The last ten years have been the warmest on record and nations have agreed that immediate collective action is required. The degree of global warming is determined by a variety of factors. The amount of emissions created in the next few years is the most essential factor. Emissions are the gases that are discharged into the atmosphere as greenhouse gases. The concentration of these gases causes global warming, which leads to climate shifts. Governments all across the world have vowed to reduce their emissions in order to keep global warming to a minimum.

The COP26 meeting, which is taking place in Glasgow from October 31 to November 12, 2021, will have a significant impact on our daily lives. A total of 200 countries have been requested to submit their plans for reducing emissions by 2030. In 2015, they all committed to make steps to keep global warming "far below" 2 degrees Celsius over pre-industrial levels, with a goal of 1.5 degrees Celsius to avert a climate catastrophe. This is known as the Paris Agreement and it states that countries must continue to reduce emissions until they achieve net zero in 2050.

Financial institutions and corporations with shares listed on the London Stock Exchange are required to develop net-zero transition plans, which will be published beginning in 2023, under new Treasury rules. Businesses will be required to lay out detailed public plans for how they will transition to a low-carbon future by 2030, in order to meet the UK's net-zero target of 2050. An experienced group will review the plans to ensure they are not merely spin. Firms and their shareholders will be free to decide how to adapt their businesses to this transition, including how to decarbonise the emissions they fund.

The strategies must include targets for reducing greenhouse gas emissions as well as the activities that companies intend to take to achieve those goals. The government will also establish a Transition Plan Taskforce composed of industry executives, academics, regulators and civil society organisations. Despite the fact that the plans must be made public, the government stated that the goal is to promote transparency and accountability, rather than making hard net-zero commitments mandatory.

What else has been decided at the summit thus far?

More than a hundred countries have pledged to reduce methane emissions by 30% by 2030.

The United States and the European Union, the world's two largest natural gas consumers, established the Global Methane Pledge.

The Worldwide Methane Pledge is a collective pledge to reduce global methane emissions by 30% from 2020 levels in all industries by 2030. By 2050, lowering methane emissions might cut global warming by 0.2 degrees Celsius, reducing the severity and frequency of climate-related extreme weather events. The EU and the US championed the plan, which may have a global ripple effect on emissions domestically and throughout their supply chains. The United States is the world's largest producer of oil and gas, while the European Union imports the most gas.

More than a hundred countries have pledged to halt and reverse deforestation by 2030.

Leaders from almost 100 countries, including the United States, the United Kingdom, China, Russia and Brazil, signed the deforestation commitment. By 2030, they pledged to halt and reverse deforestation. According to the UK government, these countries account for more than 86 percent of the world's woods.

The Green Grids Initiative was created to speed up the construction of the new infrastructure required for a world powered by renewable energy.

The Green Grids Initiative was launched by British Prime Minister Boris Johnson and Indian Prime Minister Narendra Modi, with the latter coining the phrase 'One Sun One World One Grid' with the proposal to build an inter-continental grid based on the assumption that the sun is present at some geographical location at all times of the day. The launch was accompanied by a 'One Sun Declaration,' which has so far been endorsed by over 80 countries.

Massively enlarged renewable energy generation capacity in energy-rich places, connected by continental grids, is one example of such infrastructure. It comprises smart grids that connect millions of solar panels and electric vehicle charging stations, as well as microgrids for rural communities that assure resilience during harsh weather events. The program aims to bring governments, legislators, corporations and researchers together to address this infrastructure challenge.

How will the reduction of methane reduce climate change and ultimately assist the supply chain?

Since the pre-industrial era, methane, a key component of natural gas, has accounted for around a quarter of all the heat trapped in the atmosphere. Human activity, such as leaking oil and gas infrastructure including wells and pipelines, old coal mines, agriculture and landfills is the primary source of methane emissions, with the fossil-fuel industry accounting for the majority of the harm. It is unlikely that the Paris Agreement's aim of limiting global temperature rise to 1.5 degrees Celsius above pre-industrial levels would be realised if methane is not addressed.

Resolving methane leaks is one of the easiest and cheapest climate challenges to solve because it does not involve substantial technology improvements. Companies could profit financially by capturing methane since it would allow them to capture more product. Experts believe that reducing methane will help public health within a decade and the environment within two decades.

What do you think of the current pledges made at COP26 and what are you hoping will still be addressed that could benefit the global supply chain?

Resources:

https://www.bbc.com/news/business-59136214 https://www.bbc.com/news/science-environment-56901261 https://www.bbc.co.uk/news/resources/idt-d6338d9f-8789-4bc2-b6d7-3691c0e7d138 https://www.globalcitizen.org/en/content/the-global-methane-pledge-cop26-explainer/ https://www.businessinsider.co.za/cop26-major-agreements-struck-on-deforestation-methane-leaks-2021-11 https://www.smart-energy.com/industry-sectors/smart-grid/cop26-india-and-uk-launch-green-grids-initiative/