US-China pledge to tackle climate change

10:50 am: Carbon tax would help leveling playing field for companies, Skanska EVP says

Lena Hok, Executive Vice President for sustainability and innovation at construction company Skanska, CNBC told earlier on Thursday that a CO2 tax would help “level the” playing field for all companies.”

“So we belong to the companies die would embrace clarity, as well as how to do carbon prices and carbon taxes at a global trade,” she said.

10:15 a.m.: Being able to bring COP26 pledges world 9% closer to 1.5 degrees goal, Climate action tracker says

The key promises announced at the COP26 climate summit, the world 9% closer to reaching 1.5 degrees Celsius global warming target by 2030, independent research group Climate Action Tracker has said.

in An analysis, published Thursday, CAT said sectoral targets on methane, coal, transport and deforestation, presented at the climate conference in Glasgow could lower the equivalent of 2.2 gigatons of carbon dioxide.

However, CAT said that even with all the new climate promises, global emissions were expected to be “almost” twice that high in 2030 if needed for a 1.5°C compatible procedure.”

On Tuesday, CAT . warned global warming wax on follow to hit 2.4 degrees Celsius towards the end of the century, despite the 2030 targets.

Vicky McKeever

8:55 AM: Landing join alliance to stop met to drill for oil-

A Libyan security member walks past an oil drill on March 23, 2013 at the al-Ghani oil field.

Abdullah Doma | AFP | Getty Images

The Beyond Oil and Gas Alliance, an initiative founded by Denmark and Costa Rica focused on phasing out oil and gas production, was formalized during COP26.

France, Greenland, Ireland, Sweden and Wales joined the alliance as full members on Thursday, while Portugal, New Zealand and Italy joined as members of the lower level.

But some of the worldthe biggest borers of oil – the US, Saudi Arabia, Russia, Canada and China – did not sign up until join the group. However, the US state of California and the Canadian province of Quebec have joined.

The UK, which hosts COP26 and belt on world leaders to be ambitious with their promises at the top, also chose not to join the alliance.

Chloe Taylor

7:51 am: Accusations of anti-green plotting ‘a lie’, Saudi energy minister says

The minister of Saudi Arabia’s Energy Prince Abdulaziz bin Salman al Saud has denounced rumors that the oil-rich country has tried international efforts to go green.

“What you’ve heard is a… false accusation, and an impostor and a lie,” he told reporters at COP26.

Documents leaked to Greenpeace’s Unearthed last month showed that leading fossil fuel producers, including Australia, Saudi Arabia and OPEC, had lobbied the Intergovernmental Panel on Climate change to change its point of view on the need for a fast global phase out of fossil fuels.

Chloe Taylor

7:42 am: Still a big mountain to climb – but world leaders must be ambitious, COP26 chairman says

British legislator Alok Sharma, who serves as president of COP26, has told CNBC world leaders need to be ambitious as summit negotiations draw to a close.

“Progress has been made” made but there is still a beautiful one big mountain to climb”said Sharma. “We have 48 hours … and we get to the point where the rubber is on the road and we need to make sure we do our best to get this one over the line.”

Sharma added: “World leaders came here to the start and said she wanted an ambitious result, that’s what we all do need until drive direction.”

6:47 am: US-China emissions deal will boost COP26 negotiations, Britain’s Johnson says

The surprise deal between the US and China on cutting COP26 emissions are boosting ongoing talks at COP26, British Prime Minister Boris Johnson said.

ministers die The world’s two biggest polluters have unveiled the Glasgow joint statement between the US and China on Improving Climate Action in the 2020s on Wednesday.

4:43 a.m.: Banks and boards could be targets for climate disputes

Financial institutions and individuals board members could be the next goals of cases of climate disputes, according to the activists who helped secure a historic courtroom victory against oil giant Royal Dutch Shell.

“We have litigated” against countries and been successful,” said Roger Cox, attorney for Milieudefensie, an environmental campaign group and the Dutch branch of friends of the earth. “Now we have shown that one can successfully litigate against fossil fuel companies and I think the next step is to start also litigate against financial institutions who make these emissions and fossil fuel projects possible.”

“I think even after that… board members of this big one private institutions who willingly continue to frustrate to reach the Paris Agreement may even be held liable in years under direct liability schemes,” said Cox on Tuesday.

Court of The Hague on Can. 26 ordered the Anglo-Dutch oil giant to reduce to be global Co2 emissions met 45% by the end of 2030, compared with 2019 levels, marking the first time in history that a company was required by law to align its policies with the Paris Agreement.

Sam Meredith

02:03 am: What is? on Thursday’s agenda?

China’s special Climate Envoy, Xie Zhenhua Speaks at a China-US Joint Statement on a statement promoting climate action in the 2020s on day eleven of the COP26 conference over climate change at the SEC on Nov 10, 2021 in Glasgow, Scotland.

Jeff J Mitchell | Getty Images News | Getty Images

The COP26 summit will make its appearance final few days with the closing of negotiations begin on Friday and twisty down on Saturday.

Deputies and activists will consume the surprise promise of China and the US, the worldthe biggest carbon polluters, to increase cooperation on climate action.

China’s climate envoy Xie Zhenhua told reporters: on Wednesday that the two countries had entered into an agreement die calls for “concrete and pragmatic” prescriptions in decarbonization, reducing methane emissions and combating deforestation, Xie said, according to Reuters.

US climate envoy John Kerry noted that the statement is a “step in the right direction.”

The focus of the top on Thursday will be on ‘Cities, regions and built environment’ and in search of ‘climate action’ in the places where we live, from communities to cities and regions,” the organizers of COP26 say.

Holly Ellyatt

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