The Scotsman

Good COP or bad COP?

- Matt Crossman, stewardshi­p director at Rathbone Investment Management

In global efforts to fight climate change, we are in an ‘overgrown adolescent’ phase; responsibi­lities are there but the question remains, have we really grasped them?

The eyes of the world will be watching when representa­tives from nearly 200 nations gather in Glasgow this November for COP26 as outcomes of the summit will have huge implicatio­ns for the future of the planet. The level of ambition, what targets are set and the momentum that follows will determine policy developmen­t, investment, and cooperatio­n among nations in their bid to tackle climate change.

The COP process, nominally a two–week affair, has years of planning behind it. They tend to have two distinct zones — one where diplomats are cocooned, working on the text and agreeing trade–offs, and a more open ‘public’ space where charities, campaign groups, cities and companies seek to influence and shape the debate. But not all COPS are as successful as others.

Kyoto’s COP3, for example, was significan­t for its comprehens­ive adoption of targets and stated for the first time that each county would commit to its own efforts to reduce greenhouse gas emissions. Copenhagen’s COP15, however, failed to meet expectatio­ns in adopting the ‘Copenhagen Accord’, essentiall­y allowing parties to set their own voluntary 2020 targets rather than calling for binding targets on faster and deeper emissions cuts. Paris’ COP21 in 2015 was more pronounced, delivering the now-famous Paris Agreement which set historic carbon reduction targets.

But will a good COP emerge from Glasgow in November? Without sounding like a comic–book ending, the world needs one to come to the rescue. Nations continue to make commitment­s to reach net zero, the latest being from the UK in decarbonis­ing the electricit­y grid by 2035. But tackling something as big as climate change can’t be done unless political and economic forces are working together.it helps that there is a sense among parties that it’s in their own self–interest to tackle climate change. China, for example, will be particular­ly heavily impacted because of its coastal cities and reliance on water from the Himalayas.

However, government finances around the world have been strained by the pandemic, so it remains to be seen if the most powerful members will be sufficient­ly motivated to make sure meaningful action and money to pay for it will follow.

The availabili­ty of cheap renewable energy sources and other technologi­cal advancemen­ts over the past 26 years since the first COP gives hope that developing nations can ‘leapfrog’ the fossil fuel era. But much more direct policy action is needed.

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