The agreement, known as the Glasgow Climate Pact, was reached on Saturday and is the first of its kind in the 25 years that the United Nations have held climate talks.
Another key feature of the agreement is a call for wealthy industrialized nations, beginning in 2025, to double their financial support for adaptation efforts in the developing world - starting from $100 billion each year. The nations most at risk, however, received no real-world guarantees from those countries that have most contributed to climate change.
UN Secretary General António Guterres, said, “Our fragile planet is hanging by a thread. We are still knocking on the door of climate catastrophe. It is time to go into emergency mode — or our chance of reaching net zero will itself be zero."
The agreement appears to be a half-victory for the earth's climate. It is the first COP text to feature the term "fossil fuels," and also includes an agreement to "escalating effort to phase down unabated coal power and phase out inefficient fossil fuel subsidies."
The agreement also provided a road map for stricter emissions cuts throughout the decade, calling for countries to bring their emission targets in line with the Paris Climate Accord's 1.5 °C of warming by 2022, not to be revised in 2025, as had been previously agreed.
Some activists, lawmakers and others were disappointed over the language surrounding coal use contained within the agreement. According to reports, due to pressure from Indian representatives, the language in the final agreement regarding the use of coal was shifted from "phase out" to "phase down".
Concessions made to garner a broader support were noted by many. Alok Sharma, Britain's president of the COP26 climate conference, apologized and nearly broke down while speaking about the agreement and acknowledging the importance of its passage.
Many in attendance acknowledged that the Glasgow Climate Pact does not go far enough, but admitted that it was a useful first step.
Tina Stege, from the Marshall Islands' climate envoy, said, "We have much work to do, but it does represent real progress."
Famed environmental activist Greta Thunberg was far less than impressed by the COP26 climate conference and the Glasgow Climate Pact.
Climate scientists have revealed that if global warming increases beyond 1.5°C from pre-industrial levels devastating climate catastrophes could come into play. In this scenario, the ice caps would largely disappear and some equatorial areas could become uninhabitable, leading to a massive human migration away from, hot spots.
It is predicted that, to stay under the 1.5°C threshold, global greenhouse gas emissions caused by the burning of fossil fuels must be cut in half by 2030.