The latest version of the COP26 draft agreement, published this Friday (12 November), retains an unprecedented reference to fossil fuels, but has softened the language after a fierce campaign from major coal, oil and gas producers to have it removed entirely.
But the substance in this draft is weaker than the previous one, using watered down language, some of which can be open to interpretation. The first draft of the "cover decision" for the overarching agreement at the summit called for countries "to accelerate the phasing-out of coal and subsidies for fossil fuels". Rathbone Greenbank's Day: 'We need to try harder, but we are on the right track' In the new draft, this has changed to calling on countries to accelerate the shift to clean energy systems, "including by rapidly scaling up clean power generation and accelerating the phaseo...
To continue reading this article...
Join Investment Week for free
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes