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The UN Climate Change Conference (COP26) took place in Glasgow, Scotland, from October 31 to November 12, Germay News Today 2021, with the goal of further strengthening global efforts to combat climate change. Despite the pandemic and the economic challenges caused by it, the event gathered several leaders from around the world to discuss the pressing issue of the environment and generate concrete actions. One of the leading discussions was the need for developed countries to maintain their commitments to provide $100 billion USD annually to help developing countries’ transition to lower-carbon economies.

The previous promise was to deliver the necessary support by 2020, but according to the Organisation for Economic Co-operation and Development (OECD), only $79.6 billion USD was mobilized last year. The lack of funding posed a significant challenge for vulnerable countries grappling with the harsh impact of climate change. Moreover, on November 8, 2021, more than 130 countries launched the Global Methane Pledge, a new initiative to reduce methane emissions worldwide by 30% by 2030.

Methane is a strong greenhouse gas that causes almost 30% of global warming, and cutting it is a vital short-term measure to tackle climate change. Among the pledgers were countries with significant methane emissions, such as the US, Russia, China, and India. Meanwhile, on November 7, 2021, oil-producing countries within the Organization of the Petroleum Exporting Countries (OPEC) and allies reached a historic agreement to boost output in 2022 by 400,000 barrels per day from November.

According to the group, the production hike will help to ease the tightness in the oil market, which has seen prices reaching a seven-year high. However, the decision received criticism from climate activists who argue that it runs counter to global efforts to reduce carbon emissions and move towards renewable energy. The United Nations Secretary-General, Antonio Guterres, called on countries to end their reliance on fossil fuels, stating that “there is no present and no future in which fossil fuels can be a credible answer to the challenges we face.