Reflections on COP26 : International Diplomacy, Global Justice and the Greening of Capitalism

The UN climate conference COP26 in November 2021 concluded with the agreement of the Glasgow Climate Pact. This article examines the key elements of the pact and their significance. Explaining the structure of the 2015 Paris Agreement, it shows why the requirement for countries to return with stronger emissions reduction commitments in 2022 was in practice the most the conference could have achieved to ‘keep alive’ the goal of limiting the global temperature rise to 1.5°C. Developing countries won an increase in finance for adaptation to climate change, but their demand for developed countries to recognise ‘climate justice’ and compensate them for the loss and damage that climate change is causing was rebuffed. Noting the various sectoral commitments made at COP26 in areas such as deforestation and finance, the article argues that the underlying question posed by the conference is whether capitalism can be greened. An answer is suggested.