The dust and excitement has settled on COP26. There is still much to unpack for onlooking companies unsure of their roles and responsibilities.
What is important for companies to take heed of and how will it impact corporate performance, business growth, and strategy?
As we reflect back on seemingly distant COP26, we breakdown the impact of the what was agreed and the action we feel market players should take moving forward.
Despite the plethora of mixed reviews surrounding the success of COP26 last year, it can be agreed that the event signalled a unified, directional push towards a net-zero future. Over 150 countries submitted new or updated emission reduction plans, formally referred to as “Nationally Determined Contributions” or NDCs, up from 75 countries that submitted NDCs in the previous year. These countries represent 90%of the world’s GDP and 80%of global emissions.
For the first time since its conception, fossil fuels and coal were explicitly highlighted in the drafted text, with coal being further condemned for its impact on climate change. There was also a financial steer not present in previous meetings which symbolized the inclusion of private markets bearing climate change responsibility in addition to regulators and policymakers, who previously carried the full burden squarely on their shoulders.
Whilst the dust has settled and excitement waned surrounding the outcomes of COP26, there is still much to unpack for onlooking companies unsure of their roles and responsibilities. The commitments made will impact all international sectors and market participants from here on out.
In the full insights & analysis contained in the report, we break down what is important for companies to take heed of and how they will impact corporate performance, business growth, and strategy.
Click on the image below to find out more about the Carnrite Group, the authors Kyle Vano and Sayo Dockery as well as download the full report.