We’re heading into the second week of COP26, so we wanted to pull together the most important updates from the first week and highlight things to watch over the next few days.

There have been a number of pledges made during COP26. It’s important to know what is being promised and who is on board. These types of commitments can have implications for businesses everywhere. Here’s a  summary of the global commitments thus far:

• 80 countries signed a Global Methane Pledge to reduce methane emissions by 30% by 2030.
• 130+ countries promise to end and reverse deforestation by 2030, but this will not be without challenges. A similar pledge made in 2014 failed, so accountability will be critical to success going forward.
• 20 countries will stop funding fossil fuel projects abroad by the end of 2022 and divert the estimated $8 billion a year to green energy. 
• 40 countries pledge to end use of coal, but it’s important to note that several of the largest coal consumers, including China, India, Australia and the U.S., did not sign the pledge.
• Key country net zero commitments: India (2070), Nigeria (2060) and UK (2050)

In other news: 

• There have been a number of pledges and commitments from financial institutions, foundations, private funders and governments: 
  • Hundreds of the world’s biggest financial institutions committed to the Glasgow Financial Alliance for Net Zero (GFANZ) pledge
    which will help achieve a key climate goal. 
  • Global Energy Alliance pledged $10.5 billion to help emerging economies.
  • Several governments and foundations pledged $1.7 billion to indigenous peoples and local communities.
  • Jeff Bezos committed $2 billion through the Bezos Earth Fund.
  • $575 million was pledged to help farmers in low-income nations adapt to climate change. 
• New International Sustainability Standards Board (ISSB) has been created to develop a global baseline of sustainability disclosures for investors.
• Protests continue urging for greater action.
• The gender gap and lack of representation from impacted communities at COP26 has been highlighted.
• Countries’ climate pledges systematically undercount carbon emissions.

Here are key topics to pay attention to this week:

• Country-specific emissions targets and action plans
• Climate finance
• Payments for loss and damages due to the effects of global warming 
• International carbon offset marketplaces