Six months after the world agreed in Glasgow to a U.N. climate pact with bold, new targets, political and business leaders facing an energy crisis, volatile markets and an economic downturn are grappling with how to cut carbon emissions.
Amid soaring oil and gas prices triggered by Russia's Feb. 24 invasion of Ukraine, some countries have turned to other fuels, including coal, to meet their energy needs.
At the COP26 U.N. climate summit in November in Glasgow, Scotland, nearly 200 countries agreed to increase their national pledges this year to align with a target of capping global warming at 1.5 degrees Celsius above pre-industrial levels. So far, none of the Group of Twenty advanced economies, which are responsible for around 75% of greenhouse gas emissions, has updated its CO2-cutting pledge this year, according to a report this week by the World Resources Institute, E3G and the Energy and Climate Intelligence Unit.
As fossil fuel prices rise and the costs of deploying renewable energy fall, "the economic benefits of investing in climate solutions become ever clearer", the COP26 progress report said.
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