COP26, the annual UN climate conference, will be held in Glasgow in November 2021. The conference is significant – representing the world’s last chance to tackle climate change. The PRI is prioritising COP26, focusing on government ambition and investor climate action. Finance is a key theme for COP26, with global investors having a key role to play in the financing transition.
Why COP26 matters
The goal of Glasgow is to raise climate ambition. Presently, country commitments made alongside the Paris Agreement are insufficient – they put the world on course for a 3 degree temperature rise. COP26 is the chance to put this right. 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 plans focus on:
We are encouraging parties to the Paris Agreement in:
- Sustainable recovery from COVID-19
- Net zero by 2050 (at the latest) targets, with near-term accountability
- Country-specific action including carbon pricing, zero carbon power, transport industry and buildings – view EU, US, China, Japan and UK
- The International Platform on Sustainable Finance and EU Sustainable Finance Taxonomy
- Mandatory TCFD, deforestation action and carbon pricing
Investor collaboration and leadership
We are encouraging PRI signatories to work together in:
- COP26 Race to Zero: the UN-convened Net Zero Asset Owner Alliance and Net Zero Asset Managers include a focus on setting net zero targets
- TCFD good practice implementation drawing on the PRI reporting framework
- The Inevitable Policy Response
- CA100+ including a corporate net zero benchmark and The Investor Agenda
- Sustainable commodities, deforestation and biodiversity
- Just transition
The PRI is holding a COP26 webinar series with the London Stock Exchange Group.