It took delegates until Saturday night to finally agree on a decision text for COP26. Did the text live up to the high expectations? Certainly not! The text does not contain important aspects that were demanded by some developing countries and activists during the conference, including the establishment of a new fund for loss and damage compensation. Some provisions were also watered last minute. For example, the draft talked about “phasing out coal power and fossil fuel subsidies”, while in the final text, the verb was changed to “phasing down,” and adjectives were added. The text now refers to “unabated coal power and ineffective fossil fuel subsidies,” which arguably could be used as a loophole by some states.

Does the text contain some important new elements and marks a step forward? Absolutely! The parties decided to update their nationally determined commitments (NDCs) by next year instead of in 5 years. This could create some momentum towards more ambitious commitments. A dialogue for loss and damage was established that could pave the way for decisions at future COPs on this important topic. Many of the remaining issues that had been hindering the full implementation of the Paris Agreement were solved, and parties were able to make final decisions on the market mechanisms regulated under article 6, the transparency mechanism under article 13, and the Global Stocktake in article 14. Developed countries also pledged to double their financial contributions to developing countries. But after having failed to achieve the target to mobilize $100 billion by 2020, developing countries remain skeptical. States can build on these decisions that COP27. However, considering the urgency of the climate crisis and the fact that negotiations on some of the issues had been going on for more many years casts doubt over whether we have the time to wait until these provisions will pay off.

One thing that makes me hopeful is that a lot happened outside the negotiations. This year additional pledges made more headlines than the text of the final decision. During the first days, the Action on Forests and Land Use to halt deforestation was signed. Over 100 states also joined the US in the Global Methane Pledge and committed to reducing methane emissions by 30% by 2030, which could have a huge impact considering that methane is an 80 times more potent greenhouse gas than CO2. Other declarations made a COP26 include a declaration on accelerating the transition to 100% zero-emission cars and vans (signed by 38 states), the Clydebank Declaration for green shipping corridors (signed by 22 states), or the Global Coal to Clean Power Transition Statement on phasing out coal power (signed by 23 states). Another important aspect is that the private sector is more involved in these commitments. For example, 30 financial institutions with over $8.7 trillion of global assets promised to divest from drivers of deforestation, and several automobile manufacturers, including famous brands like Ford, GM, Jaguar, and Mercedes-Benz, pledged to sell only zero-emission of vehicles by 2035 or earlier. None of these declarations are legally binding. However, they can still create momentum, and NGOs will certainly hold states accountable if they do not make enough progress.