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Illustration: Annelise Capossela/Axios

Bolder action to cut greenhouse gas emissions, to mobilize development financing and to potentially design a carbon trading deal are on the agenda for COP26 underway in Glasgow, Scotland.

The big picture: What global leaders actually commit to could signal investors as to the upcoming pace of change and the regions where it'll happen.

Catch up quick: India’s prime minister, Narendra Modi, pledged the country would reach net-zero emissions by 2070 (10 years later than China), and that half of its energy would be powered by renewable sources by 2030.

  • That's a big move forward, as India's the world's fourth-largest carbon dioxide emitter.

Also worth noting, Brazil’s environment minister, Joaquim Leite, said the country plans to end all illegal deforestation by 2028 — and over 100 world leaders in total committed to actions reversing it. 

  • Canadian Prime Minister Justin Trudeau formally committed to a cap on oil and gas emissions.
  • President Biden said the United States will help developing countries move to clean energy faster. 

What we're watching: COP26 will also draw a massive number of corporate giants, with CEOs including Amazon's Jeff Bezos, Salesforce's Marc Benioff and BlackRock's Larry Fink (scheduled to speak today about mobilizing private capital) expected.

Why it matters: “[T]he outcome of COP26 is consequential for long-term investors given the rise in sustainable investing,” Meera Pandit, global market strategist, J.P. Morgan Asset Management, tells Axios.

The bottom line: This year’s United Nations summit is seen as crucial. Severe impacts of climate change, like extreme weather events, are worsening faster than expected as the world quickly warms toward the Paris Agreement's temperature targets.

Go deeper: Axios’ Ben Geman, David Lawler and Andrew Freedman are reporting from COP26 in Glasgow over the next two weeks. Follow their coverage by subscribing to the Axios Generate and Axios World newsletters.

Go deeper

U.S. to release 50 million barrels of oil from strategic reserve

Biden speaking from the Eisenhower Executive Office Building in Washington, D.C., on Nov. 22. Photo: Samuel Corum/Bloomberg via Getty Images

President Biden directed the Department of Energy on Tuesday to release 50 million barrels of oil from the U.S. Strategic Petroleum Reserve to help lower fuel prices.

Why it matters: It's the Biden administration's most direct effort yet to tamp down on high gasoline prices that have become a political headache for the White House amid wider inflation.

1 hour ago - World

Scoop: Iran preparing to enrich weapons-grade uranium, Israel warns U.S.

Iranian President Ebrahim Raisi holds a press conference. Photo: Presidency of Iran handout via Getty

Israel has shared intelligence over the past two weeks with the U.S. and several European allies suggesting that Iran is taking technical steps to prepare to enrich uranium to 90% purity — the level needed to produce a nuclear weapon, two U.S. sources briefed on the issue tell me.

Why it matters: Enriching to 90% would bring Iran closer than ever to the nuclear threshold. The Israeli warnings come as nuclear talks resume in Vienna, with Iran returning to the negotiating table on Monday after a five-month hiatus.

Biden: Fight against Omicron won't include "shutdowns or lockdowns"

Photo: Mandel Ngan/AFP via Getty Images

President Biden on Monday said that the new coronavirus variant, Omicron, is "a cause for concern, not a cause for panic."

Driving the news: Biden said later this week the administration will be releasing a strategy on how "we're going to fight COVID this winter. Not with shutdowns or lockdowns, but with more widespread vaccinations, boosters, testing and more."