free finance • Nine MDBs will mainstream nature into their policies	• Established the Forest, Agriculture and Commodity Trade (FACT) Dialogue (28 countries) • 45 countries endorsed the Breakthrough agenda on Agriculture, Power, Hydrogen, Steel and Road Transport • Established the Energy Transition Council (over 20 governments and over 15 international institutions) • Launched the Green Grids Initiative • Established the ZEVs Transition Council (15 markets) • Launch of the International Assistance Taskforce on ZEVs • 22 country signatories to the Clydebank Declaration on green shipping corridors • International Aviation Climate Ambition Coalition of 21 countries • 150 organisations and governments supporting the Global Action Agenda on Innovation in Agriculture • 16 countries launched the Policy Action Agenda for Sustainable Agriculture • Announced £165m to boost women’s climate leadership and support those most vulnerable to climate change • Launched the Global Science Partnership for Net Zero, piloting an innovative methodology for engaging citizens and scientists in climate policymaking that can be used worldwide to accelerate and strengthen the transition to net zero

6. Mitigation

When the UK Presidency began, net zero commitments covered less than 30% of the world’s economy. Country targets put the world on course for around 3°C warming by 2100, well above the 1.5°C aspiration set out in the Paris Agreement. We encouraged countries to strengthen their targets and to do more in practice to deliver on their commitments.

By the end of COP26 in November 2021, it was concluded that if the pledges made at Glasgow were fully implemented, warming could be kept below 2°C and with commitments to further action over the next decade, we would keep 1.5°C in reach. Commitments made by the end of COP26 included:

• 153 countries had put forward new 2030 emissions targets.

• Over 90% of world Gross Domestic Product (GDP) was covered by net zero commitments.

• Countries agreed to revisit and strengthen their 2030 emissions reduction targets in 2022 to align with the Paris temperature goal, and to come forward with long term strategies towards a just transition to net zero.

• A new UN work programme was established to scale up mitigation ambition and implementation in this critical decade, as well as an annual high-level Ministerial event on pre-2030 ambition.

• The Paris Rulebook was finalised, including on transparency, Article 6 on carbon markets and non-market approaches, and common time frames for future NDCs.

Our Presidency year has driven action and ambition resulting to date in over 25 more NDCs submitted and seven long term strategies published since COP26 at time of publication. The UNFCCC’s NDC synthesis report has found these to reduce 2030 emissions and imply materially lower warming than at the time of COP26. Since Glasgow new NDCs reduce 2030 emissions by around 1.4 Gt, bringing the total of all updates since Paris to around 6 Gt of emissions reductions. The UNFCCC’s LTS synthesis report also shows a positive global trend towards net zero, with the increasing alignment of climate policies and development planning.

The UK responded to the Glasgow Climate Pact by revisiting our 2030 NDC and strengthening it with information on delivery of our target to reduce all greenhouse gas emissions by at least 68% by 2030 on 1990 levels.

6.1 Keeping 1.5°C within reach^{[footnote 1]}

At COP26, independent assessments found that if countries implemented their commitments - including net zero pledges - in full, warming could be limited to below 2°C. However, 2030 targets alone imply higher warming and greater ambition is needed to close the gap to 1.5°C.

This year we have been encouraging all countries to revisit and strengthen targets as agreed in the Glasgow Climate Pact and give credibility to targets through policy development, formal plans and near-term action.

169 Countries with new and updated Nationally Determined Contributions, including more than 25 since COP26. More needed to close the gap to 1.5°C…

Over 90% of the global economy covered by net zero targets, 53 Long Term Strategies submitted including 7 since COP26

New policies and sectoral action are giving credibility to targets, but collectively an implementation gap remains to be closed

Keeping 1.5°C within reach

6.2 To keep alive the prospect of limiting global warming to 1.5°C our Presidency accelerated action in the real economy.

Accelerating the energy transition

• All countries agreed to ‘accelerate phase down of unabated coal power’ in the Glasgow Climate Pact (the first reference in a UN climate decision).

• 65 countries committed to coal phase out, including more than 20 new commitments at COP26.

• 48 countries joined the Powering Past Coal Alliance (PPCA).

• All major coal financing countries committed to end international coal finance by the end of 2021. Similar commitment secured at the G7, G20 and the Organisation for Economic Co-operation and Development (OECD).

• 34 countries and five public finance institutions committed to end direct international public support for the unabated fossil fuel energy sector by the end of 2022 and to prioritise support for clean energy, having the potential to shift c.$28 billion a year into the clean energy transition.

• Established the Energy Transition Council to convene national, regional and global ministerial dialogues to support countries’ transitions to clean power.

Halting and reversing forest loss

• 145 countries committed to halt and reverse forest loss and land degradation by 2030 in the Glasgow Leaders’ Declaration on Forests and Land Use.

• 28 countries launched a roadmap to protect forests through a global shift to sustainable development and trade of agricultural commodities.

