Recommendation 2

HM Government Acknowledged

2.1 The Four Goals strategy is a combination of the three Paris goals (Mitigation, Adaptation, Finance) with the fourth goal being mandated for the Presidency (Collaboration: closing the ‘Paris rulebook’ in the negotiations). In Collaboration we have also added campaigns to bring about long term change in the three highest emitting sectors of energy, transport and land use. Both the Adaptation and Finance goals aim to ensure that COP26 addresses the concerns of developing and climate vulnerable countries. In drawing up the strategy, CPD and senior officials had numerous conversations with developing countries, and also a broad selection of civil society organisations, to ensure the strategy is inclusive, comprehensive and ambitious. 2.2 As the COP President Designate Alok Sharma set out in his speech on the 14 May at Whitelee Windfarm in Glasgow, it is critical that we adapt to protect communities and natural habitats. The climate is already changing and it will continue to change even as we reduce emissions, with devastating effects, particularly for the most vulnerable countries. At COP26, we want countries to accelerate the phase-out of coal, encourage investment in renewables, curtail deforestation and speed up the switch to electric vehicles. We need to work together to enable and encourage countries affected by climate change to protect and restore ecosystems, build defences, put warning systems in place and make infrastructure and agriculture more resilient to avoid loss of homes, livelihoods and lives. Developed countries must deliver on their promise to raise at least $100bn in climate finance per year. We will engage and collaborate with governments, businesses and civil society to deliver on our climate goals faster. 2.3 To deliver on our aims for COP, it is critical that developed countries must make good on their promise to mobilise at least $100bn in climate finance per year by 2020. global net zero. 2.4 We are already seeing progress. When the UK began work as the incoming COP Presidency, less than 30% of global GDP was covered by net zero targets—we are now at 70% of global GDP. We will use the G7, G20, and COP-convened ministerial meetings to shore up ambitious commitments from countries. On 21 May, the Climate and Environment Ministers of the G7, under UK leadership, secured historic commitments which will put climate, biodiversity and the environment at the heart of worldwide Covid-19 recovery. This year is already the first ever ‘net zero G7’, with all countries committed to reaching net zero carbon emissions by 2050 at the latest, with deep emissions reduction targets in the 2020s. The group also agreed to phase out government funding for fossil fuel projects internationally—following a leading commitment made by the UK in December. As a first step the G7 countries will end all new finance for coal power by the end of 2021, matched by increased support for clean energy alternatives like solar and wind. It was also agreed to accelerate the transition away from unabated coal capacity and to an overwhelmingly decarbonised power system in the 2030s. First Special Report of Session 2021–22 3 2.5 The G7 has agreed to increase the quantity of finance for climate action, including for nature, in order to meet the $100bn per annum target to support developing countries. At the G7 Leaders Summit, Canada committed to double climate finance towards 2025, including increased grant finance, and Germany to increase by a further 2bn Euros per year, reaching 6bn Euros by 2025 at the latest. Japan pledged to maintain its 2020 levels each year through to 2025, with enhanced adaptation finance. This is important progress, but we recognise that much more needs to be done. On 5 June, G7 Finance Ministers also accelerated action on environmental issues, following in the UK’s footsteps by committing for the first time to properly embed climate change and biodiversity loss considerations into economic and financial decision-making. Glasgow will be a critical milestone for this work, and will finalise the terms of the agreement the world came together to make in Paris.