Mr Denton said:
“We applaud governments for making the tough compromises needed to get a deal over the line in Glasgow. Congratulations are in order but the agreement is, most certainly, not a cause for celebration.
“We’d say that the outcome to COP26 provides the best chance at this time to keep 1.5 C alive. However, a concerted effort will be needed in the coming months to stop it slipping out of reach.
“From our initial reading of the Glasgow texts, we are deeply concerned that the operational rules for emissions trading lack sufficient bite to enable the creation of international carbon markets capable of rapidly decarbonising the global economy. The implementation of these rules will need to be carefully executed—and we would urge detailed consultation with the private sector to maximize their potential value in both environmental and economic terms.
“The availability of climate finance for developing economies has been a constant fissure throughout COP26. For the future of the Paris Agreement, it’s vital that the world’s richest economies remedy this fault line without delay. This agenda cannot wait until COP27—the UK government should use the remaining six weeks of its G7 presidency to set the ground for a massive new financing plan to enable climate-friendly growth throughout the developing world.”