• 12 developed countries pledged to provide $12 billion of public climate finance from 2021-2025 to the new Global Forest Finance Pledge.

• 12 country and philanthropic contributors pledged at least $1.5 billion to protect the forests of the Congo Basin.

• 14 country and philanthropic donors pledged at least $1.7 billion from 2021 to 2025 to advance Indigenous Peoples’ and local communities’ forest tenure rights and support their role as guardians of forests and nature.

• $7.2 billion of private sector forest positive commitments mobilised.

• 30 financial institutions worth $8.7 trillion committed to deforestation-free finance.

• Nine MDBs will mainstream nature into their policies.

• The 12 largest agricultural commodity companies responsible for >50% global trade in forest risk commodities announced a 1.5°C pathway.

Speeding up the switch to electric vehicles

• At COP26 the Declaration on Accelerating the Transition to 100% Zero Emission Cars and Vans brought together over 35 countries, six major carmakers (General Motors, Jaguar Land Rover, Volvo, Audi, Ford, and Volkswagen in Europe), 43 cities, states and regions, 28 fleet owners, and 15 financial institutions and investors, all committing to work together to achieve this goal.

• Vehicle manufacturers representing more than 30% of the global market now have commitments to phase out fossil fuelled vehicles, up from almost zero at the beginning of 2021.

• The Zero Emission Vehicle Transition Council Action Plan for 2022 was published setting out shared actions to accelerate the ZEV transition, including through support for developing countries and identifying collaboration opportunities to support ethical and sustainable supply chains for ZEVs.

Reducing methane emissions

• Over 110 countries signed up to the Global Methane Pledge, including nine of 15 of the major emitters, committing to reduce global methane emissions by 30% by 2030.

7. Mitigation - Action Since COP26

7.1 The UK Presidency has worked with countries, partners, and institutions, alongside the UN Climate Change High-Level Champions, to turn commitments made at COP26 into progress this year and action beyond our Presidency.

Accelerating the energy transition

• Continued collapse in coal pipeline; since 2015 76% of planning projects cancelled.

• Major financiers including the US, France, Belgium, Switzerland, Sweden and Finland have put their promises made in the Clean Energy Transition Partnership into action, adopting new fossil finance policies, shifting a potential $4.6 billion into clean investment. More signatories are expected to adopt new policies by the end of 2022.

• Strengthened international support for developing economies’ energy transitions by demonstrating the power of collaboration through initiatives like the Energy Transition Council (ETC) and Green Grids Initiative.

• The ETC responded to 27 rapid response projects (specified financial and technical support requested from ETC Members) with a further 15 in the pipeline, supporting nine countries.

• The Green Grids Initiative is accelerating regional grid projects in Africa and the Asia Pacific region to enable electricity grids to deal with increasing shares of renewables.

• Work progressed with South Africa to support the publication of their JETP Investment Plan which sets out the approach to mobilise funding and support for South Africa’s just transition.

• Work progressed with others including Viet Nam, Indonesia, India and Senegal on partnerships to support a just transition to clean energy. This work is a long-term endeavour and not all of it will come to fruition during 2022.

Halting and reversing forest loss

• The Forests and Climate Leaders’ Partnership was established to unite action by government, business and community leaders to halt and reverse forest loss and land degradation by 2030, while delivering sustainable development and promoting an inclusive rural transformation. This brings together at least 16 major forest countries from every continent, and will focus on delivering change through six action areas where progress is needed to meet our 2030 goal, including on support for high integrity forests.

• Donors are working in partnership with forest countries to ensure the $12 billion Global Forest Finance Pledge is allocated to the right programmes over its 2021-2025 year period, with a report on its progress to be released at COP27. One donor has pledged to uplift its biodiversity financing to $1.5 billion per year, in support of this and other pledges.

• On the Congo Basin Forest Pledge from 2021-2025, donors have collectively spent at least $300 million in 2021, with more to come in subsequent years.

• The Forest, Agriculture and Commodity Trade (FACT) Dialogue will publish a progress report on its 14 action areas at COP27.

• A landmark report from the UN Climate Champions found that some of the world’s most valuable food and agriculture companies could lose up to 26% of their value by 2030 - sparking a renewed call for more financial institutions to commit to deforestation-free finance ahead of COP27.

Contraction of the global coal power pipeline^{[footnote 2]}

Speeding up the switch to electric vehicles

• The ZEV Declaration now has 200 signatories from national and sub-national governments, manufacturers, businesses and fleet owners - all committed to working towards all new cars and vans being zero emission by 2040 globally and by 2035 in leading markets.

• The Accelerating to Zero Coalition (A2Z), a global partnership with the UN Climate Change High–Level Champions, The Climate Group, Drive Electric Campaign, the International Council on Clean Transportation (ICCT), and other leading organisations, has been launched to secure more signatories to the ZEV Declaration to drive forward implementation of commitments, including through provision of implementation support.

