At the Global Climate Summit, world leaders have for the first time agreed to step up efforts to cut emissions even further. It is called the Glasgow Accord after the city that hosted the event and involves all the 196 countries that signed it; it obliges all signatory countries to reach net zero emissions by 2050 at the latest and set more specific goals for 2030.

The deal is a significant contribution towards the fight against climate change as both the developed and the developing countries have committed to do more. Some of the features of the agreement are as follows: The agreement includes provisions for the complete phase-out of coal-based power plants by 2040, the establishment of a global carbon price, and a plan to increase the level of support for clean energy technologies and climate change mitigation and adaptation measures in the most vulnerable countries.

Perhaps one of the major strengths of the agreement is the strengthened accountability mechanism. Countries will be expected to present specific strategies for achieving the targets every two years with an international body to check on the compliance. Consequences for countries that do not fulfill their obligations include trade restrictions or other measures.

The breakthrough was made after a long and long lasting negotiation that went on until the early hours of the day. One of the most contentious issues had been the provision of financial assistance to the developing countries and this was solved by the creation of a $100 billion annual fund for the support of the shift to cleaner energy sources and climate change mitigation measures.

Most of the environmental organizations have received the agreement in a positive way and considered it as a vital measure to avoid the worst effects of climate change. However, there are critics who have posed that the targets set are still not adequate enough particularly in the face of climate change.

The business community has offered a rather divided response to the agreement. Many firms have expressed commitment towards the goals but there are fears on the economic consequences of aggressive decarbonization. However, there are numerous challenges that organisations especially energy companies have to deal with as they shift their focus away from fossil fuels.

The achievement of the agreement will call for a high level of collaboration between the governments, companies and the civil society. This means that nations will have to step up investments in renewable energy, electric cars and energy-efficient products. The agreement also underlines the role of nature-based measures including afforestation and wetland rehabilitation to the realisation of emission reduction targets.

The Glasgow Accord will only be as good as the actions that will be taken by all the concerned parties and this has to be done as soon as possible. The next major climate summit is set for 2025, and countries will be expected to show real change in the next few years.

As the leaders of the world go back home from the summit, the focus shifts to the political realities of the respective countries in fulfilling these big goals. Some governments will have to deal with the challenges of passing the required laws and policies and possibly coping with resistance from special interest groups.

The Glasgow Accord can be considered as a turning point in the fight against climate change. Despite the fact that many problems still persist, the highest level of cooperation and engagement from the international community is a source of optimism that the world may be beginning to wake up to this threat.