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How COP26 Agreed to Keep 1.5C Alive and Finalises Paris Agreement
COP26 came to an end in Glasgow on Saturday November 13, 2021, with nearly 200 countries agreeing the Glasgow Climate Pact to keep 1.5°C alive and finalise the outstanding elements of the Paris Agreement.
President Muhammadu Buhari flanked by Prime Minister Boris Johnson and Antonio Guterres, Secretary-General of the United Nations
Climate negotiators ended two weeks of intense talks with consensus on urgently accelerating climate action.
The Glasgow Climate Pact, combined with increased ambition and action from countries, means that the goal of limiting global temperature to 1.5°C above pre-industrial levels remains in sight, but it will only be delivered with concerted and immediate global efforts.
The Glasgow Climate Pact will speed up the pace of climate action. All countries agreed to revisit and strengthen their current emissions targets to 2030, known as Nationally Determined Contributions (NDCs), in 2022.
This will be combined with a yearly political roundtable to consider a global progress report and a Leaders summit in 2023.
President Muhammadu Buhari pledged that Nigeria would cut its emissions to net zero by 2060 and called on developed countries to support countries like Nigeria which require adequate and sustained technical and financial support to attain climate goals.
To demonstrate commitment to Nigeria’s international ambition and to support the implementation of Nigeria’s adaptation and mitigation measures, the President signed Nigeria’s Climate Change Bill into Law just days after COP26.
By the end of COP26:
· The UK pledged significant new funding to priority programmes on finance, adaptation and resilience, innovation and nature which Africa stands to benefit from.
· The Paris Rulebook, which are the guidelines for how the Paris Agreement will be implemented, finalised after six years of discussions. This Rulebook will now allow countries to be held to account as they deliver on their targets. This includes Article 6 of the rulebook, which establishes a robust framework for countries to exchange carbon credits through the UNFCCC.
· Agreed action on phasing down fossil fuels, heeding calls from civil society and countries most vulnerable to climate impacts
· Decisions made went further than ever before in recognising and addressing loss and damage from the existing impacts of climate change.
· There were also commitments to significantly increase financial support through the Adaptation Fund as developed countries were urged to double their support to developing countries by 2025.
· Many more countries and organisations committing to phase down unabated coal power and ending international coal financing.
The final COP26 text follows two years of intense diplomacy and campaigning undertaken by the UK Presidency to raise ambition and secure action from almost 200 countries. When the UK took on the COP26 mantle, in partnership with Italy, nearly two years ago, only 30% of the world was covered by net zero targets. This figure is now at around 90%. Over the same period, 154 Parties have submitted new national targets, representing 80% of global emissions.
Reflecting on the task ahead, COP26 President Alok Sharma said: “We can now say with credibility that we have kept 1.5 degrees alive. But, its pulse is weak and it will only survive if we keep our promises and translate commitments into rapid action. I am grateful to the UNFCCC for working with us to deliver a successful COP26.
“From here, we must now move forward together and deliver on the expectations set out in the Glasgow Climate Pact, and close the vast gap which remains. Because as Prime Minister Mia Mottley told us at the start of this conference, for Barbados and other small island states, ‘two degrees is a death sentence’.
“It is up to all of us to sustain our lodestar of keeping 1.5 degrees within reach and to continue our efforts to get finance flowing and boost adaptation. After the collective dedication which has delivered the Glasgow Climate Pact, our work here cannot be wasted.”
Speaking also, British High Commissioner to Nigeria, Catriona Laing CB said: “Nigeria is highly vulnerable to climate change and although it has been ambitious in developing adaptation and mitigation plans, these plans need to be transformed into action – by the federal and state governments working closely with local communities, civil society and other stakeholders, and with the support of development partners.
“We will continue to support Nigeria make progress on decarbonisation of the power sector and stay the course on power sector reforms, creating the enabling environment for offgrid solar at scale by, for example, removing high VAT and customs on domestic solar equipment.
“We will also continue to support efforts that will see Nigeria take action to reduce greenhouse gases such as black carbon and methane from the atmosphere by ending gas flaring as well as adopting climate smart agro-forestry and agricultural reforms as sustainable solutions for Nigeria’s people, nature and biodiversity.”
Guinness Nigeria has launched a nationwide National Consumer Promotion (NCP) tagged ‘Open For More’. This is a consumer rewards initiative that will see more than ₦400 million in cash and prizes won by consumers across the country.
The promotion, which runs nationwide, offers consumers the opportunity to win ₦1 million every day, ₦100,000 cash rewards for 1,000 winners, and a brand-new Toyota Land Cruiser Prado as the grand prize. The campaign is designed to reward loyal consumers while creating more opportunities for everyday Nigerians to celebrate life’s meaningful moments.
To participate, consumers are required to purchase specially marked bottles of Guinness Foreign Extra Stout or Guinness Smooth, check for the unique code beneath the crown cork, and enter the code at www.guinnessng.com/1759 for a chance to win.
