Highlights of COP26 announcements (Nov 3-5)

Renewables Now is highlighting some of the sustainability and climate commitments made during the 2021 UN Climate Change Conference (COP26) in Glasgow. Our round-up is dominated by news about coal phase-out commitments and support programmes from all around the world, while Pfizer and other pharma majors declare their support for renewables.

-- "Breakthrough Agenda" calls for countries and businesses to step up deployment of clean technologies

More than 40 world leaders have signed up to a new international plan that aims to make clean technologies the most affordable, accessible and attractive options globally in each of the most polluting sectors by 2030.

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-- Numerous nations make new climate finance commitments

Finance ministers met in Glasgow to discuss the mobilisation of climate action funding as new pledges were made.

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-- Intl alliance to mobilise USD 8.5bn of decarbonisation funding for S Africa

A newly-announced multilateral partnership will mobilise an initial commitment of USD 8.5 billion to help South Africa achieve its decarbonisation objectives, including an accelerated transition away from coal.

The so-called Just Energy Transition Partnership is a long-term partnership between the governments of South Africa, France, Germany, the UK and the US, along with the European Union.

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-- Over 40 nations commit to phase out coal

A coalition comprising 190 countries and organisations on Wednesday agreed at COP26 to both phase out coal power and end support for new coal power plants.

Countries such as Indonesia, South Korea, Poland, Vietnam and Chile have made pledges to phase out coal power, while major banks have committed to cease financing coal.

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-- CIF launches USD-2.5bn coal transition pilot in 4 developing nations

The Climate Investment Funds (CIF) has initiated the roughly USD-2.5-billion Accelerating Coal Transition (ACT) investment programme with the purpose of advancing a just transition from coal to clean energy in emerging economies. South Africa, India, Indonesia and the Philippines will be the first beneficiaries of the initiative.

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-- UAE, IRENA launch USD 1bn platform to back renewables expansion

The United Arab Emirates and the International Renewable Energy Agency (IRENA) have launched a platform that will seek to raise more than USD 1 billion in a bid to deploy 1.5 GW of renewable energy and storage in developing countries by 2030.

UAE's Abu Dhabi Fund for Development (ADFD) will provide USD 400 million of the funding for the Energy Transition Accelerator Financing (ETAF) Platform and more capital is expected to come from various funding partners, investors, private sector and donors.

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-- Ten pharma majors join forces to accelerate renewables adoption

Ten pharmaceutical companies, including Johnson & Johnson (NYSE:JNJ) and Pfizer Inc (NYSE:PFE), have joined a new programme aimed at increasing access to renewable energy for sector suppliers.

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-- FIFA pledges to achieve net-zero emissions by 2040

The global football governing body FIFA on Wednesday confirmed its commitment to reduce emissions by 50% by 2030 and achieve net zero by 2040.

The announcement was made just as the UNFCCC’s Sports for Climate Action Framework (S4CA) set several emissions reductions targets.

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-- Two dozen nations pledge to end funding for fossil fuels

Over 20 countries have committed to prioritise their support fully towards the clean energy transition and end new direct public support for the international unabated fossil fuel energy sector by end-2022.

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-- New coalition to support net-zero carbon supply chains development

US President Joe Biden announced the launch of the First Movers Coalition, with more than 25 founding members. It is described as a new collective initiative that aims to accelerate by 2030 the development at scale of competitive net-zero carbon supply chains.

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-- Global hydrogen industry groups urge for clarity on policy

A total of five hydrogen industry associations have urged COP26 participating nations to provide clarity on policy to support investment in hydrogen.

The associations in question are the Australian Hydrogen Council, H2KOREA, Renewable Hydrogen Alliance, Colorado Hydrogen Network, Canadian Hydrogen and Fuel Cell Association.

“In order to overcome the global environmental crisis, we should transit to a hydrogen economy faster than now with the goal of realizing net zero. As it is important to establish a global hydrogen supply chain, international standardization, and trade rules in addition to technological development in preparation for it, we are widely open for global cooperation,” stated H2KOREA chairman Jaedo Moon.

-- Chancellor sets out plans for UK to become world's 1st net-zero aligned financial centre

The UK has committed to becoming the world’s first net zero-aligned financial centre by 2050, with a transition pathway to be published next year.

One of the steps towards this goal is to make it mandatory for asset managers, regulated asset owners and listed companies to publish transition plans that consider the government’s net-zero pledge.

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