COP26 was seen as a crucial opportunity to reflect on what has been achieved, and what more needed to be achieved, in order to meet Paris Agreement targets. The agenda for COP26 focused on developing carbon mechanisms, funding for loss and damage, finance and 'nature-based' solutions.
While there were some positive outcomes of COP26which included interim targets for the achievement of 1.5°C global temperature rise, a commitment by over 100 countries to end deforestation by 2030 (with Brazil being amongst the signatories) and the reaffirmation of a previous pledge from developed countries to provide US$100 billion annually to developing countries, it would appear that limited progress has to date been made against these goals.
For instance, while deforestation rates have slowed in the last year, the Forest Declaration Assessment published a report in October 2022 stating that "not a single global indicator is on track to meet [the] 2030 goals of stopping forest loss and degradation and restoring 350 million hectares of forest landscape," and it appears that pledge from developed countries to provide US$100 billion annually to developing countries will fall short again in 2022.
The recent election of Luiz Inácio Lula de Silva in Brazil is hoped to slow deforestation in the Amazon, with the future President saying he is "open to international co-operation to protect the Amazon."
As noted above, although COP26 ended with a pledge that countries would put forward revised and strengthened NDCs, only a fraction of Paris Agreement signatories have so far done that. The UK's pledge was updated in September 2022, however the Climate Change Committee's 2022 progress report to Parliament, delivered in June 2022, indicated that there are "currently significant risks in the plans for meeting the UK's 2030 NDC under the Paris Agreement."