• Regional Dialogues have been convened with nearly 50 emerging markets and developing economy countries to hear first-hand experiences and a new International Assistance Taskforce (governments and international organisations, including MDBs) has been launched to identify ways to strengthen the international assistance offer.

• The global fleet of passenger EVs keeps growing - 59% per year on average since 2015 - and by June 2022 there were over 21 million EVs on the road globally.

• Global passenger EV sales grew by 63% (year-on-year) in the first half of 2022, to nearly 4.3 million units.

Reducing methane emissions

• The Global Methane Pledge is now made up of 122 members, equating to a potential of 50% of global methane emissions and over 70% of global GDP.

Global passenger EV fleet^{[footnote 3]}

EV share of passenger vehicle sales^{[footnote 4]}

8. Adaptation and Loss and Damage

The growing number and severity of weather events have brought home the catastrophic impacts that climate change is already having, with the most vulnerable communities hit hardest. For many years, developing countries have felt that adaptation has not received sufficient attention or funding and that the question of loss and damage has not been adequately addressed.

The UK Presidency made action on and funding for adaptation a priority. We also appointed ministers to facilitate work on loss and damage at COP26 to raise its profile, seeking to build a new consensus and commitment among Parties on the urgent need for greater action and finance to avert, minimise and address loss and damage.

The outcomes at COP26 were described as a ‘step-change’ on adaptation by the Global Center on Adaptation. By the end of COP26, we had achieved:

• Agreement to the Glasgow - Sharm el-Sheikh Work Programme (GlaSS) on the Global Goal on Adaptation (GGA).

• Commitment to double 2019 levels of adaptation finance by 2025 (the first quantified adaptation finance commitment).

• 86 countries had either Adaptation Communications or National Adaptation Plans (NAPs) to address climate risks.

• Over 70 endorsements to the Principles for Locally Led Adaptation, and over $450 million mobilised for initiatives and programmes enhancing locally-led approaches.

• 40 members committed to the Adaptation Action Coalition (AAC) and launch of the Adaptation Research Alliance (ARA).

• Record adaptation finance pledges to the Adaptation Fund and the Least Developed Country Fund.

• Share of proceeds agreed for adaptation from Article 6.

Loss and damage was a key issue at COP26 and a priority for the UK Presidency. Despite divergent views, COP26 secured:

• Agreement to the functions and funding of the Santiago Network on Loss and Damage to enable technical support to countries to plan action against climate impacts.

• Establishment of a new Glasgow Dialogue on Loss and Damage to discuss the arrangements for funding activities to avert, minimise and address loss and damage.

• The Glasgow Climate Pact urged enhanced and additional support for activities addressing loss and damage.

9. Adaptation and Loss and Damage - Action Since COP26

Our objectives in 2022 have focused on: 1) ensuring that COP26 outcomes enable practical action to scale up action to avert, minimise and address loss and damage; 2) making progress on the GGA by enhancing adaptive capacity, strengthening resilience and reducing vulnerability to climate change; and 3) making progress on doubling adaptation finance.

During our Presidency, we have seen on adaptation:

• Half the world’s population is now covered by a NAP or Adaptation Communication (AdComm), with 10 new AdComms and nine new NAPs published in our Presidency year since COP26.

• Progress towards doubling adaptation finance on 2019 levels by 2025.

• The ARA now has 157 members, representing funders, academics, civil society and international organisations.

• Over 80 endorsements by governments and organisations to the Principles for Locally-led Adaptation, with climate finance donors, intermediaries and grassroots organisations working to put these principles into practice.

Loss and Damage:

• Pledges of over €20 million to the Santiago Network.

• The World Meteorological Organisation launched an Early Warning System For All initiative, pledging to cover the world’s population with early warning systems in the next five years.

• G7 members agreed the Global Risk Shield to improve coordination and streamlining of climate risk finance and preparedness activities.

• First discussion of the Glasgow Dialogue on Loss and Damage at the Intersessional in Bonn in June 2022.

• Growing consensus among Parties that greater action and enhanced and additional finance is required.

With growing climate impacts around the world, there is much work to do to advance progress and scale up action on adaptation and loss and damage. The UK will remain at the forefront of these discussions to ensure that commitments made in Glasgow translate into implementation.

Number of published adaptation plans^{[footnote 5]}

NAPS and AdComms published

10. Finance

The global shift to net zero and resilient economies will require trillions of dollars of investment over the coming decade. This must include scaled up and more accessible public finance for the most vulnerable, enhanced public-private models for mobilisation and policy changes to create the conditions for all investment to be consistent with the Paris Agreement. This transition has been a priority for our Presidency.

