This autumn has been packed with unprecedented activity on climate aimed toward COP26, the COVID-delayed 26th gathering of the governmental Parties to the United Nations Framework Convention on Climate Change (UNFCCC). Along with the United Nations Convention on Biological Diversity, the UNFCCC is one of two global treaties signed at the Earth Summit in 1992 in Rio de Janeiro, setting forth the vital frameworks to protect nature and the stability of our planet’s climate system. I attended the Rio summit as a young advocate, not in the negotiating halls, but supporting the non-governmental gatherings where they developed their own “treaties” to act alongside governments knowing that the governmental agreements would not be sufficiently ambitious, nor sufficient on their own.
As I’ve considered COP26 and its outcomes, I reflected back on Rio and the walls between government and those it serves and how that undermines our efforts. In Glasgow, I finally felt like governments and business, non-governmental organizations, academia, scientists, investors and citizens have really begun to align themselves for accelerated action. In the negotiations, governments did their best (most of them, anyway) to reach the ambition needed to keep a window of possibility open to stabilize temperatures at growth of 1.5 degrees C or less. In addition to the Glasgow Declaration and the parties’ individual “Nationally-Determined Commitments” (NDCs) to limit emissions, there were key side agreements among coalitions of governments that took action further, including:
● The Methane Pledge: More than 100 countries have signed a “first-of-its-kind pledge to cut emissions of methane, a powerful greenhouse gas, by 30% between now and 2030. The signatories represent 70% of the global economy, including six of the world’s top 10 methane polluters.”
● The Coal Pledge: More than 40 countries committed to quit coal, banning any new coal power generation domestically and internationally and to phase out coal power over the next two decades. Participants include Poland, Vietnam and Chile. While China and the U.S. are notably missing, they and 18 other members of the G-20 agreed just before COP26 to stop financing coal outside of their borders.
● Forest Pledge: 110 countries (including Brazil!) agreed to stop and reverse deforestation by 2030.
(NOTE: Although important progress was made on carbon markets under Article 6 of the treaty, we still don’t have a price on carbon globally or even in the majority of nations, which would be the single most effective way to shift behavior to protect our climate. In nearly every discussion we attended, business and investors consistently called for a price on carbon.)
Indigenous and youth were in Glasgow in strength and numbers, but not at the negotiating table despite their moral right to be there, as we continue to prioritize political power by might (military and financial) rather than by action, example, expertise and leadership. Check out these COP26 summaries of indigenous leaders and movements and youth leaders and movements for allyship and support and the Goldman Environmental Prize winners, guardians who deserve resources, solidarity and visibility for their fearless and effective work at an ever more dangerous time to fight for nature.
Outside of the formal negotiations, the private sector did step up in a big way, but like governments, it is not yet enough, unless their pledges are met with action quickly. We are in the midst of a massive shift to remake global economies to stabilize the climate for our security and prosperity - with many Confluence members helping to drive it - and many of the largest businesses and investors are aligning themselves with that shift. Asset owners and managers representing over $130 trillion committed to net-zero emissions of their investments by 2050, representing 40 percent of the world’s total financial assets and managed by 450 firms across 45 nations, yet banks have financed over $4 trillion in fossil fuel projects since the Paris agreement in 2015! We need accountability for tracking these commitments to action, and more generally need much better standards and reporting clarity for ESG claims. We will watch new efforts such as the International Sustainability Standards Board launched at COP26 and recent climate and ESG disclosure moves by the U.S. Securities and Exchange Commission with hope they will help.
At COP26, there was important collaboration by governments and business recognizing the need to work in a concerted way, with governments providing policies and regulatory frameworks as well as concessionary capital, and business and investors shifting their operations and capital flows alongside. Key collaboratives include on vehicles, shipping and aviation and the Mission Possible Partnership focused on so-called hard to abate sectors (e.g., steel and cement).
Also outside the talks, I found that the substantive working sessions convened collaboratively by the Atlantic Council, Liebreich and Associates, National Grid, ClimateWorks and others were important for their depth and action takeaways including on:
● Agricultural innovation with the AIM for Climate partnership, hosted by Secretary Vilsack of the U.S. and Minister Mariam Al Mheiri, the UAE's Minister of Climate Change and Environment, and Minister of State for Food Security of the U.A.E.
● Food systems and the future of protein, with Good Food Institute and ClimateWorks Foundation.
● Strategies for the protection of nature for climate, moderated by climate visionary pioneer James Cameron (FIELD, Baker & McKenzie, Climate Change Capital, now Iconiq and Pollination Group).
● Leveraging global trade system for climate technologies hosted by the brilliant Ricardo Melendez-Ortiz, CEO of the International Centre for Trade and Sustainable Development.
● Securing supply chains for the accelerated electrification of transportation with experts from the International Energy Agency and World Bank.
Finally, one of the best things about the annual climate talks is the chance to reconnect, reinspire and recharge. The chance to be there in person with our whole team, to help to advance climate efforts, to reconnect with mentors and longtime climate friends and to meet new ones, and to support the leadership of colleagues is immensely gratifying. On that note, we are pleased to share that my firm, Christensen Global, has endorsed the Fossil Fuel Non-Proliferation Treaty which is being led by friend and award-winning environmental campaigner Tzeporah Berman. Check out her TED talk about this pathway for urgent fossil phase-out that ensures a just transition, and join us in endorsing the treaty! Check out the entire TED Countdown program - it was inspiring and set important context just before Glasgow.
I wrap up with two questions: Do I have hope? Yes, I continue to have hope - both reinforced by the increasing alignment and momentum as well as by indigenous knowledge and moral leadership, and more than ever, the clear and compelling youth representatives, inside and outside the talks. Finally, as always, I ask, will it be enough, fast enough? That is up to all of us, as investors, citizens, consumers, in our communities, in our work, in our daily lives - including importantly, what we eat, where it comes from and how it was produced. I am inspired every day by our fellow Confluence Philanthropy members and by those with whom we work, from the innovators who are inventing and scaling the solutions we need, to the major corporations and investors who are rapidly aligning their operations and capital for the world we need.
- Aimée Christensen, Director, Christensen Family Office; Founder & CEO, Christensen Global & Confluence Board Member
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