From Glasgow to Elmau

This year’s COP results have been heavily debated. Along with the negotiations, various initiatives were launched, and these received considerable attention. Examples are an initiative to end international fossil fuel finance, a partnership with South Africa to support the country’s just transition, and a pledge to reduce methane emissions. The G7 should build on the COP’s positive dynamics and support a strategy to avoid greenwashing of the announcements, and provide alternative solutions where the COP process could not deliver.

COP26 points of departure for the German G7 presidency

• Present a credible strategy for enhancing climate targets in line with 1.5°C e.g. by including fluorinated gases (F-gases) and strengthening international cooperation
• Commit to decarbonising power systems by 2035 and coal phase-out by 2030
• Define ‘inefficient’ fossil fuel subsidies and commit to a transparent process for the phase-out
• End international finance for fossil fuels by the end of 2022 and support broader commit-ment and strong implementation
• Commission a study together with the African Union on how to achieve sustainable energy access in the region without fossil fuels as soon as possible
• Acknowledge the massive climate finance gap and support the development of a report for a bottom-up climate finance needs assessment
• Provide financial and other risk management solutions to adequately support vulnerable developing countries and communities in their addressing of loss and damage
• Reallocate as many Special Drawing Rights (SDRs) as possible to vulnerable and indebted countries, additional to climate finance obligations
• Support effective debt relief, restructuring, and further suspension
• Implement mandatory forward-looking climate risk disclosure (including scenario-based stress testing) for all transformation-relevant institutions
• Support and initiate mechanisms to create transparency and accountability of state and non-state pledges in order to avoid greenwashing

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