By COP26, governments, institutions and investors had committed to mobilise more finance than ever, including for those on the frontline of climate change. COP26 crystalised a vision for turning billions of public finance into the trillions in low carbon and resilient investment needed. Outcomes included:

Progress on the $100 billion goal

• Under our incoming Presidency, 95% of the largest developed country climate finance providers made new commitments. These have led to significant progress in meeting the $100 billion goal by 2023 at the latest and continue on a rising trajectory to 2025.

Doubling adaptation finance commitment

• Agreement by all developed countries to collectively double 2019 levels of adaptation finance by 2025; the first ever adaptation-specific global financing goal.

• Over $350 million has been committed to the UNFCCC Adaptation Fund, nearly triple the previous highest collective mobilisation. Over $400 million was pledged to the Least Developed Countries Fund, the highest collective mobilisation the fund has seen. These record breaking contributions are building the resilience of vulnerable communities, safeguarding livelihoods and lives.

New country-led models for financing climate goals

• The UK, France, Germany, US and EU launched the ground breaking $8.5 billion JETP with South Africa. JETPs are innovative country-led partnerships that tailor co-ordinated international support to country plans for ambitious and just energy transitions.

Greening the global finance system

• Private financial institutions and central banks committed to realign trillions towards global net zero through the launch of the Glasgow Financial Alliance on Net Zero (GFANZ), encompassing over $130 trillion in assets under management.

• The International Sustainability Standards Board (ISSB) was established at COP26 to develop a comprehensive global baseline of sustainability disclosures for the capital markets.

• The MDBs committed in their Joint Statement on Climate to increase ambition on climate action, including increasing adaptation finance, increase the level of private capital mobilised in support of mitigation and adaptation investments, using platforms, investment vehicles, and blended finance instruments. MDBs re-affirmed their contributions to the $100 billion climate finance goal from developed to developing countries.

Long term finance

• Agreement on a work-programme to determine a new post-2025 climate finance goal, alongside the launch of extensive technical work to be taken forward by the UNFCCC Standing Committee on Finance to enhance transparency in achieving finance goals.

11. Finance – Action Since COP26

Today the world faces multiple crises threatening economic, food and energy security. Despite these challenging conditions, the direction of travel remains clear: economic opportunity is now driving climate action.

The UK Presidency has continued to work with governments, international financial institutions and the private sector to ensure that developing countries receive the support that was pledged at COP26, and that the global financial system becomes increasingly aligned with global climate change goals.

Since COP26

• While the $100 billion goal was not met on time, the Delivery Plan Progress Report has shown that we are still on track to meet the $100 billion goal in 2023 and that developed countries and MDBs are taking steps to deliver the doubling of adaptation finance by 2025 (from a 2019 baseline). The report sees new commitments from Japan, Norway, the Netherlands and Sweden, in addition to the World Bank exceeding their previous estimates.

• The Progress Report has a new compilation of adaptation finance commitments from all providers. This is the first step to showing vulnerable countries how the doubling target, seen as $40 billion in adaptation finance by 2025, will be met. The report shows record funding agreed and disbursed to important UNFCCC funds including the Adaptation Fund, Least Developed Countries Fund, and Global Environment Facility.

• The UK co-hosted with Rwanda the second Climate and Development Ministerial (C&DM) in September 2022 in the margins of the UN General Assembly, which maintained focus on vulnerable countries’ interests on finance and climate impacts. It highlighted progress on access and on the Task Force on Access to Finance, the need for practical solutions on loss and damage, such as the Global Risk Shield and debt related instruments.

• The IMF operationalised the Resilience and Sustainability Trust at Annual Meetings in October 2022, with contribution agreements worth SDR 15.3 billion (USD $20billion) signed by six donor countries and three country programmes agreed at staff level (Rwanda, Costa Rica, Barbados). More contribution agreements are expected at the start of next year to ensure the RST remains well-resourced to support vulnerable countries and bolster their resilience to macro-critical challenges.

Progress continued:

• Through the Delivery Plan process, C&DM, Task Force on Access, the Champions Group on Adaptation Finance and related work we have helped to build commitment to increasing adaptation finance, partnerships for climate finance and to developing and financing plans rather than single projects.

• The UK and US, with Germany and Canada, have called on MDB Heads to take further action on adaptation finance, access to finance, and mobilisation targets, and to implement the recommendations of the Capital Adequacy Framework Review recommendations.

• Steps have been made towards enhancing finance for nature, including through the $1.5 billion Congo Basin Forest Pledge and $1.7 billion Indigenous Peoples and Local Communities Land Tenure Pledge.

• The Standing Committee on Finance has completed work agreed at COP26 on a lessons learned report on the $100 billion goal, climate finance definitions, the 5th Biennial Assessment of climate finance flows and operationalising of article 2.1c - making finance flows consistent with Paris.

Long term finance

• Alongside the Egyptian Presidency, the UK has endorsed a new Independent High-Level Expert Group on investment and finance to deliver climate action co-chaired by Vera Songwe and Lord Nicholas Stern. This independent group, comprising 22 regionally representative members, will focus on options for mobilising finance in line with the Paris Agreement, with events at COP27.

