Urging others to follow where EU leads is an environmental and economic imperative

The European Union (EU) is the world leader in the fight against climate change.

CoP26 was an opportunity to mobilise others to follow the EU’s lead. "We have made progress on the three objectives we set at the start of CoP26,” said European Commission president Ursula von der Leyen.

“First, to get commitments to cut emissions to keep within reach the global warming limit of 1.5 degrees. Second, to reach the target of 100 billion dollars per year of climate finance to developing and vulnerable countries. And third, to get agreement on the Paris rulebook.”

However, there was cause for concern too. The event opened to warnings from the United Nations (UN) that promises made under the Paris Agreement six years ago are not being lived up to and - even if they were - they are no longer enough.

Gold standard

That’s why, immediately after Glasgow, the European Commission is doubling down on its efforts to implement the European Green Deal. As the world’s best environmental policy it represents not only the way forward for Europe but sets the gold standard for the rest of the world.

“We can always do more to fight climate change,” said Ireland’s European commissioner Mairead McGuinness. “But we should also acknowledge the progress made because of the leadership shown by the European Union. When the Commission took the lead and committed in December 2019 to climate neutrality targets by the middle of this century, this was ground-breaking – a clear sign of EU ambition and a signal to the rest of the world to also make bold and ambitious commitments. We now have a situation where a number of the world’s leading economies have committed to climate neutrality by 2050. Europe will keep working with our global partners so they come with us on this journey, stay with us on the journey and achieve collectively our ambitions to tackle climate change.”

Europe’s Green Deal recognises that the transition to a low carbon economy will be difficult but that it is both achievable and beneficial to all EU citizens.

“Europe is on track to be the first climate neutral continent by 2050. We have reduced our emissions by more than 31 per cent compared with 1990, while at the same time growing our economy by 60 per cent, which shows that you can cut emissions and prosper,” said von der Leyen.

The global recovery from coronavirus can be driven by investing in green technologies, which provide hundreds of millions of good, safe, sustainable jobs worldwide.

CoP26 called on international financial institutions to play their part, unleashing the trillions of dollars in private and public sector finance that will be required to secure global net zero.

Public funding

“Public funding has an important role, but it will not be enough to reach climate neutrality. The private sector, and the financial sector in particular, are central to helping us meet our climate targets,” said McGuinness.

As commissioner for financial services and the Capital Markets Union, Mairead McGuiness is charged with setting the rules on sustainable finance that will open the way for moving large amounts of private funds towards sustainable investments.

CoP26 provided an opportunity to finalise the rulebook for application of the international climate agreements. “This work is quite technical but is vital for establishing accountability – and that will help put in place the trust necessary for these global efforts to work,” she said. “All countries need to be sure that others will match their words with actions – and avoid that some countries take unfair advantage of the work of others.”

CoP26 demonstrated that good news can represent only a small step in the right direction: we must remain aware of the scale of necessary change. During the first days of CoP26 over 100 countries followed the EU and US example and pledged to reduce methane emissions by 30 per cent. Methane causes 80 times more warming than carbon dioxide.

“I know that in Ireland there is concern about what this means for the farming and food sectors. Both the European Commission and the Irish Government are working hard to ensure that the right measures are in place so that targets are achieved, that there is support for people to get help to adapt. In the European Green Deal we commit to a just transition and to leaving no one behind – this is vital to ensure social cohesion and to bring citizens with us as we move to climate neutrality,” the commissioner said.

Another key objective for the European Commission at CoP26 was to ensure that the support foreseen within the Green Deal for EU Member States is also extended to poorer countries. The EU is the largest contributor to help developing countries deal with the consequences of climate change and reduce their emissions. The EU provides $25 billion annually and has just pledged an additional $5 billion in support.

Progress was also made at CoP26 on forests. Over 100 world leaders, including Brazil’s president Jair Bolsonaro, promised to end and reverse deforestation by 2030. In addition, the EU announced a new €1 billion global forest pledge, including €250 million for the eight countries of the Congo Basin.

Also in line with Europe’s Green Deal, innovation moved centre stage at CoP26. “In fighting climate change and progressing to the circular economy, future technologies will be the key to cutting emissions,” said von der Leyen.

CoP26 marked the launch of Breakthrough Energy Catalyst, a partnership between the EU, tech giant Bill Gates and the European Investment Bank, which will boost investments in critical climate technologies such as green hydrogen, carbon capture and storage, and in energy storage.

CoP26 was, von der Leyen reckoned, a moment of truth. “It is not 30 or 40 years, it is now - in this decade - that we need to get better, or we will reach an irreversible tipping point,” she warned.

“This is a question of the survival of mankind on this planet. It is about the world we are leaving, this planet, to our children.”