Around 40 leaders worldwide said at the climate summit COP26 that they would work together to boost clean technologies by forcing standards and policies worldwide. On Tuesday, they made this announcement in Glasgow.
At first, they target five high-carbon sectors, including agriculture and electricity. The aim is to encourage private investment worldwide in low-carbon technologies.
Earlier, world leaders made similar international attempts to push clean tech. However, there was nothing as ambitious and sharp as the current multi-lateral agreement.
The backers of the idea want to convince investors that green technology will create global markets and be a good financial bet. They hope that the initiative of cutting emissions will help attract trillions of dollars in private finance. The plan will first cover five main sectors: road transport, steel, agriculture, electricity, and hydrogen.
Nick Mabey was the first supporter of the initiative, known as the Glasgow Breakthroughs. He said that this plan has the potential to take climate change out of the negotiating rooms and put it into the real economy. The CEO started to picture the idea of nations setting a target for making a ‘green steel’. Made with hydrogen or electricity. He added that such action would create a robust market.
COP26 climate summit – The basics
- Climate change is pictured as one of the world’s most critical problems: Governments have to encourage more aggressive cuts in warming gases to prevent more vital global temperature rises.
- The COP26 climate summit in Glasgow is where changes could happen. The most important is to watch the promises and commitments offered by the world’s biggest polluters, including the US and China, and see whether they provide poorer countries with the support they need.
- All lives will change. Decisions made at the summit could impact jobs, how people heat homes, what people eat, and travel.
The UK Prime Minister Boris Johnson launched the plan alongside the EU, USA, India, and China representatives.
The EU presented a similar approach, where lawmakers have already managed to increase efficiency standards, so now they are creating fewer emissions. Therefore, companies wanting to export into the EU have to maintain the same standards. If one part of the world sets higher standards, it can influence technology in another part of the world.
Lastly, the UK prime minister said that if they make clean technology the most affordable and attractive choice, everything will go by default.
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