What is COP26?
The COP26 is the 26th meeting of the UN climate change conference, to be held in Glasgow, UK from 31st October to 12th November this year. The event is hosted by a different country every year and brings together members of the United Nations Framework Convention on Climate Change (UNFCCC) to encourage accelerated action towards the goals of the Paris Agreement and the UN Framework Convention on Climate Change. The COP re-evaluates the efficacy of measures made by the participating Parties, in addition to progress in achieving their goal of; “[stabilising] greenhouse gas concentrations”.
Why does COP26 matter?
The COP26 is a key event which plays an important role in how the world will navigate climate change. It provides an international forum for a diverse range of countries to negotiate a collaborative approach in stabilising global emissions.
What have they achieved in the past
In previous COP summits, participating countries have adopted an array of agreements, such as the 1997 Kyoto Protocol which ran from 1997 to 2012. This agreement sought to set limits on emissions of greenhouse gases in developed countries such as Australia and the United States. In following years, commitments were made to keep temperature increases below 2.0*c by financing developing countries with $100 billion a year between 2020 and 2025. The most notable and recent achievement is the Paris Agreement made at the COP21 summit in 2015.
What is the Paris Agreement?
The Paris Agreement is a legally binding international treaty on climate change. It was instigated in 2015, evolving from a unanimous agreement from all 197 countries, that global emissions had to be reduced. The Paris Agreement differs from the Kyoto Protocol since it recognises that climate change is a global issue and requests all countries set emissions targets.
The agreement’s goal is to limit global temperature increases to 2.0*c compared to pre-industrial levels. It seeks to do this by reducing greenhouse gas emissions as soon as possible, to achieve a climate neutral world by 2050. The agreement also promises to support developing countries with $100 billion dollars a year in climate finance, and includes a commitment to future financing which is to be reviewed every 5 years. COP26 was postponed from 2020 (the first 5 year review) to 2021, so will be an important review of progress on the Paris Agreement.
What are their goals this year?
The published goals of the Glasgow COP26 are as follows:
- Secure global net zero by mid-century and keep 1.5 degrees within reach
Countries are being asked to provide ambitious 2030 emissions reduction targets that align with net zero target in 2050
- Adapt to protect communities and natural habitats
Collaboration to support communities affected by climate change, to protect and restore ecosystems, build defences and warning systems and produce climate resilient architecture and agriculture.
- Mobilising finance
To achieve the first two goals, developed countries must deliver on their $100 billion climate finance pledge per year.
- Work together to deliver
Ambitions must be turned to action and countries must align with the Paris rulebook (developed with the Paris Agreement in 2015).
How will this affect the real estate market?
Although there has been no specific mention of real estate in the COP26 agenda, the summit does encourage a shift towards climate resilient and energy efficient infrastructure. As the world moves towards its net-zero goal, energy efficient, sustainable and climate resilient properties will become the new standard.
Climate Valuation offers individual homeowners access to professional, engineering-grade analysis used by governments and corporations. Our intuitive yet powerful tools assess the projected impacts of climate change on a property’s insurance costs and market value over time, allowing you to make informed decisions about the climate resilience of your property now and into the future. For more information on our products and services, visit our residential reports page or contact us via our website.