COP26 in nutshell: World leaders depart Glasgow on second day leaving stage to negotiators

By Nuran Erkul Kaya and Gulsen Cagatay

GLASGOW, Scotland (AA) - World leaders departed Glasgow after historic pledges on the first two days of the United Nations climate conference focusing on deforestation, reducing methane emissions and signing up for a clean technology breakthrough agenda, to hand the baton over to negotiators.

Taking place in Glasgow, Scotland, the 26th session of the Conference of the Parties (COP26) to the United Nations Framework Convention on Climate Change, witnessed global and historic commitments from around 120 world leaders who convened to secure the goal of limiting global warming to 1.5 degrees Celsius.

On the first day of the Leaders' Summit at COP26, India committed to a net zero emissions target by 2070 with a mid-term goal of installing 500 gigawatts of renewable capacity by 2030. India is the second-biggest coal consumer in the world and meets almost 70% of its electricity from coal.

Brazil and Vietnam also committed to net zero emissions by 2050.

Over 80% of global emissions have now been covered with net zero targets with the addition of the latest three countries.

According to London-based think tank Ember, the world's top 10 coal power countries -- China, India, the US, Japan, South Korea, South Africa, Indonesia, Russia, Vietnam and Australia -- have now all committed to net zero emissions.

- Countries representing 86% of planet's forests promise to end deforestation

On the second day, at least 110 countries pledged to end and reverse deforestation and land degradation by 2030.

Over 40 countries, including Turkey, the US, UK, Brazil, Albania, Ghana, Ecuador, Indonesia, Russia and Syria signed a declaration on action to halt deforestation by 2030 by committing $12 billion in public finance and $7.2 billion in private finance to reach the goal.

Signatory countries to the declaration represent 85% of the planet's forests.

The pledges on deforestation demonstrated that for the first time at a COP conference, deforestation and the impact it has on indigenous people and the planet is being taken seriously with public and private sector actions, including multilateral development banks (MDBs).

The MDBs published a common statement to scale up finance on deforestation.

However, there is still a long way to turn commitments into action and transparency mechanisms are needed to track these actions.

- High ambition coalition countries to align economies with 1.5°C

The High Ambition Coalition (HAC) Leaders' statement read that developed and developing countries, including the Caribbean, Pacific, the US, France, Spain, Germany, Denmark and the Netherlands aim to deliver more ambition by submitting 1.5°C aligned nationally determined contributions ahead of COP27.

They also announced they would align their economies with the 1.5°C trajectory by ending coal-fired power investment domestically and abroad and fossil fuel subsidies, while reaffirming $100 billion annually for climate finance to underdeveloped countries.

The most climate-vulnerable nations demanded that COP26 deliver a climate emergency pact, a plan for the $500 billion promised by 2024.

- Steel at center of climate negotiations for first time

An international clean technologies plan, Glasgow Breakthrough agenda, supported by over 40 countries, including the UK, US, India, China and Turkey was announced to make clean technologies more affordable everywhere in the world focusing on power, steel, road transport, low carbon hydrogen and agriculture.

Accounting for 7% of global emissions, the steel sector was put on the main agenda of international climate negotiations for the first time.

Countries accounting for 32% of global steel production committed to a nearly net zero emissions steel sector by 2030.

The second day of the COP26 saw a global commitment to cut methane emissions by 30% by 2030 under the Global Methane Pledge.

Led by the US and the EU, 105 countries signed up to the pledge but India, China, Russia and Australia, which are among the biggest methane emitters, failed to do so.

The signatory countries account for 46% of the global emissions and represent almost 70% of the global economy.

South Africa, one of the most fossil fuel-dependent countries, was committed $8.5 billion from the US, EU, the UK, France and Germany to accelerate the just transition and shift from coal to clean power.

The third day of the summit will continue with discussions on climate finance.