After one week of COP 26, there is widespread public perception that the Summit is poised to be a failure. According to CARICOM lead negotiators, the updated NDC Synthesis report still projects an overshoot of 1.5° C in spite of net zero by 2050 announcements from 140 countries. The USD100bn roadmap still indicates a shortfall until 2023. Furthermore, key aspects to complete the Paris rulebook to accelerate action towards implementation of requisite provisions of the Paris Agreement have made little progress.
In the meantime, the World Leader’s Summit paints a different picture that appears to indicate that 1.5° will remain within reach. CARICOM Ministers and Heads of Delegations at Glasgow are expected to resolve process challenges to land a “Glasgow package”. In a Ministerial briefing Monday, CARICOM negotiators outlined the following as key issues that will require emphasis for CARICOM:
- Climate justice Timeline and process for strengthening 2030 NDCs in line with 1.5°C ahead of the Global Stock take.
- Process on tracking delivery of the promised $100bn/year and scaling up thereafter.
- Outcome on doubling adaptation finance at a minimum.
- Outcome on systematizing and dedicating finance for loss and damage.
- Addressing access to grants and concessional finance to SIDS.
- Dedicated financial support for SIDS to enhance capacity for reporting under the Enhanced Transparency Framework.
- Process for establishing new collective quantified goal on climate finance by 2023.
- Robust rules and guidance that ensure environmental integrity, transparency, accountability in line with the Paris Agreement Work programme and the Paris Agreement.