COP26 Agreement Document Likely to See Rollbacks on Greenhouse Gas Reduction Targets and More

[Image source=Yonhap News]

[Asia Economy Reporter Jeong Dong-hoon] Amid the easing atmosphere regarding the cessation of coal use and strengthening of greenhouse gas reduction targets due to the impact of rising energy prices, the deadline for doubling the climate finance from developed countries has been set to 2025.

On the 12th (local time), the closing day of the 26th United Nations Climate Change Conference of the Parties (COP26), the second draft of the agreement containing this content was released.

In the second draft, the deadline for developed countries to double the climate finance to support climate damage in developing countries was set to 2025.

Regarding the cessation of coal use and strengthening of greenhouse gas reduction targets, the wording was weakened due to opposition from countries such as China. The expression was changed to urge the phased cessation of 'coal use without carbon capture and storage devices' and 'inefficient' fossil fuel subsidies.

In the first draft, it was urged to stop coal use and fossil fuel subsidies without such conditions. This is the first time coal or fossil fuels have been explicitly mentioned at COP.

In the new draft, the phrase urging countries to submit improved 2030 climate action plans by next year was replaced with a request.

This content was produced with the assistance of AI translation services.