• Deliberations on the New Collective Quantified Goal were successfully started under the stewardship of the UK-appointed co-chairs, with four technical expert dialogues.

Mobilising finance to emerging markets

• We have worked with South Africa to support the publication of their JETP Investment Plan which sets out the approach to mobilise funding and support for South Africa’s just transition.

• We are also working with others including Viet Nam, Indonesia, India and Senegal on partnerships to support a just transition to clean energy. This is a long-term endeavour and not all of it will come to fruition during 2022.

• GFANZ is working to increase the mobilisation of finance for climate solutions to emerging markets and developing countries, including by supporting the JETPs.

Greening global finance

• The Glasgow Financial Alliance for Net Zero (GFANZ) has developed a series of guidance, frameworks and other resources to support transition planning across the financial sector. All founding members of GFANZ are expected to have published their 2030 targets by COP27.

• The ISSB is developing a global baseline for private sector climate reporting, expected in early 2023.

• The Transition Plan Taskforce (TPT) is developing a gold standard for private sector climate transition plans. At COP27, the TPT will publish the TPT Disclosure Framework and Implementation Guidance for consultation, setting out the key elements of a comprehensive transition plan and guidance to support financial firms and corporates to prepare them. Next year the TPT will develop guidance for specific sectors.

Finance

Progress on the $100bn goal^{[footnote 6]}

12. Collaboration

The UK Presidency has been driven by the conviction that greater partnership, collaboration and co-operation at all levels are essential to accelerate the action to address climate change. This has shaped our approach to climate negotiations and practical action across the climate agenda.

After six years of negotiations, the UK Presidency worked with all countries to finalise the Paris Rulebook (detailed instructions and products to fully implement the Paris Agreement). This COP26 outcome helps countries to deliver on their commitments to meet the goals of the Paris Agreement and also helps build confidence and transparency in implementation.

We have prioritised inclusivity, working with civil society, Indigenous Peoples, youth organisations and communities to amplify the voices of those at the forefront of climate impacts, empowering them as decision-makers, advocates and leaders.

This is reflected in decisions taken at COP26 like the new 10 year work programme on Action for Climate Empowerment and a new three year work plan for Local Communities and Indigenous Peoples. The Glasgow Climate Pact also includes specific commitments on involving youth and Indigenous Peoples in climate policies. The Pact urges Parties and stakeholders to ensure meaningful youth participation and representation in multilateral, national and local decision-making processes. Gender equality was also included in the overarching COP26 cover decision, which calls on Parties to strengthen the participation and leadership of women in climate action.

COP26 strengthened connections with action on related nature and climate issues. This is reflected in strong recognition of the importance of nature and ecosystems in meeting climate goals. In Glasgow, Parties also agreed to further work on integrating and strengthening ocean action in climate action and a new annual dialogue on ocean and climate action (the first of which took place in June 2022).

Following COP26, we have sought to ensure that promises are kept. We have encouraged countries to remove barriers to participation; and worked with Parties, the UNFCCC Secretariat, its observer groups and civil society partners to make further progress.

12.1 Finalising the Paris Rulebook

Finalising the Paris Rulebook enables the full implementation of the Paris Agreement and increases transparency of how countries are doing so. COP26 marked the end of six years of negotiation to finalise the detailed guidelines and systems which underpin the implementation of the Paris Agreement. The Glasgow outcome allows the full delivery of the landmark accord through:

• Robust rules for international carbon trading under Article 6 that maintain environmental integrity which will make the Paris Agreement fully operational and establishing a new Glasgow Committee on Non-Market Approaches.

• The products of the Enhanced Transparency Framework to enable accountability and confidence as countries publish their Greenhouse Gas emissions, quantify finance flows and track delivery of their NDCs.

• Common Timeframes for NDCs that ensure all targets will run to the same timelines, making it easier to compare targets and implementation.

Agreeing the Paris Rulebook at COP26 demonstrates the commitment of countries to uphold tangible objectives across the Paris Agreement. The COP26 outcomes will strengthen trust amongst Parties and pave the way for consistent and robust emissions reporting and international carbon markets and non-market approaches.

The focus must now be on implementing the Paris Rulebook. This will support collective progress towards achieving the goals of the Paris Agreement, and highlight where more can be done and where we must go further.

12.2 Timeline: Enhanced Transparency Framework Implementation

March 2023
Training programme for technical expert reviewers developed

June 2023
Prototype Paris Agreement reporting products developed

September 2023
Training for new technical expert reviewers begin

December 2023
Countries test and provide feedback on prototype reporting tools

June 2024
All new reporting products should be ready to use

December 2024
Submission of the first reports on NDC implementation, finance flows and Greenhouse Gas emissions under the Paris Agreement

From December 2024
Review of first reports on action under the Paris Agreement begins

12.3 High-Level Champions

The UN Climate Change High-Level Champions mobilise non-state actors towards a resilient, net zero economy and in support of governments. The UK’s High-Level Champion, Nigel Topping, alongside his Chilean predecessor, Gonzalo Muñoz, and Egyptian successor Mahmoud Mohieldin, lead the Race to Zero, Race to Resilience and Breakthrough initiatives.

