*[Enwl-eng] here is the latest news from the High-level Climate Champions at COP 26!
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Wed Dec 15 14:08:59 MSK 2021
UN Global Climate Action
15 December 2021
High Level Climate Champions
Newsletter
From Promise to Reality
Ten years from now, we will look back at the
COP26 summit as an inflection point in our transformation to an economy that
values health and resilience over pollution and deforestation.
The Glasgow Climate Pact did not do enough
to set the world on course to limit global warming to 1.5°C. But it does
keep that prospect within reach. And it’s thanks to a new convergence of
businesses, investors, cities, regions and countries. They understand the
need to halve emissions, build resilience and end biodiversity loss within
the 2020s and are increasingly confident in our ability to collectively
drive exponential rates of change.
We saw a number of examples of that
convergence on display in Glasgow last month.
In the push to end deforestation, 141
countries covering 91% of forests agreed to halt and reverse forest loss and
land degradation by 2030. This is backed by nearly £14 billion in public and
private finance, plus new tools and initiatives announced in parallel.
Thirty-three financial institutions, with
US$8.7 trillion in assets under management, committed to tackle
deforestation driven by agricultural commodities by 2025. A new online
investment platform provides a first-of-its kind guidance system to help
institutional investors allocate capital towards nature-based solutions. The
Regen10 initiative will work with 500 million farmers to ensure that by
2030, over half the world’s food is produced sustainably and financed with
US$60 billion per year.
In finance for the race to zero emissions
and resilience, membership of the Glasgow Financial Alliance for Net Zero
now covers US$130 trillion in assets under management - all committed to
reach net zero emissions by 2050.
Additional initiatives will direct
investment towards resilience as well as emission reductions. The new Global
Resilience Index helps measure the resilience of countries, companies and
supply chains in developing and emerging economies. The International
Sustainability Standards Board will create a baseline for high-quality
sustainability disclosure standards in the public interest. The Scottish
government’s £2 million (US$2.6 million) contribution to addressing loss and
damage, meanwhile, was quickly backed with US$3 million from philanthropies.
And a host of commitments to accelerate
e-bus deployment in Latin America, renewable energy investment in the
Caribbean and land restoration in Africa should prove to be the beginning of
a wave of capital being deployed in emerging and developing economies.
Figuring out how to create the conditions
for the trillions of dollars needed to drive a resilient zero-carbon
transition in these markets will be the intellectual challenge of the
decade - the delivery of the much vaunted and a much needed green recovery
plan.
Barbados Prime Minister Mia Motley called
for US$500 billion of additional special drawing rights in her opening
speech. Other potential solutions include long-term or even perpetual bonds
as issued previously in wartime, debt-for-nature swaps and catastrophe
clauses in multilateral loans to create more fiscal space for vulnerable
economies, and a deeper and wider application of insurance products.
Make it Credible
That is our immediate challenge for the year
and years ahead.
Emotions coming out of Glasgow are raw and
trust is understandably on shaky ground. Because while we can see the
palpable change already taking hold of the real economy, the trajectory of
current policies is still unacceptable - 2.7°C - while all the targets in
place and under discussion would lead to 1.8°C, according to Climate Action
Tracker.
Crucially, this optimistic scenario relies
on targets being fulfilled on time, and ratcheted up to ensure we don’t go
beyond 1.5°C. To do that, we need to ensure that commitments from
businesses, investors, cities and regions are robust, credible and based on
science, and that progress is consistently reported.
The expert panel announced by United Nations
Secretary-General António Guterres during COP26 provides a welcome layer of
scrutiny over corporate commitments to net zero emissions. It builds the UN
Climate Change High-Level Champions team’s work this past year to enhance
the integrity of commitments and establish metrics to measure progress under
the UN-backed Race to Zero and Race to Resilience campaigns.
This will remain the core of the Champions’
work in the next five years, starting with Egypt’s COP27 Presidency. Through
it all, we will be guided by the need to protect and improve human health
and resilience. As the Secretary-General said, “Protecting countries from
climate disaster is not charity. It is solidarity and enlightened
self-interest.”
Enhancing credibility is one of the key
elements outlined in the improved Marrakech Partnership for Global Climate
Action for enhancing ambition, which was welcomed by Parties at COP 26 as
part of the Glasglow Climate Pact and included strong statements during the
Global Climate Action High-Level Event. The Champions aim to rapidly
implement this 5-year plan and boost climate ambition from all stakeholders
and accelerate the delivery of credible and immediate action.
At COP 26, Parties also encouraged the
High-Level Champions to support the effective participation of non-Party
stakeholders in the global stocktake. Supporting the global stocktake will
be a main priority of the Champions, in particular, helping stakeholders in
developing countries and at the regional level to impactfully contribute and
highlight opportunities and evidence of enhanced and credible action.
In Case You Missed It
a.. Renewable electricity capacity will rise
by more than 60% between 2020 and 2026 to equal the current capacity of
fossil fuel and nuclear power combined, the International Energy Agency has
forecast. The growth of renewables is expected to be 50% higher than it was
between 2015 and 2020, driven by government policies and clean energy
targets announced around COP26. That’s exponential change in motion.
a.. Three big European power companies have
raised their 2030 targets. Enel aims to have 154GW of renewable and battery
storage capacity in place by then, up from 145GW, and has brought its net
zero target forward to 2040, from 2050. SSE has cut its targeted Scope 1 and
2 emissions for 2030 to about half of what it previously planned, while
trebling renewables output. RWE aims to add 2.5GW of renewables capacity per
year out to 2030, up from a previously planned 1.5GW.
a.. The Panama Canal Authority’s new Green
Vessel Classification system will include a fee for greenhouse gas
emissions, helping to accelerate the shift to cleaner shipping. The system
will classify ships based on their energy efficiency.
a.. Germany will move up its coal phaseout
“ideally” to 2030, from 2038, under a coalition government agreement. It
also aims to end gas-fired power by 2040. Meanwhile, Portugal shuttered its
last coal-fired power plant nine years before its 2030 phaseout date.
a.. Nigeria has become the first major
developing economy to commit to set annual carbon budgets in line with a new
goal for net zero emissions by 2060. Africa’s biggest oil producer will also
set five-year carbon budgets and set up a climate change committee, through
a law modelled on the UK’s 2008 Climate Change Act.
a.. IKEA intends to phase out plastics in
consumer packaging by 2028. This will require engineering of new solutions
and collaboration with product development teams and suppliers.
For more news from across the Race to Zero
and Race to Resilience communities, check out racetozero.unfccc.int.
Mark Your Calendars
a.. Water in the State and Trends in
Adaptation 2021 Report: Africa - Water Adaptation Community webinar: 15
December
b.. Economic and Social Council Informal
Briefing on the outcomes of COP26: 15 December
c.. UNDP: A World after COP26: Key takeaways
and what is next?: 15 December
d.. World Economic Forum in Davos: 17-21
January
e.. Gobeshona International Conference on
Research into Action: 20-24 January
f.. World Wetlands Day: 2 February
g.. Middle East and North Africa Regional
Climate Week: 28 February-3 March
h.. UN Environment Assembly: 28 February-2
March
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From: Global Climate Action
Sent: Wednesday, December 15, 2021 1:55 PM
Subject: Vladimir, here is the latest news from the High-level
Climate Champions at COP 26!
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