Nations, investors restate commitment to zero emissions by 2050
No fewer than 59 nations have renewed commitment towards reducing carbon emissions by 45 per cent come 2030. Consequently, strategies are being mapped out to achieve this goal by the mid-century.
At the United Nations Secretary-General’s Climate Action Summit yesterday in New York, United States, the leaders from government, business and civil society announced potentially far-reaching steps to confront climate change.
The global organisation is of the belief that the world would need to increase its efforts between three and five-fold to contain global warming to manageable levels.
However, the Paris Agreement provides an open-door framework for countries to continuously ratchet up their positive actions, but yesterday’s gathering demonstrated how governments, businesses and civilians around the world are rising to the challenge.
Besides, the UN Global Compact had demonstrated that business was moving, as companies with a combined market capitalisation of more than $2.3 trillion and yearly direct emissions equivalent to 73 coal-fired power plants pledged to take action to align their businesses with science-based targets.
Most of the 70 key announcements showed concrete ways by which countries could better adapt to climate change and cut emissions while getting the necessary technical and financial support.
The Asset Owner Alliance, a group of the world’s largest pension funds and insurers, responsible for directing more than $2 trillion in investments, has also committed to transitioning to carbon-neutral investment portfolios by 2050. Its members are to engage with companies in which they are investing to ensure they decarbonise their business models.
Also, the International Development Finance Club (IDFC) – a leading group of 24 national and regional development banks globally with a massive presence in emerging and developing countries – announced for the first time a quantitative target of mobilising $1 trillion by 2025, with at least $100 million for adaptation.
In addition, the IDFC is to launch a partnership with the Green Climate Fund to promote direct access to international climate finance and a new $10 million facility to increase capacity on climate financing.
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