MoneyWeek

Will the climate summit be a success?

What’s happening?

OP26, currently taking place in Glasgow, is the 26th meeting (“conference of the parties”) of the nations signed up to the UN’s Framework Convention on Climate Change, the main international mechanism for agreeing actions to cut emissions of greenhouse gases. The annual conferences have their roots in the Rio Earth Summit of 1992, when the UN framework itself was established. COP1, in Berlin in 1995, laid the groundwork for the world’s first legally binding climate-change treaty, the Kyoto Protocol of 1997 (COP3). The Kyoto agreement required developed countries to reduce emissions by an average of 5% below 1990 levels,

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