COP26 Action COP: COP26 was the first “Action COP” that brought non-state actor action to the fore. It created unprecedented convergence between investors, businesses, cities and subnational regions to encourage real economy change.

Race to Zero: This global campaign was launched during the UK Presidency by the High-Level Champions, rallying non-state actors to take rigorous and immediate action to halve global emissions by 2030 and deliver a healthier, fairer zero carbon world. Race to Zero now has over 11,000 entities from over 100 countries committed, through partner initiatives including: 52 regions, 1,136 cities, 8,307 companies, 595 financial institutions, 1,125 educational institutions and 65 healthcare institutions. Since COP26 the number of companies in the UN-backed Race to Zero has grown by 59%.

Race to Resilience: This sibling campaign to Race to Zero is driving a step-change in global ambition for climate resilience. It brings together actors beyond national governments to build the resilience of 4 billion people from vulnerable groups and communities. Launched during the UK Presidency, there are now over 2,500 members of the campaign from over 100 countries, covering over 2.3 billion people.

Race to Zero Breakthroughs: Flowing from the Climate Action Pathways, these are a set of comprehensive sectoral roadmaps to achieve the Paris Agreement in line with 1.5°C, developed by the High-Level Champions and the Marrakech Partnership. The Race To Zero Breakthroughs set out what key actors must do, by when, to deliver the change we need to achieve a resilient, zero carbon world.

Adaptation and Resilience Breakthroughs: Since COP26, the Climate Champions Team committed to enhance the non-state actor focus and efforts on adaptation and resilience and launched these Breakthroughs. They define 11 common goals to accelerate adaptation action and increase resilience to climate hazards such as floods, droughts and lethal heat.

12.4 Glasgow Breakthrough Agenda

At the COP26 World Leaders Summit, 45 countries accounting for over 70% of global GDP endorsed the Breakthrough Agenda, committing to work together to make clean and sustainable solutions the most affordable, accessible and attractive option in each of the emitting sectors before the end of this decade.

Since the launch of the Breakthrough Agenda at COP26:

• The Agriculture Breakthrough membership has grown to include 10 countries (Egypt, Nigeria, Japan, Latvia, Belgium, Denmark, Morocco, UK, UAE and Sweden).

• The independent and authoritative Breakthrough Agenda Report was launched. Co-authored by the International Energy Agency (IEA), the International Renewable Energy Agency (IRENA) and the UN Climate Change High-Level Champions, the report highlights where further action is needed to deliver on the Breakthrough Agenda.

The report has 25 recommendations which were discussed at the Global Clean Energy Action Forum and the 13th Clean Energy Ministerial, held in Pittsburgh, United States, 21-23 September 2022 where ministers called for action on these recommendations.

The UK, as the current project lead for the Breakthrough Agenda, has worked with countries to develop a set of Priority International Actions that build on the Report’s recommendations and will be announced at COP27.

Greenhouse gas emissions by sector

Greenhouse gas emissions by sector,^{[footnote 7]} 2019: countries have agreed goals for five sectors under the Breakthrough Agenda, accounting for over 50% of global emissions. The Breakthrough Agenda will cover an even greater proportion with the launch of the Buildings Breakthrough by France and the Kingdom of Morocco at COP27.

Net Zero Emissions by 2050 scenario vs a Low International Co-operation Case

Net Zero by 2050 scenario (NZE) vs a Low International Co-operation Case.^{[footnote 8]}

Without international collaboration, the transition to net zero global emissions could be delayed by decades. The costs of critical low carbon technologies could be significantly lower in a fast global transition, which can only be achieved by the collective action of many countries.

12.5 Including All Voices

Effective climate action requires engagement, commitment and innovation from all parts of society. We put inclusion at the heart of our approach to COP26 as an event and our Presidency as a whole.

Despite the COVID-19 pandemic, COP26 had the highest ever number of participants, including the highest ever non-party representation. To ensure safe inclusive participation from across the world, the UK worked with partners to help participants from over 70 countries become fully vaccinated who would not otherwise have had a chance to do so.

The nine UNFCCC constituency groups – including Indigenous Peoples, young people and environmental non-governmental organisations (NGOs) – represent millions of people impacted by climate change around the world and play a central role in an inclusive COP. We worked closely with these groups throughout our Presidency and at COP26, including inviting them to take part in UK Presidency-led events.

