Business Is the Game-Changer at COP26 in Glasgow

 Link: https://www.wsj.com/articles/business-is-the-game-changer-at-cop26-in-glasgow-11636196493?mod=hp_lead_pos6

MLA: 

Toplensky, Rochelle. "Business Is The Game-Changer At COP26 In Glasgow ". WSJ, 2021, https://www.wsj.com/articles/business-is-the-game-changer-at-cop26-in-glasgow-11636196493?mod=hp_lead_pos6. Accessed 6 Nov 2021.

Back in 2015 during the Paris climate conference, governments were pushing for businesses to cut emissions--this week in Glasgow, businesses have been the ones pushing the governments to take action and stop making promises. 

Friday, the International Energy Agency said that if all goes as planned, global warming could for the first time ever, decrease below 2 degrees celsius. 

The first pledge is $130 trillion in private capital promised for the energy transition by the Glasgow Financial Alliance for Net Zero, which includes 450 financial institutions from 45 various countries. It states that a warning to the government needs to portray "commitment, clarity, and coordination required to accelerate progress." (Wall Street Journal), and protect businesses from the unknowns and possibilities of uncertainty within markets and industries by creating rules and an ultimate plan. 

Investors are even pushing their governments to set standards for climate reporting and carbon-credit markets which will be mandatory for countries to implement by the end of next year. Furthermore, national negotiators are even working on a carbon accounting rulebook which, if executed correctly, will be a monomer towards scaling up the market for carbon credits. 

However, with all the pledges comes the potential that some might not deliver because they're not legally required. It is a dangerous game, especially for high-stakes investors and companies but this task will not be an easy one and it's important for humanity and our Earth that we work together and cooperate towards preserving our planet and reconstructing how we live life and make money. 

Overall, major goals include stopping deforestation, limiting methane emissions, retooling the world's financial plumbing to stoke investment in lower-emissions cuts, and assisting developing and poor countries in adapting to climate change and funding clean energy technologies.