Having seen many COPs in action, we were unsurprised that COP26 followed a well-trodden path with the negotiations overrunning and the national interests of some larger nations outweighing the collective imperative of addressing the climate emergency.
And with reactions to the outcome of the summit ranging from ‘disappointed’ to ‘cautiously optimistic’ many of us onlookers are left with the lingering desire to see some real action happening. And what is very clear is that now is the time for us to get to work to make it happen.
What exactly happened in Glasgow?
Throughout COP26 there were a plethora of announcements from governments, the private sector, and foundations alike committing to deliver on the $100 billion a year of climate finance for developing countries (which had been promised years ago and had never materialized) to 135 countries signing a declaration agreeing to halt and reverse forest loss and land degradation by 2030 and the launch of the Global Energy Alliance for People and Planet committing $10 billion in funding to accelerate a clean energy transition in the Global South.
And while these are all positive steps, the danger is that these press-friendly statements just signal an intent and are essentially non-binding in nature.
What is The Glasgow Climate pact?
The ‘Glasgow Climate Pact’ is the take-out from COP26. Put simply, it just about keeps the goal of limiting global warming to 1.5 degrees Celsius alive….but this will only be delivered by a monumental global effort that focuses on action! Previous national 2030 emission targets collectively looked like the world was heading for 2.6-2.7 degrees Celsius of warming according to the UN Emissions Gap report, but one ray of light in the Pact is that all countries agreed to revisit and strengthen their current emissions targets, known as Nationally Determined Contributions (NDCs), in 2022 – but this is another lost year in a decade where we must deliver.
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So, if COP delegates are falling short on climate action, what can we do?
Indeed, the COP process is somewhat divorced from the climate emergency facing us all from the reality of fires in Europe, flooding in Vancouver, and extreme heat in India.
The stark reality now is that action needs to be delivered, and it’s not just up to world leaders, politicians or big corporations to deliver it. Every single person who has £50 or more to invest can be playing their part to deliver vital grassroots impact on climate change and it can start now.
Discover the power in your own pocket.
The impact of greening your finances cannot be underestimated. Whilst recycling, making your home energy-efficient, and making sustainable transport choices are all important steps to take, moving your pension into a sustainable fund can have 21 times the impact from a climate change perspective.
We simply can’t leave-taking action for another 12 months so if you want to join thousands of people who are using the power of their £ to deliver on the UK’s net-zero commitments then the Ethex platform is a great place to start. We can help you invest directly into extraordinary sustainable organizations that are creating tangible grassroots impact. The investment these organizations receive through Ethex investors enables them to scale and grow, collectively working to improve lives and save our planet.
And if you want to use your money to help other countries deliver and improve on the Nationally Determined Contributions then take a look at our sister platform Energise Africa….who incidentally won a global UN Climate Momentum Award at COP26 for Climate Friendly Finance. Investors in Energise Africa are helping to fund pioneering solar businesses who provide Pay as you Go clean energy access to off-grid homes and businesses in sub-Saharan Africa and our focus will be expanding to provide transformational finance to even more underserved countries, sectors, and communities in other emerging economies.
So, if you are among the many people left frustrated at the lack of direct action agreed at the Glasgow Climate Summit, just remember the responsibility for action is in all of our hands and should start in our pockets! If you’re keen to learn more, you can download our free guide to starting to green your finances here.
Capital is at risk and returns are not guaranteed. Investments through Energise Africa are fixed-term bonds and are not readily realisable.
Editor’s Note: The opinions expressed here by Impakter.com columnists are their own, not those of Impakter.com