The COP President also established Advisory Councils with businesses, civil society and youth, and regional mayors to help guide our planning for COP and to ensure that we drew on the expertise and experience of those driving climate action. The COP27 Presidency will be taking on the COP26 Presidency’s Business Leaders Group.

The UK Presidency has benefited greatly from the insight, expertise and constructive challenge of leading climate experts and activists, in particular the Friends of COP who have supported us throughout the Presidency.

12.6 Indigenous Peoples and Local Communities

As stewards of 80% of the world’s remaining biodiversity, Indigenous Peoples are leaders in locally-led adaptation efforts and nature-based solutions. Yet often, Indigenous perspectives and knowledge are not given their rightful place in climate change fora.

COP26 recognised the role of Indigenous Peoples and Local Communities in its decisions and other outcomes. In Glasgow, the Local Communities and Indigenous Peoples’ Platform agreed a new three year work plan bringing in new activities that will further strengthen Indigenous engagement in the UNFCCC.

The Glasgow Climate Pact also encourages countries to actively involve Indigenous Peoples and Local Communities in designing and implementing climate action, while respecting their rights.

At COP26, Parties and organisations pledged $1.7 billion from 2021-25 to advance Indigenous People and Local Community forest tenure rights and provide greater recognition and reward for their role as guardians of forests and nature.

We also funded a dedicated Blue Zone pavilion for Indigenous Peoples, creating a space for Indigenous-led events and the COP President convened a Presidency dialogue with Indigenous leaders to discuss the negotiations.

Throughout our Presidency, the UK has continued to work closely with the International Indigenous Peoples Forum on Climate Change (IIPFCC), the Local Communities and Indigenous Peoples Platform (LCIPP), and climate leaders and grassroots activists.

On Indigenous Peoples Day, we co-facilitated a dialogue with the IIPFCC - creating a space for Indigenous Peoples to speak directly with Adaptation, Loss and Damage Negotiators.

Working in collaboration with the IIPFCC and the Indigenous Peoples of Africa Co-ordinating Committee, we established the COP26 Indigenous Youth Fund helping support young Indigenous activists from the seven socio-cultural regions to attend COP27.

12.7 Women and Gender

Women and girls are disproportionately affected by climate change. To be effective, climate policies and projects need to fully include women and girls and to factor in the different impacts they face.

• In the Glasgow Climate Pact, Parties were encouraged to strengthen their work to ensure the full, equal and meaningful participation and leadership of women in climate action, as well as urged to strengthen their implementation of the Lima work programme on gender and its gender action plan.

• The UK joined the Feminist Action for Climate Justice Action Coalition in July 2021 and encouraged other countries to join.

• We hosted a Gender Day to encourage new commitments from countries and stakeholders on gender responsive climate action and women’s leadership.

• We announced £165 million to progress gender equality with two programmes to boost women’s climate leadership and support those most vulnerable to climate change.

• We funded six women delegates from developing countries to attend COP26 through the Women Delegates Fund to ensure inclusive participation. Through the Climate Ambition Support Alliance, the UK also supported the European Capacity Building Initiative Women’s Leadership Network.

In our Presidency year we have continued to encourage gender-responsive local, national and global climate action, champion women and girls’ agency and advance gender equality in climate finance. This is also reflected in the UK’s revised NDC.

We have worked with a range of organisations to promote understanding of the links between gender equality and climate change, including at Regional Climate Weeks and the 65th meeting of the Commission on the Status of Women.

We have encouraged governments, businesses, civil society and others to implement the Gender Action Plan, including by developing gender-responsive climate policies and actions (including NDCs and NAPs), delivering gender-responsive climate finance and supporting women’s climate leadership.

12.8 Youth

Decisions made at COPs directly affect the world future generations inherit. We need to ensure that young people can help inform that decision making.

Young climate leaders, with their links to communities and practitioners, are agents of change. Their knowledge and leadership is necessary to deliver effective local solutions.

At COP26 and during our Presidency, we have taken the following action to ensure youth voices were part of the dialogue:

• COP26 launched a decade of climate empowerment as Parties agreed a new 10 year ‘Glasgow work programme on Action for Climate Empowerment’.

• The Glasgow Climate Pact urges Parties and stakeholders to ensure meaningful youth participation and representation in multilateral, national and local decision-making processes.

• Ahead of COP26 in Glasgow, we worked with Italy to host the Youth4Climate event to elevate the voices of young climate policy experts, particularly those on the frontline, and enabled their engagement with decision-makers.

• Our Presidency is supporting the Climate Youth Negotiators Programme, which will help support young people to attend COP27.

• The UK worked with YOUNGO to support Local Conferences of Youth (LCOYs), including in Ghana, Cyprus, Turkmenistan and Colombia.

• The UK is supporting the Africa Youth Mobilisation for COP campaign, which aims to increase the participation of African youth in these platforms to ensure a unified African youth voice and more meaningful engagement in global climate change negotiations.