Speaking on the launch, Ramanathan Solayappan, Marketing and Innovations Director, Guinness Nigeria, said the promotion reflects the brand’s longstanding relationship with consumers and its commitment to creating memorable experiences beyond the product itself.
“Nigerians have made Guinness part of their celebrations, milestones, and everyday moments for over seven decades. The ‘Open For More’ promotion is our way of rewarding that loyalty by giving consumers genuine opportunities to win prizes that can make a meaningful difference in their lives.”
Solayappan added that the promotion was deliberately designed to make participation simple and accessible to consumers across the country.
“We believe, at Guinness, that there is always room for more possibilities, more progress, and more reasons to celebrate. Through this campaign, we are inviting consumers and beloved Nigerians over the age of 18 years to take part in an experience that goes beyond enjoying a Guinness. Every eligible purchase could open the door to something more.”
Beyond rewarding consumers, the promotion comes at a time when many Nigerians are placing greater value on opportunities that offer tangible returns. By putting more than ₦400 million in cash and prizes directly into the hands of consumers, Guinness Nigeria is creating a campaign that celebrates loyalty and delivers meaningful rewards that can support personal aspirations, family needs, and everyday goals.
As part of the campaign, winners will emerge weekly throughout the promotion period, with regular winner announcements and prize presentations aimed at ensuring transparency and public confidence in the process.
The Open For More National Consumer Promotion strengthens Guinness Nigeria’s commitment to rewarding consumers while creating excitement around the brand through meaningful and impactful experiences. Consumers are encouraged to look out for specially marked promotional packs and follow Guinness Nigeria’s official communication channels for updates, winner announcements, and further information on participation mechanics.
Bashir Adeniyi, Comptroller-General of the Nigeria Customs Service (NCS), has disclosed that the value of Import Duty Exemption Certificate (IDEC) approvals granted by the Federal Government rose to about N34 trillion in 2025.
Adeniyi made the disclosure on Monday during an investigative hearing of the Senate Committee on Finance in Abuja.
He said the import duty exemptions had significantly affected the service’s revenue generation, although many of the waivers were introduced to support critical national priorities.
According to him, about 60 per cent of the approved waivers were granted for the importation of military hardware in response to the country’s security challenges.
He said other beneficiaries included importers of compressed natural gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery, manufacturing inputs and food intervention programmes.
“IDEC approvals reached about N34 trillion in 2025, about 60 per cent of which was rightly granted for military hardware procurements due to Nigeria’s prevailing security challenges,” Adeniyi said.
The Comptroller-General noted that the introduction of the IDEC scheme in March 2020 had remained one of the major fiscal policies affecting Customs revenue.
He said the service would have generated significantly higher revenue over the years if not for government fiscal measures and other external factors that reduced its revenue base.
Adeniyi, however, maintained that fiscal policy should not be evaluated solely on the basis of revenue generation.
He said government interventions through duty waivers were intended to stimulate economic growth, improve healthcare delivery, encourage industrial production and address national security concerns.
He urged the Federal Government to strengthen monitoring mechanisms to ensure that beneficiaries of import duty waivers achieved the intended objectives, including reducing prices, increasing production and improving access to essential goods and services.
The Customs boss also disclosed that the service generated N7.28 trillion in revenue in 2025.
He added that out of the N11.04 trillion revenue target for 2026, the service had realised N4.5 trillion as of June 30.
Adeniyi expressed optimism that the service would continue implementing measures aimed at improving revenue collection while supporting government fiscal policies.
DataPro Rating Agency has upgraded the long-term credit rating of Dangote Cement Plc to AA+ from AA, citing the company’s strong financial performance, market leadership and ability to meet its financial obligations despite Nigeria’s challenging economic environment.
In its latest rating report, the technology-driven credit rating agency also affirmed Dangote Cement’s short-term rating at A1, with a Stable Outlook. The ratings are valid until June 16, 2027.
DataPro said the upgrade reflects the cement maker’s sustained financial strength, resilient operating performance and dominant position in Nigeria and across Africa.
According to the agency, the assessment followed a comprehensive review of the company’s capital base, earnings, liquidity, corporate governance, regulatory compliance and the sustainability of its financial performance over the medium to long term.
It noted that Dangote Cement’s strong brand, leading market share, solid earnings, robust asset base and experienced management continue to strengthen its ability to meet financial commitments on time.
The agency also highlighted the company’s outstanding financial performance in 2025.
According to the report, Dangote Cement posted N4.31 trillion in revenue during the year, representing a 20 per cent increase from the previous year. Profit before tax more than doubled, rising 109 per cent to N1.53 trillion, driven by higher sales, improved operating efficiency, lower finance costs and a stronger capital structure.
DataPro said the AA+ long-term rating indicates low credit risk and reflects excellent financial strength, business profile and operating performance relative to its rating benchmarks.
It added that the A1 short-term rating signifies good credit quality and shows that the company has a strong capacity to meet its short-term financial obligations as they fall due.
The rating agency, however, noted that the credit rating has a maximum shelf life of 12 calendar months in line with international best practice and should be used only as a reference, not as an offer to trade in securities or as a substitute for investors’ independent judgement.
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