COP26 agrees on new global deal aimed at averting climate catastrophe

The almost 200 national delegations present in Glasgow ranged from coal- and gas-fuelled superpowers to oil producers and Pacific islands being swallowed by the rise in sea levels.

The deal is the result of two weeks of tortuous negotiations in Glasgow that had to be extended for an extra day to balance the demands of climate-vulnerable nations, big industrial powers, and those whose consumption or exports of fossil fuels are vital to their economic development.

"Please don't ask yourself what more you can seek but ask instead what is enough," Mr Sharma told delegates in the closing hours.

"Most importantly - please ask yourselves whether ultimately these texts deliver for all our people and our planet."

The UN climate summit has closed with a global deal by nearly 200 countries aimed at limiting dangerous temperature rises. Source: Getty Images Europe

The overarching aim set by conference host Britain was one that climate campaigners and vulnerable countries had found far too modest - namely, to keep within reach the 2015 Paris Agreement's target to cap global warming at 1.5 degrees Celsius above pre-industrial levels.

A draft deal circulated early on Saturday in effect acknowledged that commitments made so far to cut emissions of planet-heating greenhouse gases are nowhere near enough, and asked nations to set tougher climate pledges next year, rather than every five years, as they are currently required to do.

The #COP26 outcome is a compromise, reflecting the interests, contradictions & state of political will in the world today.

It's an important step, but it's not enough.
It's time to go into emergency mode.

The climate battle is the fight of our lives & that fight must be won. pic.twitter.com/NluZWgOJ9p

Scientists say that to go beyond a rise of 1.5C would unleash extreme sea level rise and catastrophes including crippling droughts, monstrous storms and wildfires far worse than those the world is already suffering.

But national pledges made so far to cut greenhouse emissions - mostly carbon dioxide from burning coal, oil and gas - would only cap the average global temperature rise at 2.4 Celsius.

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However, Saturday's draft, published by the United Nations, did call for efforts to reduce coal use and also the huge subsidies that governments around the world give to the oil, coal and gas that power factories and heat homes - something that no previous climate conference had managed to agree on.

India - whose energy needs are hugely dependent on coal - made last-minute objections to this part of the agreement.

Developing countries argue that rich nations, whose historical emissions are largely responsible for heating up the planet, must pay more to help them adapt to its consequences as well as reducing their carbon footprints.

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Climate finance

Britain tried to unblock the issue of climate finance, one of the thorniest, by proposing mechanisms to make sure the poorest nations finally get more of the financial help they have been promised.

The draft urged rich countries to double finance for climate adaptation by 2025 from 2019 levels, offering funding that has been a key demand of small island nations at the conference.

The #COP26 is over. Here’s a brief summary: Blah, blah, blah.

But the real work continues outside these halls. And we will never give up, ever. https://t.co/EOne9OogiR

Adaptation funds primarily go to the very poorest countries and currently take up only a small fraction of climate funding.

Britain also said a UN committee should report next year on progress towards delivering the $US100 billion ($A136.4 billion) per year in overall annual climate funding that rich nations had promised by 2020 but failed to deliver. And it said governments should meet in 2022, 2024 and 2026 to discuss climate finance.

Even $US100 billion a year is far short of poorer countries' actual needs, which could hit $US300 billion ($A409 billion) by 2030 in adaptation costs alone, according to the United Nations, in addition to economic losses from crop failure or climate-related disasters.

With AFP

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