“Beyond Oil and Gas Alliance”, a coalition of countries and sub-national governments led by Costa Rica and Denmark, promises to stop issuing new permits for oil and gas exploration and production
—two complementary topics that are both central to relations between poor countries and rich countries. Adaptation seeks to limit the damage done by climate change; loss and damage is about compensating the most vulnerable countries—which are typically responsible for very few emissions—for the harm climate change is already causing them, and for future damage to which they will not be able to adapt.
For the second, 26 governments signed pledges to “repurpose” agriculture to make it more climate friendly or to “accelerate innovation” in the sector. Neither agreement includes any concrete goals or mentioned the meat and dairy industries, which produce more greenhouse-gas emissions than any other agricultural commodity.
Meanwhile, the Glasgow Financial Alliance for Net Zero, a coalition of financial firms, co-chaired by Mark Carney, a former governor of the Bank of England, published a progress report today. Their members, including banks, insurers and asset managers, hold assets worth roughly $130trn. They have committed themselves to lowering the emissions associated with their portfolios and loan books to net zero by mid-century.
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