Barack Obama, the former President of the United States, told the United Kingdom Climate Change Conference in Glasgow, Scotland, Monday that global leaders at the climate conference haven’t done enough to combat the climate crisis. Talking during the second full week of the dialogs, the former president said that most countries failed to meet the commitments made in the Paris climate summit of 2015 and that the world is nowhere close to where it requires to be in challenging climate change.
Five years ago, the Paris Agreement went into effect. Paris provided an important framework in the fight against climate change, but it wasn’t enough. That’s why I’ll be speaking in Glasgow on Monday about the road ahead and what young people in particular can do to help. pic.twitter.com/E7P3X6jtny
— Barack Obama (@BarackObama) November 4, 2021
Obama said it was specifically discouraging that the Russian and Chinese leaders – the two of the largest carbon emitters countries – denied attending the Glasgow summit, saying both countries established what appears to be a risky lack of insistence on the climate crisis. China is the biggest carbon emitter in the world. Last week, Chinese President XI Jinping called on other countries to intensify cooperation and act on climate targets. But he offered no new commitments.
The U.S. former president said that the developed economies like Europe and the United States need to lead on the climate issue, but so do China, India, and Russia. Further, he argued that listening to people who opposed swift action on climate change was necessary. Moreover, the member countries should need to listen to their objections and understand the unwillingness of some ordinary people to see their nations move too fast on climate change. America is the second-biggest greenhouse carbon gas emitter after China.
Call to Protest Against the COP26 Failure
On Saturday, over one hundred thousand climate-action activists from all over the world took to the streets of Glasgow to express their frustration at what has been agreed to until now at the COP26 climate dialogs. New promises made during the climate summit to reduce methane and carbon emissions, phase out coal, end deforestation, and provide more financial backing to poorer nations most vulnerable to extreme weather – are just eye candy, falling far short of what is required to combat global warming.
Greta Thunberg, a teenage climate activist, who was among the demonstrators, described the fifteen-days talks as more “blah blah blah” and called the summit a failure to achieve the targets. She told the youth protestors that the summit turned into a global north greenwash festival.
According to opinion polls worldwide, overwhelming masses see climate change as an emergency demanding dramatic action. However, a Britain-based survey published Sunday suggested that below half of the British people agreed to pay thousands of pounds to make their residencies greener to help meet net-zero gas emissions goals of the U.K. Prime Minister Boris Johnson.
Those polled asked the opinion from the residents on green policies to reduce emissions before and after hearing about the projected upfront costs of insulating their homes and converting from natural gas boilers for heating to heat pumps. In the survey, fifty percent of people supported the idea of better insulation for homes, double coating, and switching to heat pumps. However, when “Onward” provided the projected cost of eleven thousand dollars per household, support diminished, with only twenty-six percent agreeing.
Financing the Switch
Major themes at the climate conference included funding the transition away from fossil fuel dependency to sustainable and renewable. And how to finance projects to make nations stronger to extreme weather. The conversation about costs and how to share them between régimes through taxation, households, consumers, and the private sector also featured.
Investors, insurers, and significant banks vowed trillions of dollars in green funding in a coordinated pledge to integrate carbon emissions into their investment and lending decisions. Furthermore, the Glashow Financial Alliance of the United Nations for Net Zero-emission comprises over four hundred and fifty financial institutions across forty-five nations and handling assets valued at $130 trillion, committed to its program to reduce carbon emissions and fund investments required for new greener technologies.
Last week, the United Nations climate envoy Mark Carney revealed that the funding could take the form of bank loans and investments by private-equity firms, donations, capitalists, mutual funds, and other big investors that acquire bonds and stocks. They would still earn profits while switching funds toward investments that help cut carbon emissions.
The United States Treasury Secretary Janet Yellen said after the announcement of the financial measures, the gap within what world governments have and what the whole world needs is large to finance a worldwide energy transition and reach the aim of net-zero carbon emissions by 2050. Further, she added that the private sector globally needs to play a more significant role.