COP26 – what does it mean for UK firms?

Currently, the world is in a major climate crisis. The Earth’s temperature is rising. Studies show that temperatures have risen by 0.08°C per decade since 1880. This may not seem like a lot but the rate of warming over the past 40 years is now more than twice that. This shows a rapid incline of global warming. This is one major reason that the COP26 talks are currently taking place between the 31^st of October and the 12^th of November. COP26 stands for Conference of the Parties and is attended by all countries who signed the UNFCCC. This is the United Nations Framework Convention on Climate Change. This agreement was agreed upon and signed in 1994, and the 2021 meeting is their 26^th, hence why it is called COP26. This blog includes what COP26 means for UK firms and what we are doing about it.

What have they agreed on already?

Already there have been some promising starts to the meeting. These include:

• World leaders vowing to halt deforestation. This will be done as they have outlined in their plan by conserving “forests and other terrestrial ecosystems and accelerate their restoration.”
• The US President Joe Biden has pledged to cut methane emissions by 30% by 2030. This was hailed at the meeting as one of “the most immediate opportunities to slow global warming.” Since his pledge, around a further 100 nations have set a target for themselves to also reduce methane emissions by 30% by 2030.
• Joe Biden has also re-joined the High Ambition Coalition. This has the main aim of achieving the limit of a 1.5°C increase in the world’s temperature.
• The Glasgow Breakthrough Agenda has also been agreed on by several countries. This aims to coordinate the introduction of clean electricity and electric vehicles among a number of other technologies. It works by rapidly reducing the cost of these.
• In addition, African countries have also pledged to spend around $6 billion on adapting to climate impacts. They have also been asking other countries to help provide them with $2.5 billion a year for the next 5 years to help them reach their goals.
• Lastly, several countries, including the UK, have signed a new agreement of $8.5 billion for the Just Energy Transition Partnership with South Africa. This will help reduce the country’s need for using coal, and hopefully enable them to introduce more renewable energy options.

What does COP26 mean for UK firms?

COP26 has also pushed the importance of involving businesses in the goal of becoming net zero by 2025. Boris Johnson has told most large UK firms and financial institutions that they will need to show their plans to move to a low carbon future by 2023. According to a BBC News Article on the COP26 agreement and what it means for UK firms, the commitments aren’t mandatory. This has angered several ‘green groups’ who say this isn’t enough in the long term. UK Chancellor Rishi Sunak has said that he wants and believes the UK will be the “first-ever net zero aligned global financial centre.”

What is WestWon doing about this?

WestWon is committed to helping the environment so that we can do our part in the fight against global warming. We have found the best way to do this, in an efficient and credible manner. We believe it’s by planting trees to reduce the amount of CO2 in the atmosphere. Here at WestWon we will be launching our biggest initiative on the 15^th of December 2021. Above all, we cannot wait to start doing our bit for the environment and reduce global warming on Earth.

Contact Us

If you would like more information on anything you see above, do not hesitate to contact us. A member of our team will be more than happy to assist. Alternatively, you can call us on 01494 611 456 or email hello@westwon.co.uk. You can also see more over on our LinkedIn page.