New York: UN Secretary-General Antonio Guterres has called for every government, business, civil and international organization in the world to develop a transition plan to net-zero emissions, and boost ambition in finance and adaption as an equal priority to cutting emissions, and the only way to reach the 1.5 degrees Celsius temperature goal.
Global leaders on Thursday presented bold and urgent demands at the Climate Ambition Roundtable convened by SGuterres, capping a week of major announcements, including from China, the EU and many global businesses, that signal the tide is turning for climate action.
All actors — governments, cities and companies, NGOs and international organizations — need to have their own transition plans to net-zero before 2050, said the Secretary-General.
To harness the growing momentum, the Roundtable also included the announcement of a virtual Climate Ambition Summit on the fifth anniversary of the Paris Agreement on 12 December.
The fifth anniversary of the Paris Agreement on 12 December 2020, which will gather leaders from governments, business and civil society, will be an important moment to continue raising climate ambition.
I look forward to working closely on this event with the leaders of Chile, the United Kingdom, France and others to deliver increased ambition, the Secretary-General said.
The Secretary-General’s Special Envoy on Climate Finance Mark Carney said of private finance: “It’s not just moving, it’s moving fast.
The private financial sector is moving. We are at a tipping point. It is not just momentum. The decisiveness of your climate policies and the NDCs (Nationally Determined Contributions), and the decisiveness of the action you take over the course of next year will allow the private sector to amplify and pull forward that adjustment in a virtuous cycle. That can help us achieve our goals.
Carney also said there were calls from every major bank, the world’s largest insurers, biggest pension funds and top asset managers for the disclosure of climate-related financial information.
He said this support is truly global, stemming from almost 60 countries and with a market cap of almost $13 trillion and financial institutions responsible for assets of $150 trillion.
European Commission President Ursula von der Leyen said the EC’s proposal — announced just this week — to raise it ambition by cutting greenhouse gases by 55 per cent compared to 1990 levels by 2030, up from 40 per cent. It’s achievable, she said and would require additional investments.
We will raise the money, she said of the EC’s proposal to issue 200 billion euros of green bonds, and flagged greater EU cooperation with other nations and non-state actors.
Several leaders in the Roundtable said they were encouraged by China’s announcement this week it would become carbon neutral before 2060, and China’s signal that it would pursue concrete plans and policies to achieve this goal.
Chilean President Sebastian Pinera said that his country would phase out all coal-powered generation and electrify all its public transport by 2040.
Pinera also stressed the importance of the Coalitions of Finance Ministers that Chile co-chairs in the work ahead.
Prime Minister Giuseppe Conte of Italy — incoming G20 chair — called on investors to divest from fossil fuels.
He, along with other leaders, including Canadian Prime Minister Justin Trudeau and UK Prime Minister Boris Johnson, stressed the need to put climate action and green jobs at the centre of Covid-19 recovery plans.