COP26 BRIEFING Ken O'Flaherty, COP26 Regional Ambassador to Asia-Pacific and South Asia
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COP26 BRIEFING Ken O’Flaherty, COP26 Regional Ambassador to Asia-Pacific and South Asia 6th UNESCAP Committee on Environment and Development, 10 December 2020
COP26: The Aim
● COP26 must unite the world on a path to a zero carbon economy as we
build back greener from COVID-19. We are at a turning point for our planet
and our health.
● At Glasgow we must show that this shift is the growth story of the future,
that it is accelerating and is irreversible.
● Our path to a zero carbon economy must be fair and inclusive and create
the global resilience we need to combat climate change.
1
Climate Ambition Summit key objectives
The 2020 Climate
Ambition Summit on ● Country leaders make new and ambitious
December 12 will bring commitments
forward new, ambitious ● Voices from across business, non-state actors and
commitments, calls for civil society
climate action, and sets
the tone for 2021 ● Sets out vision and ambition to bring global focus
back to climate change and a shift in momentum.
2The Challenge
● COVID-19 recovery
● Ambition gap:
- Ambition on mitigation
- Ambition on finance
- Ambition on adaptation and
resilience
● Negotiations
● Public expectation
3PARIS GOALS
Reduce emissions
Adapt and build resilience
Mobilize finance
Nationally Determined Contributions (NDCs) and Long Term Strategies (LTSs)
Evidence strong national action
Negotiations
Build international consensus
Campaigns
Drive international collaboration and green resilient recovery
ADAPTATION
ENERGY FINANCE NATURE TRANSPORT
& RESILIENCE
International Engagement and Civil Society engagement and
Presidency convening power Domestic leadership
Partnerships Together For Our Planet campaign
4Why a clean and resilient
recovery is so important to
achieving net zero
● Paris targets: If we don’t take this opportunity to use recovery stimulus for green
recovery we will embed emissions and miss our Paris targets.
● The economic case is clear: Renewable energy sources such as solar and
wind are already cheaper than coal in most countries. The response to global
financial crisis has shown that investing in green delivers more jobs.
● Competition: If you don’t spend money on ‘green’ policy initiatives now then
your competitors will and they will undercut you in the future.
5Renewables are already cheapest energy in many countries, and
Energy Campaign costs have fallen considerably in the last ten years
Cheapest source of new bulk electricity generation by country, H1 2020
Overall objective Germany
$50
The green resilient recovery is the moment we must turn the corner Onshore wind UK
$45 Japan
on polluting energy systems and seize the opportunity provided by Offshore wind $71
US
the rapidly falling costs of renewables and energy storage. $37
Utility PV-tracking China
$38
Natural Gas-
Priorities CCGT India
$33
• Expand the Powering Past Coal Alliance to cover more OECD Utility PV-fixed axis
Brazil
coal power capacity Coal $30
South Africa Australia
$50 $39
Not covered
• Major coal financing nations commit to ending international
finance for new coal power
• Support developing countries in doubling the rate of investment
in clean power, and in abandoning or scaling back plans for
expensive and polluting coal power
• Countries representing a significant share of clean energy R&D
investment commit to phase II of Mission Innovation and to
rapidly develop and scale new clean energy technologies
• Double the efficiency of products sold globally by 2030
Figure 1 LCOE calculations exclude subsides or tax-credits. Graph shows benchmark LCOE for
each country in $ per megawatt-hour. CCGT: Combined-cycle gas turbine 6
Source: BloombergNEF, IRENAExamples of action
● Japan and South Korea announce 2050 net zero emissions target; China sets net zero
emissions target by 2060.
● Vietnam aims to double use of renewable energy and slash carbon emissions 15% by 2030.
The Philippines have announced a moratorium on new coal plants.
● 241 business have joined (38 with a UK HQ) the Climate Group and CDP’s RE100
initiative, which commits companies to 100% renewable energy. Members include Barclays,
Burberry and Sky.
● 50+ major companies recently called for corporate renewables to be built into the EU’s
COVID-19 economic stimulus package, including 40+ of Europe’s biggest corporate buyers
of renewable electricity such as Mars, Ingka Group and VF Corporation.
● Iberdrola - A world leading power utility focusing on renewable energy committed to being
carbon neutral by 2050. It’s investing €13,300 million in renewables between 2018-2022, over
Spain & Portugal, the US, the UK, Brazil and Mexico and is phasing out all coal-fired power
generation. Investing in renewables is expected to lead to a 30% increase in its net profits
over its 2018 results. (2018 net revenues - $39 billion)Ambition for the Transition
● Net Zero announcements
● Rapid phase-out of fossil fuels, including coal moratoria
● Nationally Determined Contribution (NDC): enhanced emissions
reductions targets for 2030
● Long-Term Strategy: pathway to net zero
8Follow and find out more: @COP26 @COP26UK @COP26 UK @COP26 www.ukcop26.org
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