13. Mobilising the International System

13.1 The UK Presidency has sought to promote climate action throughout the international system, using existing fora and, where necessary, creating new ones. Highlights include:

• UK Climate Ambition Summit, December 2020: over 90 countries, businesses, sectors and cities, including 75 world leaders, gathered at the UK Climate Ambition Summit to set out their ambitious plans and make new commitments.

• G7: the UK 2021 G7 Presidency was the first ‘Net Zero G7’ and committed to halve emissions by 2030 on 2010 levels. The UK Presidency embedded climate discussions on the finance track, recognising the central role that finance ministries and central banks can play in tackling climate issues. In 2022, under the German Presidency, the G7 committed to accelerate the energy transition at home and abroad, end new international public financing of the fossil fuel sector by end 2022 with limited nationally determined exemptions and work with others to double adaptation finance by 2025.

• G20: under the Presidency of our COP26 Partners, Italy, the G20 committed to take further action in this critical decade and end, for the first time, international public finance for new unabated coal power generation abroad by the end of 2021.

• IMF/World Bank: we worked with global financial institutions to mobilise the trillions needed for the transition to net zero. This included the launch of the IMF Resilience and Sustainability Trust to support developing countries. The UK also convened the heads of MDBs, with a joint climate statement published at COP26.

• Climate and Development Ministerial: we established the Climate and Development Ministerial (C&DM) to support the world’s most climate vulnerable countries. The C&DM has focused on practical actions in four areas: responding to climate impacts; climate finance; access to finance; fiscal space & debt sustainability. In September 2022, the UK and Rwanda co-hosted the second C&DM, in which Parties called for a Forward Plan to deliver on the change needed.

• UN Security Council: During the UK’s Presidency of the UN Security Council in February 2021, the Prime Minister chaired a session on climate security, including experts and youth activists to address the issue. This was the first time since 1992 that a UK Prime Minister had chaired a session of the Security Council.

14. Partnerships for Delivery

14.1 COP26 was the largest COP to date, with over 120 world leaders and nearly 40,000 participants representing 194 countries attending the main conference ‘Blue Zone’ - a 197,000m2 venue, the equivalent of 28 football pitches.

It was also the largest single international event the UK had ever held. As such, delivering a safe, secure and inclusive event required close collaboration across all parts of the UK, with the Scottish Government, Welsh Government and Northern Ireland Executive; and with delivery partners, in particular Glasgow City Council and Police Scotland.

Safety was a priority and we worked closely with Public Health Agencies to manage COVID-19 testing and vaccination requirements, create sufficient space for social distancing, and to coordinate the logistics to support these measures. Over 700,000 Lateral Flow and 70,000 PCR tests were distributed while up to 1,000 people per day were assisted at the Asymptomatic Testing Site.

We were delighted to welcome our Principal Partners and other sponsors on board, who supported COP26 by providing vital expertise, commitment and action to help deal with climate change. This has continued in 2022 as Principal Partners and other sponsors have delivered international climate action.

At COP26, Reckitt helped ensure that the whole venue was COVID-19 secure, and Jaguar Land Rover supported the sustainability of the conference with zero emission cars for World Leaders.

Sponsor legacy

As part of our commitment to leave a positive legacy following COP26, the furniture and accessories provided by COP26 Partner IKEA have been rehomed to projects and organisations in Glasgow and the wider region with the support of our partners, Glasgow City Council.

Approximately 6,000 furniture items and home furnishing accessories used throughout the COP26 Summit have been donated to community groups and third sector organisations throughout Glasgow and Scotland. A total of 58 organisations received donations of furniture.

As part of their COP26 Principal Partnership, Microsoft donated all of the laptop devices. The COP26 Presidency worked with the Scottish Council for Voluntary Organisations on supporting those in need to get access to devices and skills training to help them work and learn remotely, particularly during COVID-19.

1. UNEP Emissions Gap Report, 2015, 2022 ↩

2. E3G analysis of Global Energy Monitor Coal Plant Tracker data, as of July 2022. Newly cancelled and newly operational categories show cumulative figures. ↩

3. BloombergNEF, Marklines, Jato ↩

4. BloombergNEF ↩

5. NAP Data: https://www4.unfccc.int/sites/NAPC/Pages/national-adaptation-plans.aspx
   AdComm Data: https://unfccc.int/ACR
   Population Data: https://data.worldbank.org/indicator/SP.POP.TOTL ↩

6. 2019-2020: https://www.oecd.org/climate-change/finance-usd-100-billion-goal/ ↩

7. The Breakthrough Agenda Report 2022, IEA, IRENA and UN Climate Change High-Level Champions , (2022), https://www.iea.org/reports/breakthrough-agenda-report-2022 ↩

8. The Breakthrough Agenda Report 2022, IEA, IRENA and UN Climate Change High-Level Champions , (2022), https://www.iea.org/reports/breakthrough-agenda-report-2022 ↩