&nbsp;Fossil fuels were discussed for the first timeThe Glasgow Climate Pact called for coal and inefficient fossil fuel subsidies to be phased out. This call was very strong at the beginning but was watered down at the last stages of the summit when -at some countries request- the pact called for coal to be reduced rather than entirely phased out. Greenpeace International Director Jennifer Morgan said that the inclusion of coal in the Pact is a win for the climate, noting that the 1.5 degree target is weakened, but that this agreement nevertheless signals the end of the coal era.2022 was set as the year the world would take actionAccording to the Paris Agreement, countries were obliged to update their climate targets on a 5 year basis only. But in 2021, at Glasgow, a significant change was made, when parties were asked to present their updated plans on how to reduce greenhouse gas emissions by 2030 at COP27, which latter was moved to Egypt in 2022 instead of the previously agreed 2025. This decision constituted an important decision for countries to take action as soon as possible.The 'Green Climate Fund' failed to deliverThis has gone on the record as a turn of events that has disappointed many developing and climate-sensitive countries. Hopes were high that a special fund would be established to pay for the damage and loss that the climate crisis has brought to those poorer countries most affected. The Green Climate Fund was put on the agenda to provide disaster recovery funding when a country experienced a disaster that destroyed homes and lives, such as floods. The agreement recognized the importance of loss and damage and agreed to increase technical assistance to the affected countries. However, despite the urgency of the issue, instead of accepting the need for an allocated fund, there were calls for more dialogue.The Paris Rule Book, which lasted six years, is now complete.Sometimes referred to as the 6th article, the creation of carbon emission markets has also been a point of concern because the matter is so technical that the world has been unable to agree on the wording and essential structure for last five years. Rules allowing countries to trade carbon credits with each other had been agreed in Glasgow. However, as these rules were adopted, it was noted that there were still technical details that had yet to be agreed. James Roth, vice president of global policy and government affairs at Conservation International, said:<blockquote fr-original-style="color: rgb(9, 9, 9); border-color: rgb(17, 142, 73); border-width: 4px; font-style: italic; padding-left: 10px;" style="color: rgb(9, 9, 9); border-color: rgb(17, 142, 73); border-width: 4px; font-style: italic; padding-left: 10px; margin: 0px 0px 1em; border-left-style: solid; box-sizing: border-box;">'We are extremely pleased that the countries participating in COP26 have agreed on how global carbon trading will work to accelerate climate action. The progress made in Glasgow is a vital step towards keeping the global average temperature rise below 1.5 degrees.'</blockquote>

Aposto Business

What happened at COP26 in Glasgow last year? 

• <a fr-original-style="" href="https://apnews.com/article/science-united-nations-antonio-guterres-climate-and-environment-0e42c250f29f496169b2f2f029ccc5c0" rel="noopener noreferrer" style="color: rgb(9, 9, 9); text-decoration: none; background-color: transparent; outline: none; cursor: pointer; transition: color 0.3s ease 0s; touch-action: manipulation; user-select: auto; box-sizing: border-box;" target="_blank">A new UN report</a> said the world is heading in the wrong direction with weather disasters costing $200 million a day and having increased fivefold over the last 50 years, killing 115 people per day on average. UN Secretary-General Antonio Guterres said these are "the price of humanity's fossil fuel addiction," pointing at the floods in Pakistan, heatwaves in Europe, and droughts in China, Africa and the US.

Aposto World

• <a fr-original-style="" href="https://www.euronews.com/2022/07/16/germanys-fossil-fuel-power-plants-reactivation-is-temporary-says-scholz" rel="noopener noreferrer" style="color: rgb(9, 9, 9); text-decoration: none; background-color: transparent; outline: none; cursor: pointer; transition: color 0.3s ease 0s; touch-action: manipulation; user-select: auto; box-sizing: border-box;" target="_blank">Chancellor Olaf Scholz</a> said Germany’s return to the use of coal and oil-fired power plants is only temporary, after the country decided to restart 16 out-of-use fossil fuel power plants and extended the permission for 11 more, to remedy the shortages caused by the war in Ukraine. Environmentalists urge the government to do more to fight the climate crisis, suggesting general speed limits and restrictions on domestic flights to save fuel.<ul fr-original-style="padding-inline-start: 20px;" style="padding-inline-start: 20px; margin-top: 0px; margin-bottom: 1em; list-style-position: inside; box-sizing: border-box;"><li fr-original-style="" style="box-sizing: border-box;">In other news: The EU approved <a fr-original-style="" href="https://www.ft.com/content/15887475-c72c-45a3-a33b-052f3fa949b7" rel="noopener noreferrer" style="color: rgb(9, 9, 9); text-decoration: none; background-color: transparent; outline: none; cursor: pointer; transition: color 0.3s ease 0s; touch-action: manipulation; user-select: auto; box-sizing: border-box;" target="_blank">a €5.4 billion fund for a hydrogen project</a> to diversify its energy sources. European Commissioner for Competition, Margrethe Vestager said “hydrogen technology has the potential to replace some of the fossil fuels we see today.”</li></ul>

