Following are the major observations of the Glasgow Summit :
1. A deal aimed at staving off dangerous climate change has been struck at the COP26 summit in Glasgow.
2. Expressed “deep regrets” over the failure of the developed countries to deliver on their $100 billion promise. It has asked them to arrange this money urgently and in every year till 2025.
3. Initiated discussions on setting the new target for climate finance, beyond $100 billion for the post-2025 period.
4. Asked the developed countries to provide transparent information about the money they plan to provide.
5. Loss and Damage: The frequency of climate disasters has been rising rapidly, and many of these cause largescale devastation. The worst affected are the poor and small countries, and the island states. There is no institutional mechanism to compensate these nations for the losses, or provide them help in the form of relief and rehabilitation. The loss and damage provision in the Paris Agreement seeks to address that.
Introduced eight years ago in Warsaw, the provision hasn’t received much attention at the COPs, mainly because it was seen as an effort requiring huge sums of money. However, the affected countries have been demanding some meaningful action on this front. Thanks to a push from many nations, substantive discussions on loss and damage could take place in Glasgow. One of the earlier drafts included a provision for setting up of a facility to coordinate loss and damage activities. However, the final agreement, which has acknowledged the problem and dealt with the subject at substantial length, has only established a “dialogue” to discuss arrangements for funding of such activities. This is being seen as a major let-down.