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Was COP26 a success or failure? In many ways it is irrelevant. Alok Sharma may have been upset at the last-minute watering down of the final text of COP26. However, its success cannot be attributed to the choice of words settled on at the end. The COP26 conference final agreement is clearly important, but its legacy is likely to be so much more.
That India and China proposed to “phase down” rather than “phase out” coal is semantics. Everyone knows where we have to get to, and a few words altered here or there isn’t going to have a lasting impact.
In our view, it is innovation and finance that will lead to real change. These are the trusts that give investors exposure to the real deal in addressing climate change.
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