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World leaders met in Glasgow to discuss how to tackle the gap between the targets agreed at the 2015 Paris meeting and actions that nations have committed to. The challenge is that global greenhouse gas emissions in 2030 are expected to still be roughly twice as high as what is necessary to limit warming to 1.5°C. As a result, current 2030 targets would put the world on track for a 2.4°C temperature increase.

Expectations were high heading into Glasgow and given diverging interest across countries, a compromise was almost inevitable. This is exactly what the “Glasgow Climate Path” was, and its main points are the following:

• Coal Power Generation: There has not been a reference to a timeline for the ‘phasing out’ of unabated coal power generation as advocated by many observers but it was the first time that the subject of fossil fuels has been included in a final COP decision. Countries have agreed to accelerate efforts towards ‘phasing down’ unabated coal power generation. This is already real progress and a move to phasing out can be expected in the future.
• Fossil Fuel Subsidies: There was a ‘call’ to end inefficient fossil fuel subsidies but no specification of a timeline. Apart from the phasing out of coal there was no reference or discussion with regards to other fossil fuels including oil and natural gas.
• Carbon Markets: An agreement on Article 6 of the Paris Agreement has finally been reached, laying the framework for global carbon trading. Some old credits will be permitted in the new system for a limited period of time. Voluntary emissions reductions may only be used towards a country's Nationally Determined Contribution if they are authorized by the UN. A fixed transaction tax of 5% on emissions trading will apply to the trading of voluntary emissions credits, not to national transfers.
• When it comes to Climate Finance, the COP recognized that developed countries missed their target of providing USD 100bn per annum by 2020, but committed to raise at least this amount by 2025 and to ‘at least double’ Adaption Finance by 2025 to around USD 40bn annually.