COP26, the annual UN climate conference, will be held in Glasgow in November 2021. The conference is significant and represents the world’s most recent collective effort to tackle climate change and achieve net zero emissions across the economy in line with Paris Agreement targets.
The PRI is prioritising the need for bold action at COP26, focusing on raising government and investor ambition to take swift and meaningful steps towards zero emissions goals. We are working closely with partners in the Glasgow Finance Sector Alliance for Net Zero (GFANZ) and other networks to enable all PRI signatories walk the talk on making a net zero carbon emissions economy a reality.
Why COP26 matters
The goal of the Glasgow conference is to raise climate ambition and to turn this goodwill into action that operationalises emissions reductions targets across all sectors of the economy. Presently, country commitments made alongside the Paris Agreement are insufficient to meet the 1.5 degree warming target. Current emissions reduction pledges put the world on course for a 3~4 degree temperature rise. COP26 is the chance to put this right and increase ambition across all segments of the financial sector and the real economy. Investors and countries need to commit to halving global emissions from current levels by 2030 to put the world on track for 1.5 degrees, according to UNEP.
How the PRI is responding to COP26
The PRI’s work focuses on convening government leaders and investors on ambitious, actionable climate targets in line with 1.5 degree warming goals agreed upon in the Paris Agreement:
A significant acceleration of action is needed to if we are to meet the Paris Agreement goals. This PRI briefing provides recommendations for policymakers to support ambitious commitments and take decisive action at COP26 to deliver the needed emissions cuts this decade and a net-zero economy by 2050.
We are encouraging parties to the Paris Agreement to:
- Implement fiscal reforms to enable a Sustainable recovery from COVID-19
- Commit to net zero by 2050 (at the latest), with near-term accountability for 2030
- Ramp up country-specific action including implementation of robust carbon pricing regimes, immediate phase out of fossil fuel subsidies, investment in zero carbon power systems, transport industry and buildings. See our views on EU, US, China, Japan and UK
- Support the International Platform on Sustainable Finance and EU Sustainable Finance Taxonomy
- Require mandatory TCFD reporting by listed companies and state-owned corporations, including reporting on deforestation action and the business implications of carbon pricing scenarios.
- Include a just transition in long term climate transition strategies and in roadmaps for green and sustainable finance.
- Sign on to the Global Investor Statement on Governments on the Climate Crisis, as coordinated by the Investor Agenda
Investor collaboration and leadership
We are encouraging PRI signatories to work together on a number of initiatives, including:
- COP26 Race to Zero: the UN-convened Net Zero Asset Owner Alliance and Net Zero Asset Managers include a focus on setting and then implementing net zero targets
- TCFD good practice implementation drawing on the PRI reporting framework
- Incorporating the the Inevitable Policy Response
- CA100+ including a corporate net zero benchmark and The Investor Agenda
- Sustainable commodities, deforestation and biodiversity
- Just transition
- Initiative Climat International brings together private equity firms to take action on climate
Investor net zero commitment opportunities
Heading into the COP26, the PRI and partners are working with actors across the institutional investment chain to make credible net zero commitments. These are a sample of the initiatives PRI is encouraging our members to engage with in time for COP26 with accompanying methodologies:
- Net Zero Asset Owner Alliance 2025 target-setting protocol
- Net Zero Insurance Alliance statement of commitment
- Net Zero Asset Managers Initiative commitment
- Net Zero Banking Alliance commitment statement
How to participate in COP26
Find out more on UNFCCC information for participants
- For events that PRI is convening or co-convening at COP26 please visit our PRI at COP26 events page.
- For COP26 events that PRI is supporting please visit our industry events page.
- For all other official COP26 events visit:
- UNFCCC COP26 Blue Zone official side-events – note: for in person attendance accreditation is required. Live stream also available.
- COP26 Green Zone programme of events – note: for in person attendance tickets are required. Live stream also available
The PRI is running a number of webinars and online roundtables with partners around the world. These digital sessions provide practical insights into how investors can operationalise net zero and other climate aligned investment strategies across asset classes in a timely manner.
- 1 – 12 Nov. The PRI at COP26
- Climate and global financial markets: Discussion with SEC Chair Gensler
- LSEG/PRI webinar series COP26: Investor Action on Climate
- Linking net-zero target setting to real world outcomes
- Investor Climate Action Plans (ICAPs) launch: climbing the ladder to Net Zero
- Climate change and the just transition: a guide for investor action
Additional resources below from different programmes which may be of interest. You can also access additional climate change resources on the PRI website
UNFCCC information for participants: https://unfccc.int/process-and-meetings/conferences/glasgow-climate-change-conference/information-for-cop-26-participants-a-z