OUTCOME OF GLASGOW SUMMIT (COP26)

Among the major objectives of the Glasgow Summit was to frame the foundation of an international carbon trading system listed in the Paris Agreement to achieve the target of net zero emissions by 2050.

 It would enable nations to transfer credits to each other and offset their emission targets. 

Critics of the trading system, and there are many, say it would give leeway to developed countries and companies that are highly polluting to stave off making deeper cuts in their low emissions by buying credits from poorer countries at exploitative prices. 

There are also major differences over whether the new trading system will recognize historical emissions permitted under earlier protocols. Others want rules that permit double credits for the nation funding a particular carbon reducing project, such as the regeneration of forests to act as a carbon sink, and for the country implementing it. 

A third issue is whether a share of the revenue from such a bilateral trading agreement will go toward the UN's Adaptation Fund. There have also been concerns about the integrity of the accounting system for such credits.

The 26th edition of the United Nations Conference of Parties (COP) at Glasgow, Scotland is yet to seal a final agreement, with talks extending into Saturday.

The meeting was formally scheduled to end on Friday (November 12) at 6 p.m. local time (GMT).

The Glasgow summit ends when an agreement, or more specifically a cover text of the agreement, issued by the COP Secretariat led by incumbent President Alok Sharma, is agreed upon by all members. That consensus has been elusive so far.

The latest version of the agreement is a draft issued at 8 a.m., local time, on Saturday. Later versions of the draft differ only subtly from previous versions, with a line dropped out, a word added in, a verb modified, but it is these changes that frame the future course of action that signatory countries undertake. 

A Key demand from several island nations and countries in the African union has been the establishment of fund for the countries already suffering from impact of climate change .

The summit also failed to result in any new funding for loss and damage. COP26 did lead to positive outcomes on loss and damage. These include the creation of the Santiago Network on Loss and Damage.

# .Indian Prime Minister Narendra Modi has made the world recognize the leadership initiative-building ability of India by introducing the ‘Panchamrit’ scheme at the COP 26 held. The Panchamrit scheme is a strategy that India will follow to keep the world's temperature well below 1.5 degrees Celsius. The key features of Panchamrit are-

• India is committed to producing a clean and non-fossil energy supply of up to 500 gigawatts by the end of 2030.
• India is determined to achieve the 50 % of its energy demand by renewable energy by the end of 2030.
• India has committed to cutting down the emission of carbon by up to 1 billion tonnes by the year 2030.
• India will push to cut the intensity of carbon in its economy by at least 45 % up to the year 2030.
• India is set to acquire net-zero emissions up to the year 2070.