On November 13, 2021, the 26th Conference of the
Parties (COP26) to the UN Framework Convention on Climate Change
concluded after two weeks of meetings in Glasgow, Scotland.
Initially scheduled to end on November 12, COP26 was extended until
the following evening to reach agreement on the Glasgow Climate
Pact1 (the Pact). This post
provides a brief overview of the key commitments made in the Pact
and at COP26 that will impact carbon markets and policy in the
years ahead, with a particular focus on their possible implications
for voluntary carbon markets.
Glasgow Climate Pact
COP26 followed on the international commitments made under the
Paris Accord by Canada and other nations. The Pact reaffirms those
nations' commitment to holding the rise in global average
temperature to well below 2°C above pre-industrial levels and
pursuing efforts to limit the temperature increase to 1.5°C.
Nearly 200 countries signed on to the Pact.
