financetom
Business
financetom
/
Business
/
How COP26 can help prevent climate catastrophe
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
How COP26 can help prevent climate catastrophe
Nov 3, 2021 12:40 PM

The 26th Conference of the Parties (COP26) at Glasgow is a key moment for climate action. World leaders have gathered at the conference to understand and find ways to avert a climate catastrophe. Ambitious efforts are being initiated to reverse global warming. Now it is up to the different nations to execute the decisions they have committed to.

Here’s our lowdown on the climate summit so far. COP26 is on till November 12.

Deforestation

More than 100 world leaders at the COP26 climate summit have signed a declaration committed to halting and reversing deforestation by 2030. Among these, 28 countries have committed to removing deforestation from the global trade of food and other agricultural products.

Globally traded commodities such as beef, soy, palm oil and timber are the leading drivers of deforestation. More than 30 financial companies, including Axa and Aviva, have also pledged to end investments in activities related to deforestation.

There are reasons to be cheerful about these commitments, especially as China, Brazil and Europe are the key signatories supporting the pledge.

Also read: COP26: India aims to achieve net zero emissions by 2070; experts discuss

Brazil, where vast stretches of the Amazon rainforest have been cleared, has been criticised for driving forest loss to make space for animals to graze or crops to grow. Deforestation in Brazil rose to a 12-year high in 2020, according to data. Meanwhile, China and Europe are the major consumers of soya produced in Brazil. The partnership inked at the COP26 between major producers and consumer countries will try to break the link between deforestation and agricultural commodities.

“Protecting our forest is not only a course of action for tackling climate change but also for a more prosperous future,” UK Prime Minister Boris Johnson said.

Biodiversity

Biodiversity is key to conserving forests and sustainable land use. At the COP26, the signatories committed to protection and restoration of natural areas. This gains significance as another ‘Conference of the Parties’ dedicated to biodiversity virtually took place between October 11 and 15 this year and will happen in-person in Kunming, China, from April 25 to May 8, 2022. Till now, both these conferences acted independently of each other. But several actors have emphasised the necessity of addressing the two issues together.

Also read: India likely to push for climate justice and funding at COP26

Conservation of natural areas such as oceans, parks, forests and wildernesses for the future is crucial to safeguarding the ecosystems on which humans depend.

Indigenous people

The COP26 announced a $1.7-billion funding for indigenous people and local communities for playing a key role in protecting the lands and forests.

Campaigners are hoping this conference would be the first to champion the rights of indigenous people, who are increasingly facing persecution for publicly voicing their rights. The Guardian reported that in 2020, nearly 227 people were killed trying to protect land, forests, rivers and other ecosystems. Among those killed, more than a third were from the indigenous communities, who account for only 5 percent of the world population.

The COP26 calls for countries to “recognise” and “support” the rights of indigenous people.

Children’s rights

Climate change is a threat to one billion children who are vulnerable to environmental shocks due to lack of essential services like water and sanitation, healthcare and education, a recent report by the United Nations Children’s Fund said.

The UNICEF has urged the COP to accelerate mitigation efforts to reverse the impacts of climate change so that it is not too late for the children of today. Efforts must include improvement of critical services such as water, sanitation and hygiene systems, health and education services.

Although not specifically mentioned at the COP26, children will be the major beneficiaries of this conference.

Also read: Explained: What COP26 climate summit in Glasgow is all about; what India expects

(Edited by : Shoma Bhattacharjee)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Pipeline operator TC Energy's profit beats on higher volumes
Pipeline operator TC Energy's profit beats on higher volumes
Nov 7, 2024
Nov 7 (Reuters) - Pipeline operator TC Energy's ( TRP ) third-quarter profit beat Wall Street estimates on Thursday, helped by higher volumes of liquids transported through its system. U.S. imports of crude oil from Canada reached a record in July, benefiting pipeline firms such as TC Energy ( TRP ). Additionally, the U.S. Energy Information Agency said gas consumption...
Trump Media & Technology Group (DJT) Shares Plummet 17% In Thursday Pre-Market: What's Going On?
Trump Media & Technology Group (DJT) Shares Plummet 17% In Thursday Pre-Market: What's Going On?
Nov 7, 2024
Shares of Trump Media & Technology Group Corp ( DJT ) experienced a sharp decline of 20% during pre-market trading on Thursday, according to Benzinga Pro. This drop comes after a significant surge of 6% the previous day, driven by Donald Trump’s return to the White House for a second term. The fall is primarily attributed to investors taking profits...
SolarEdge's Tough Q3: Revenue Miss, $1 Billion Impairment Charge, Bleak Forecast & More (UPDATED)
SolarEdge's Tough Q3: Revenue Miss, $1 Billion Impairment Charge, Bleak Forecast & More (UPDATED)
Nov 7, 2024
Editor: The title of the story has been updated to reflect the amount of impairment charge. SolarEdge Technologies ( SEDG ), Inc. shares are trading lower after the company reported third-quarter results yesterday. Revenues were $260.9 million, missing the consensus of $269.38 million. Revenues from the solar segment were $247.5 million, up 3% from $241.2 million in the prior quarter and down 63% from $676.9 million in the same period last year. The...
JPMorgan Chase Gets Downgrade From Baird; Shares Fall
JPMorgan Chase Gets Downgrade From Baird; Shares Fall
Nov 7, 2024
02:15 PM EST, 11/07/2024 (MT Newswires) -- JPMorgan Chase ( JPM ) shares were down 3.7% in recent trading Thursday. Baird downgraded the banking giant's rating to underperform from neutral. Trading volume stood at about 10.4 million shares against a daily average of 8.4 million shares. Price: 238.04, Change: -9.02, Percent Change: -3.65 ...
Copyright 2023-2025 - www.financetom.com All Rights Reserved