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| • | Partial success. The UN climate conference, COP26, in Glasgow ended with progress on key topics. Delegates endorsed an agreement calling on nations to step up their 2030 emission-reduction pledges next year rather than in 2025. Developed nations pledged to continue discussing payments to developing nations for climate-related loss and damage; they also promised to double the funding for climate adaptation. And some countries and companies formed groups vowing to deal with issues such as deforestation, methane, finance, and coal power. [Economist] | | | | • | Businesses call for more. Companies turned out in force at COP26, and after the meeting concluded, some business leaders said they were hoping for further climate action. The secretary-general of the ICC (International Chamber of Commerce) said the final agreement “is, most certainly, not a cause for celebration.” Others observed that companies had expressed more urgency on climate than governments. [FT] | | | | • | Why it matters. The public-, private-, and cross-sector pledges made during COP26 signaled that the direction of travel is toward net zero. But it’s also apparent that net-zero commitments are outpacing the formation of supply chains, market mechanisms, financing models, and other structures needed to smooth the world’s decarbonization pathway. | | | | • | What’s next for business. The conditions established in the conference at Glasgow will create opportunities for businesses to innovate and lead their industries—as well as risks associated with competitive shifts. With these opportunities and risks in mind, five fundamental considerations can help executives define an effective net-zero program for the next few years. | | | | — Edited by Josh Rosenfield | | This email contains information about McKinsey’s research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. | | You received this email because you subscribed to the On Point newsletter. | | | | Copyright © 2021 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007 | | | |
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