Elizabeth May

November 4, 2021

People-watching here in Glasgow is a feast for the eyes. Indigenous leaders, people in spectacular traditional dress, the usual herd of UN diplomats, and clutches of news media — cameras and mic booms protruding from the mass of busy, moving rivers of suits. It is hard to describe what it is like to be in such a mass of humanity, amid the masked and sometimes famous.

On Wednesday, I brushed by — at safe, social distance — former UK Prime Minister Theresa May. I had no temptation to stop and ask her if we might be related. Today, Al Gore went by, heading out of the session plenary as Bill Gates rushed in the other direction. And then it was Mark Carney, looking relaxed and smiling, moving the other way.

So, spotting Bill Gates and Mark Carney, knowing Chrystia Freeland was somewhere in this labyrinth, meant it must be Finance Day.

The political leaders have gone home. Normally at COP, the focus would now shift entirely to the negotiations of text. (By the way, anything I glean about the text and “insider” news on negotiations is covered by a confidentiality agreement all members of the delegation sign.)

But, this most unusual pandemic COP continues to showcase splashy announcements. It is already becoming painfully clear that the call to arms from Prince Charles, UN Secretary General Antonio Guterres and David Attenborough is likely to be met with spin over substance. The current commitments of all nations on earth do not meet the Paris Agreement goal of holding to no more than 1.5 degrees global average temperature increase. Very few nations showed up in Glasgow with significant increases in their targets and plans. The negotiated text cannot fix that gap. Only leaders can make new commitments.

As good news in a sea of disappointments – governments falling short on promises for climate finance and reduced emissions – Carney delivered. In fact, he announced $130 trillion dollars from private sector investors.

The negotiators are tackling some unfinished business from COP21 in Paris five years ago. How do we fix the unmet promise of $100 billion/year to assist developing countries? How do we end up trading carbon globally? Will we?

The UK presidency (as the host government is called) is clearly pressing for more – as they should. Themed day’s events will continue to provide a steady flow of new partnerships and commitments. At every event, someone says something to the effect of “this is the beginning of a real turning point.” Or, “how can anyone say there is no progress? There are so many new initiatives being launched. There is so much energy and excitement.”

But they are media events, not new treaties.

Still, today’s announcement could make a major difference. Mark Carney, former governor of both the Bank of Canada and the Bank of England, had been tasked by the UN Secretary General to be his special adviser on climate finance. Specifically, he was asked to find $100 trillion in capital flows to support a massive economic transition.

As good news in a sea of disappointments – governments falling short on promises for climate finance and reduced emissions – Carney delivered. In fact, he announced $130 trillion dollars from private sector investors.

“It’s a mammoth transition,” Carney told CBC News at COP26. “It’s absolutely enormous. It’s bigger than global GDP.”

“We have banks, asset managers, pension funds, insurance companies from around the world — more than 45 countries — and their total resources, totalling $130 trillion US… $30 trillion more than the target,” he added, “So one of the key messages of this COP is: the money is there.”

And so, the Glasgow Financial Alliance for Net Zero (GFANZ) is launched.

Critics were quick to point out the alliance is not prohibiting fossil fuel investments to which Carney said the increased transparency would mean any such investors would be held to account. As with everything here at COP26, the fear of green-washing hangs over even the biggest commitments. My fingers are crossed on this one that it could actually be a big turning point.

Contributing Writer Elizabeth May, MP for Saanich-Gulf Islands, is the former leader of the Green Party of Canada. She is filing for Policy on a regular basis from COP26 in Glasgow.