COP26: World leaders agree climate change deal but coal phaseout text 'watered down'

China and India stymied commitment to end coal use and fossil fuel subsidies

Pedro Gonçalves
clock • 2 min read
Alok Sharma said China and India need to ‘justify’ watered down Glasgow COP26 coal pledge

Alok Sharma said China and India need to ‘justify’ watered down Glasgow COP26 coal pledge

Last minute objections from India and China halted a commitment to end coal use and subsidies for fossil fuels as countries reached a deal on the climate crisis to keep within reach the goal of limiting global heating to 1.5ºC.

The Glasgow deal, reached after two weeks of hard-fought negotiations, included rules for a global carbon market and financial commitments to help countries adapt to climate change.  "The approved texts are a compromise. They reflect the interests, the conditions, the contradictions and the state of political will in the world today," UN Secretary-General António Guterres said in a statement. "They take important steps, but unfortunately the collective political will was not enough to overcome some deep contradictions." Rathbone Greenbank's Day: 'We need to try harder, but we are on t...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now


Already an Investment Week


More on ESG

The Sustainable Investment Festival will take place from 11-12 July

Sustainable Investment Festival 2022: Less than two weeks to go!

In-person event takes place 11-12 July

Beth Brearley
clock 29 June 2022 • 2 min read
London Climate Action Week: The most practical solutions

London Climate Action Week: The most practical solutions

What are managers doing?

Investment Week
clock 27 June 2022 • 1 min read
Kimberley Lewis, head of active ownership at Schroders

Schroders: Why we are against Sainsbury's being forced to become Living Wage-accredited

AGM on 7 July

Kimberley Lewis
clock 27 June 2022 • 4 min read