The 26th United Nations Climate Change Conference, or COP26, is being held in Glasgow, United Kingdom from Oct. 31 to Nov. 12. Nearly 120 world leaders and twenty-five thousand delegates are attending the conference. The goals of this year’s COP are: 1) Secure global net zero carbon emissions by mid-century and keep 1.5 degrees celsius warming within reach; 2) Adapt to protect communities and natural habitats; 3) Mobilize finance; and 4) Work together to deliver.

So far, COP26 has announced some good news for our sustainable, green future.

Forests, which absorb a tremendous amount of carbon dioxide, are being depleted, contributing to climate change. At COP26, more than 100 countries pledged to reverse deforestation by 2030. The deal also includes US$19.2 billion funds both from the public and private sectors.

The emission of methane, the world’s second-worst warming gas, will be reduced by at least 30% by 2030, according to the initiative led by the US and the EU. Hopefully, China, India and Russia will also join the pact.

India has also set the net zero goal by 2070, albeit most countries commit to reaching the goal by 2050.

Despite these promises, COP26 is facing significant challenges.

Although Poland, Indonesia and other countries have signed up to phase out use of coal-fired power, the deal was rejected by China, India and the US, all of which are major coal-dependent nations. In 2020, China was responsible for 54.3% of global coal consumption, India for 11.6% and the US for 6.1%.

Moreover, developed countries have failed to meet the US$1.3 trillion target for mobilizing funds in 2020, and are unlikely to meet the target until at least 2023. The insufficiency of mobilizing funds disappointed developing nations and has complicated further negotiations. Given the tremendous difficulty of reaching the US$100 billion target, developed nations have said they “aren’t ready to set a target for climate finance post-2025.”