What to watch during COP26: The three most important focus areas are 1) escalating  ambitions plus detailed action plans from the world’s largest emitters; 2) $100bn/year of  climate finance for developing countries which are critical for the world to have any chance  of meeting goals of the Paris Agreement; 3) consensus on global carbon pricing mechanisms, through finalizing “Article 6” of Paris Agreement, carbon border tax adjustment  and/or voluntary carbon offset market. A potentially lackluster outcome (given already  tempered expectations as both Chinese and Russian Presidents will be absent) would likely  raise the probability of a disorderly transition but won’t derail continued global actions to  advance climate policies and R&D of decarbonization solutions.