The second and final day for world leaders at the summit in Glasgow was marked by two deals that could become key tools in the climate fight.
The U.S. and European Union’s much-anticipated pledge to cut methane emissions got support from more than 90 countries, though super-polluters China and Russia held out. One hundred countries backed a U.K.-led declaration to halt and reverse deforestation by 2030.
Unlike previous plans to protect forests, the one announced Tuesday one was backed by Brazil, home to Amazon jungle, and Russia, home to the world’s largest expanse of temperate forests. It also came with a $19 billion commitment from both governments and companies.
Separately, rich nations including the U.S. and U.K. announced $8.5 billion to speed up South Africa’s energy transition. And with another carbon-neutrality goal, this time from Nigeria, BloombergNEF now calculates that only 11% of emissions are untouched by net-zero ambitions.
Security at the conference was tight with so many world leaders milling around. Hollywood actor Leonardo DiCaprio breezed past the guards to lend his support for the global methane pledge. But dozens of delegates were barred from the rollout and former Bank of England Governor Mark Carney missed a panel with BlackRock Inc. chief Larry Fink.
Tomorrow will focus on finance with a promise from Carney to deliver “ hard numbers” showing how much private money has been mobilized to help accelerate the shift to clean energy. U.S. Treasury Secretary Janet Yellen will meet with finance-industry leaders including Bank of America Corp.’s chief executive officer Brian Moynihan and BlackRock’s Fink.
