Updates from COP26 as the climate summit enters its second week in Glasgow

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As former US President Barack Obama continues to address delegates to the COP26 summit, our live blog ends for today.

See you tomorrow and thank you for following our updates.

Holly ellyatt

9:15 am: Former US President Obama Says “Time Is Really Running Out” to Tackle Climate Change

Former US President Barack Obama speaks on Day 9 of COP26 November 7, 2021 in Glasgow, Scotland.

Ian Forsyth | Getty Images News | Getty Images

Former US President Barack Obama told delegates to the COP26 summit that “when it comes to the climate, time is really running out”.

“We have not done enough to deal with this crisis, we are going to have to do more,” he said in a long awaited speech. He said that both individually and collectively we are failing to tackle climate change.

Still, he said there had been “significant progress” since the 2015 Paris Agreement, although he referred to his predecessor Donald Trump’s decision to withdraw from the agreement (in 2017 ), declaring: “I was not really happy with that”.

“Despite four years of active hostility to climate science,” he said, Americans and the rest of the world have stuck with the deal. “As the world’s second largest emitter of greenhouse gases, the United States must show the way, we have enormous responsibilities (…) and we still have a lot of work to do,” he said. added.

Holly ellyatt

8:05 am: Former US President Obama calls for action to help island nations

Former US President Barack Obama (right) waves his hand as he walks with the President’s Special Envoy for Climate John Kerry between sessions of the United Nations Climate Change Conference COP26 in Glasgow on November 8, 2021.

PAUL ELLIS | AFP | Getty Images

Former US President Barack Obama called on COP26 delegates to address the risks island nations face due to rising sea levels.

“I was shaped by my experience growing up in Hawaii,” Obama said, according to Reuters, adding, “We need to act now to help with adaptation and resilience.”

Calling island nations the “canary in the coal mine,” Obama said wealthy nations “have an added burden to ensure that we work with and help and help those who are less responsible and less able but more vulnerable to this coming crisis, ”the Guardian newspaper reported.

Obama will address the summit at 2:00 p.m. local time (9:00 a.m.ET).

Holly ellyatt

7:40 am: More work to do at COP26, according to a spokesperson for the British government

There are still a lot of tough negotiations ahead this week at the UN climate summit in Glasgow, Prime Minister Boris Johnson’s spokesman said on Monday.

“Significant progress was made last week with ambitious commitments… which have helped us move forward,” the spokesperson said, Reuters reported.

He added that there will be “a lot of difficult negotiations” taking place this week “so there is a lot, a lot more work to do.”

Holly ellyatt

6:25 am: The banking sector can play a “huge” role in the fight against climate change

Evening light on the skyline of buildings on the River Thames on April 4, 2020 in London, United Kingdom.

Barry Lewis | in pictures | Getty Images

The banking industry has an important role to play in tackling climate change, Marisa Buchanan, global sustainability manager at JPMorgan Chase, told CNBC at COP26.

“The banking sector is going to play a huge role, and it’s really going to be around the need to raise capital to invest in the development and commercialization of a whole range of technologies that are going to play a key role in helping the world respond to the crisis. growing energy demand while meeting this energy demand with a lower carbon footprint, ”she said.

She said there was a need for more political action by the government “which is in fact going to play such a critical role in sending long-term signals that the banking and financial sector needs to mobilize this capital. “.

Holly ellyatt

4:53 am: Is COP26 itself guilty of “greenwashing”?

Climate activists unveil a two-meter-high, heart-shaped ice sculpture on the banks of the River Clyde and overlooking the site of COP26 on November 7, 2021 in Glasgow, Scotland.

Ian Forsyth | Getty Images News | Getty Images

A growing number of companies have recently been accused of “greenwashing”, meaning that they have been accused of making false claims about the sustainability of their products or their business practices.

Summits like COP26 aim to draw attention to climate change and much of the discussion in Glasgow has been about what companies can do to change their own practices, but not everyone is impressed.

Nino Tronchetti Provera, the founder of Ambienta, an asset manager focused on investments with a focus on environmental sustainability, told CNBC that he no longer attends the COP climate summits “because they don’t ‘get no more results.

“Half of what is being discussed in Glasgow is against the environment because it is very affected by lobbying,” he said. “A lot of the things that politicians are discussing today are against the planet, they are not in favor of the planet.”

Holly ellyatt

4:33 am: COP26 summit attendees include hundreds of fossil fuel lobbyists, human rights group says

Human rights group Global Witness released a report saying the COP26 summit granted access to “at least 503 fossil fuel lobbyists, affiliated with some of the world’s biggest polluting oil and gas giants.”

Analysis of data from the UN Provisional List of Nominated Participants, carried out by Corporate Accountability, Corporate Europe Observatory, Glasgow Calls Out Polluters and Global Witness, showed that “companies that have an interest in the continued burning of fuel fossils have gained access to these critical talks, ”Global Witness said on Monday.

“The researchers counted the number of people either directly affiliated with fossil fuel companies, including Shell, Gazprom and BP, or present as members of delegations acting on behalf of the fossil fuel industry.”

If the fossil fuel lobby were a national delegation to the COP, it would be the largest, with 503 delegates, two dozen more than the largest national delegation, Global Witness said.

Holly ellyatt

03h40: The change of company will not be immediate, but “must start now”, declares a company manager

As the COP26 summit continues in Glasgow, 95 major UK companies have pledged to reverse the negative environmental impacts caused by their operations by the end of the decade.

This decision is part of the Get Nature Positive campaign of the Council for Sustainable Business, and counts among its signatories Barclays, GSK and Unilever.

Liv Garfield, managing director of water utility company Severn Trent and CEO of the Council of Sustainable Business, told CNBC it was time for a change.

“If you think, for example, of food retailing and think of all the changes someone like Sainsburys needs to make in order to be able to halve the environmental impact of the average shopping basket by 2030, it there are trillions of different projects. they will have to work on it. So it can’t be immediate because it’s difficult, but it has to start now, ”Garfield told CNBC on Monday.

She called on more companies to join the board, saying “the best companies pride themselves on their environmental commitments.”

Holly ellyatt

2:06 am: Second week of COP26 “where rubber hits the road”

British Prime Minister Boris Johnson and UN Secretary General Antonio Guterres greet US President Joe Biden as they arrive for the second day of COP26 on November 1, 2021.

Christophe Furlong | Getty Images News | Getty Images

To avoid the worst of what the climate crisis has in store, delegates have yet to develop a plan to contain rising global temperatures to 1.5 degrees Celsius above pre-industrial levels – and there is no clear evidence yet of that. will happen.

Ministers arriving in Glasgow this week will work to resolve sticking points and conclude talks with enough deal to avoid more frequent and increasingly worse climate impacts. COP26 President Alok Sharma described it as the “rubber hits the road” moment.

The first week of the UN-brokered talks saw a storm of climate commitments, with countries pledging to end and reverse deforestation, phase out coal, and cut methane emissions by 30 percent. by 2030.

Business leaders and financial institutions have pledged to invest more in “zero aligned net projects”. This has since been criticized, however, for “missing the point” on fossil fuels.

– Sam Meredith

1:58 am: What is the schedule for Monday?

Monday’s main program focuses on the loss and damage caused by global warming and how countries can adapt to climate change.

Delegates to COP26 on Monday will hear from speakers from countries on the front lines of the climate crisis, including indigenous communities.

Former US President Barack Obama will address the climate summit during the afternoon session.

A meeting on the role of the fashion industry in reducing global emissions will be held, as well as an assembly of the G-77 and China – a group of 134 developing countries plus China.

– Chloe Taylor

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