The fossil fuel industry has the largest delegation at the COP26 climate summit, new analysis reveals, as the UK pledges £290 million to help poorer countries cope with the devastating impacts of climate change. Meanwhile, scientists say India’s ambitious pledge to hit net zero by 2070 is possible with the right action, world leaders promise to reverse deforestation by 2030, and a new study finds women make up less than 10 per cent of all investments. It’s the Good With Money weekly news brief.
Fossil fuel industry has biggest delegation at COP26 climate summit
World leaders are gathered in Glasgow to set out the action they are taking to end funding for fossil fuels abroad, cut carbon emissions, curb deforestation, and phase out coal.
But more than 500 people linked to the oil and gas industry are accredited for the summit, according to the study of the UN’s provisional list of named attendees by Global Witness and other campaign groups.
Around 40,000 people are attending COP26, with data showing that Brazil has the biggest official team of negotiators at 479 delegates while the UK, which is hosting the summit, has 230. More than 100 fossil fuel companies have been represented at the conference, including the International Emissions Trading Association, which has 103 delegates.
UK pledges £290m to help poorer countries cope with climate change
The UK has committed £290 million to help poorer countries cope with the impact of climate change, as the COP26 climate change summit enters its second week.
Rich nations pledged 12 years ago to channel $100 billion (£74 billion) in financial help to poorer countries, which are already suffering and will be worst affected by climate change. However, the UN says money given to date has fallen far short of this target.
Developing countries have contributed only a very small proportion of the damaging emissions driving climate change – while the wealthiest one per cent of the global population currently account for more than double the combined emissions of the poorest 50 per cent.
The majority of the money from the UK will go to help Asian and Pacific nations plan and invest in climate action, improve conservation and promote low-carbon development.
India’s 2070 net zero goal IS possible, say scientists
India – the world’s third-biggest emitter of greenhouse gases – has pledged to achieve net zero carbon emissions by 2070.
Prime minister Narendra Modi also said the country intends to generate half its electricity from renewables by 2030.
The ambitious commitments, made at the high-stakes COP26 climate meeting in Glasgow, brings India in line with promises made by other big emitters including the United States, China, Saudi Arabia and the European Union.
Scientists have since welcomed the offering – which could contribute to the world limiting global warming to 1.5 °C – but also warn that India now needs to lay out a clear road map for how net zero will be achieved, and establish monitoring mechanisms to ensure that emissions are falling.
World leaders promise to end deforestation by 2030
More than 100 world leaders have promised at COP26 to end and reverse deforestation by 2030.
Felling trees contributes to climate change because it depletes forest cover, which is vital for absorbing carbon dioxide. Forests are currently being cleared at a staggering rate of 30 football pitches’ worth per minute.
Crucially, Brazil – which has cut down huge stretches of the Amazon rainforest in recent years – is among the signatories.
The pledge is backed by almost £14 billion of public and private funds. Some of this money will go to developing countries to help restore damaged land and tackle wildfires.
Experts welcomed the move, but warned a previous deal in 2014 had “failed to slow deforestation at all” and commitments now need to be delivered on.
Women make up less than a TENTH of all investments – but do better than men
Women account for less than 10 per cent for all investment transactions, according to new analysis that reveals a widening gender divide.
However, the global data from XTB.com reveals that women perform slightly better per trade on average than men.
While women account for just 9.7 per cent of all investments worldwide, in some countries this figure is far lower. Poland, Spain, Germany, Slovakia, France, Portugal, and Czech Republic all fall below this average with Poland experiencing the greatest gender divide (5.7 per cent vs. 94.3 per cent).
Whilst countries like the UK (10.5 per cent vs. 89.5 per cent) and Hungary (11.7 per cent vs. 88.3 per cent) sit above the average, the gap is still significant. It’s only Chile (17.9 per cent vs. 82.1%) which looks to be going in the right direction and narrowing the gap.
It comes as a separate poll by Opinium for Hargreaves Lansdown found almost a third of women say they don’t invest because they don’t know enough about it.