Adrienn Sarandi – head of ESG strategy and development at Janus Henderson – said it is vital that a “bold global collaborative action plan” be made at the conference for it to be considered a success.
“The world’s eyes this week will be on both national pledges to reduce emissions, but also the detail outlining how reductions will be delivered,” Ms Sarandi said.
“It is important to remember that it is very easy to make net zero commitments by 2050, but today’s political leaders will not be in power in 2050.
“Just like CEOs currently committing to net zero by 2050, there will be several management teams coming and going in the next three decades and current management teams will not be the ones accountable for delivering the commitment. This is why headway needs to be made on actual policies, not just pledges.”
Ms Sarandi outlined six key areas that must see progress at COP26, including nationally determined contributions (NDCs) that align with the Paris agreement, governments coordinating policies to deliver the energy transition, clear and realistic frameworks by regulators, discussions around helping emerging and developing markets to decarbonise, incentives for consumers to embrace a low carbon circular economy and the financial markets’ transition to a sustainable economic model.
If COP26 is to be deemed a success, Ms Sarandi said commitment to plans must be followed through and not just discussed.
“What is important is that commitments (words) are given in greater detail and with interim targets through legally binding policy (action),” she said.
She concluded: “We need a COP that will enable an overhaul of our fossil fuel-hooked economic growth model, leading a move to a low carbon and circular economy and averting environmental, economic, social and financial disaster.
“Time has never been more pressing, and the stakes have never been higher.”
