COP26: Substantial progress made, but more to do on loss and damages

Noting that more could be done on finances for loss and damages, the Bangladesh government in a statement said most climate threatened nations at COP26 delivered substantial progress on issues of keeping 1.5ºC alive, reaffirming delivery of crucial climate finance, and accelerating adaptation through stronger finance.

In the statement released at the conclusion of the United Nations Framework Convention on Climate Change, Bangladesh, president of the Climate Vulnerable Forum (CVF), said that though 1.5 was still alive, it was on a "lifeline watch".

"We have nine years left to cut global emissions in half and the world has  recognized the urgency of the situation here in Glasgow - now the hard work begins back home in all the nations of the world to deliver on the COP26 agreements," it added.

The statement said Bangladesh and other affected countries would continue to ask the international community for climate justice and effective protection of the world's most vulnerable nations.

"We  remain, though, reaffirmed that core calls of the most vulnerable nations are strongly  reflected in the COP26 outcome, per the Dhaka-Glasgow Declaration of the CVF, the  membership of the Forum expanding at Glasgow from 48 to 55 nations with a  population now of 1.4 billion people," it added. 

Highlighting that the key deliverable of COP26 has been to alter the pace and accelerate the ambition raising process to limit warming to 1.5C degrees, which requires drastic improvements in emission targets for 2030 in particular by major emitting countries, it requested all countries to return in 2022 to ensure national climate targets (in Paris Agreement NDCs) are aligned with 1.5ºC.

  Bangladesh also appreciated the developed countries reaffirming the importance of fully delivering on the $100 billion per year climate finance commitment from 2020 through 2025, adding it would continue to advocate for independent monitoring of the delivery of climate finance.

It also welcomed the developed countries' pledge to at least double their collective provision of climate finance for adaptation by 2025 and the agreement on a carbon market mechanism for mitigation and sustainable development rules, with 5% proceeds going to countries most vulnerable to climate change adaptation efforts. 

It, however, noted that more progress may have been possible on loss and damage, saying, "We appreciate the consensus reached that financing for loss and damage is indispensable together with the mandate to explore effective financing options for loss and damage next year. COP27 will need to conclude this work in a robust manner." 

The statement concluded by saying that much work remained between now and COP27, to be hosted by Egypt in 2022 and that the CVF would continue advocating for its priorities.