• <a fr-original-style="" href="https://www.reuters.com/business/autos-transportation/volkswagens-ev-business-profitable-combustion-engines-sooner-than-planned-ceo-2022-05-12/" rel="noopener noreferrer" style="color: rgb(9, 9, 9); text-decoration: none; background-color: transparent; outline: none; cursor: pointer; transition: color 0.3s ease 0s; touch-action: manipulation; user-select: auto; box-sizing: border-box;" target="_blank">Volkswagen's EV business</a> will be "as profitable as the combustion engine business earlier than planned," CEO Herbert Diess said, while the procurement chief noted that prices could increase further to offset rising costs.<img src="https://images.aposto.com/2022/4/4/1652382554078.jpeg" style="display: block; float: none; vertical-align: top; margin: 5px auto; text-align: center; width: 100%; max-width: 550px; border-style: none; position: relative; cursor: pointer; padding: 0px 1px; box-sizing: border-box;" ratio="1.38" width="550" fr-original-style="display: block; float: none; vertical-align: top; margin: 5px auto; text-align: center; width: 100%; max-width: 550px;" fr-original-class="fr-draggable">Volkswagen<ul fr-original-style="padding-inline-start: 20px;" style="padding-inline-start: 20px; margin-top: 0px; margin-bottom: 1em; list-style-position: inside; box-sizing: border-box;"><li fr-original-style="" style="box-sizing: border-box;">Meanwhile in Europe: The European Parliament's environmental committee backed legislation that will ban the use of fossil fuel cars by 2035 as part of a goal to reach net-zero emissions by this time.</li></ul>

• <a fr-original-style="" href="https://www.bloomberg.com/news/articles/2021-11-22/eu-carbon-climbs-to-record-as-utilities-burn-more-coal-in-winter" rel="noopener noreferrer" style="color: rgb(9, 9, 9); text-decoration: none; background-color: transparent; outline: none; cursor: pointer; transition: color 0.3s ease 0s; touch-action: manipulation; user-select: auto; box-sizing: border-box;" target="_blank">Europe’s energy crisis</a>, which has seen gas, carbon and power prices reach record highs, has forced the continent to become increasingly reliant on coal heating this winter. Carbon prices exceeded €70 per tonne for the first time ever, signaling increased demand for the fossil fuel ironically at a time when the EU has increased its climate ambitions.&nbsp;

• <a fr-original-style="" href="https://techcrunch.com/2021/11/22/uk-will-require-new-homes-to-have-ev-chargers-starting-in-2022/amp/" rel="noopener noreferrer" style="color: rgb(9, 9, 9); text-decoration: none; background-color: transparent; outline: none; cursor: pointer; transition: color 0.3s ease 0s; touch-action: manipulation; user-select: auto; box-sizing: border-box;" target="_blank">The UK government</a> has announced that electric vehicle (EV) charging stations will be required for all newly constructed homes and businesses in the country started in 2022. The move to increase EV adoption will add up to 145,000 extra EV charging points each year.&nbsp;<ul fr-original-style="padding-inline-start: 20px;" style="padding-inline-start: 20px; margin-top: 0px; margin-bottom: 1em; list-style-position: inside; box-sizing: border-box;"><li fr-original-style="" style="box-sizing: border-box;">Looking ahead… Details regarding specifications and power outputs of the installations have yet to be released, but the move is seen as an important pre-cursor to the UK's ambition of completely banning the sale of fossil fuel cars by 2030.&nbsp;</li></ul>

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