A commitment to wind down coal and fossil-fuel subsidies remains one of many issues unresolved heading into the final day of the COP26 climate summit in Glasgow
Current national plans fall far short of that target and British officials have made “keeping 1.5 C alive” the mantra of this conference.Among them is a proposed pledge to “accelerate the phasing out of coal and subsidies for fossil fuels.” That commitment has never been stated in a United Nations climate agreement before and several countries, notably Australia and Saudi Arabia, are believed to be firmly against including it.
Another critical issue is whether wealthy countries should provide financial support to developing nations to help them cope with damage they’ve already sustained from global warming. Leaders from several developing countries and climate justice advocates argue that doesn’t go far enough and have called for the creation of a special fund to cover loss and damage costs.
A common sense among those familiar with the talks is that, after attempts to resolve those differences at several previous editions of the annual conference fell short, most countries are eager to get a deal done this time to avoid the embarrassment of another failure amid the summit’s general sense of urgency.The most challenging of them is around how to ensure there is no double-counting, in which both countries in a credits sale wind up claiming the emissions reductions toward their targets.
But the two sides appear to be inching closer to a compromise, likely involving some of the pre-existing credits being eligible for a time-limited period.
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