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UN COP26 climate protection goals including new technologies and CO2 taxes

5 min reading

Here are the latest goals put forward for climate change as per the guidelines from the UN conference that took place in Scotland.

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The 2021 United Nations Climate Change Conference (COP26), takes place in Glasgow, Scotland and culminates in the adoption of the Glasgow Climate Pact, which brings nearly 200 countries closer to bringing global temperature increases to below 1 by 2100, Keeping 5 degrees Celsius. The conference continues to focus more on reducing emissions than helping developed countries to help developing countries, as outlined in the UN Energy Executive Summary of the Ministerial Thematic Forum, which outlines the key recommendations and milestones for achieving Goal 7 for sustainable and zero development. emission. Key elements of a global roadmap include:

  • Reducing the energy gap: Providing access to electricity to the 760 million people worldwide who do not have electricity. Providing clean energy cooking solutions for the 2.6 billion people who depend on hazardous fuels.
  • Rapid transition to clean energy: Eliminate all coal-fired power plants in the pipeline and reduce coal energy capacity by 50% by 2030. Rapid expansion of energy transition solutions to 8,000 gigawatts of renewable energy by 2030 by increasing annual energy efficiency of 0.8% to 3.0%.
  • Leave no one behind: Integrate justice and equity into energy sector policies through planning and funding, creating green energy jobs, and integrating energy sector policies and strategies into policies and strategies that ensure a fair energy transition.
  • Mobilize the right and targeted funding: Triple invest in clean energy worldwide by 2030 to accelerate access to finance. Eliminate inefficient fossil fuel subsidies to support a market-based transition to clean energy. Create a favorable political and regulatory framework to attract private sector investment in clean energy.
  • Leveraging innovation, technology and data: Expand the supply of energy innovations that fill critical gaps and increase the demand for clean and sustainable energy technologies and innovations through market-oriented policies, harmonized international standards and carbon pricing mechanisms.

COP26 came down as the first climate summit in history to explicitly include "coal elimination" in its decision and set new rules for the carbon market mechanism, commonly referred to as Article 6 -Save dollars. Article 6 of the Paris Agreement, which governs international cooperation – including carbon markets – establishes new rules for trading in emission permits, which represent one metric tonne of CO2 that has been reduced or removed from the atmosphere. The new rules create an accounting system designed to prevent double accounting of emission reductions, consisting of two parts: a centralized system open to the public and private sectors and a separate bilateral system that allows countries to trade on credit, which can be used to achieve their decarbonization goals.

Joseph Palant, Director of Climate Innovation at Ecotrust Canada and Founder and CEO of the Blockchain for Climate Foundation, explained to me: “Emission reduction results are the most important and will soon become the most valuable commodity in the world. He continued: “The Ethereum-based BITMO platform enables cross-border collaboration to reduce emissions by distributing the benefits of clean energy, natural climate solutions and better infrastructure across the globe.

The BITMO platform is a project by the Blockchain for Climate Foundation, created to enhance Article 6 of the Paris Agreement and use blockchain technology to offer a more efficient and effective global carbon market. It enables the issuance and exchange of “internationally transferred blockchain mitigation results” (BITMO) on the Ethereum blockchain as irreplaceable ERC-1155 (NFT) tokens. Each token represents one metric ton of CO2 and the corresponding CO2 credit data is embedded in the NFT.

Article 6 aims to link global mitigation opportunities with the required capital and demand. In order for the global CO2 market to reflect true emission reductions, accounting infrastructure must ensure integrity and collaboration and avoid double accounting for emission reductions. The BITMO platform serves as a secure record for the issuance, transmission and termination of internationally transmitted reductions for each country, which can be integrated or harmonized with national carbon registers and future requirements of the United Nations Framework Convention on Climate Change. BITMO helps achieve global climate goals by making all relevant data readily visible, publicly accessible and immediately exchangeable to avoid double-counting emission reductions.

Carbon tax

Another important topic of discussion among world leaders at the COP26 conference in Glasgow, according to the World Bank, is the introduction of a carbon tax that shifts responsibility for climate change impacts to responsible polluters. There are currently 69 countries with carbon taxes of between $1 and $139 per tonne.

President Joe Biden's administration has spent $555 billion on climate change under the Better Construction Act, which includes a proposed methane levy to encourage oil and gas companies to reduce their methane emissions.

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