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When Glasgow hosted COP26 in 2021, bringing together 120 world leaders and more than 40,000 participants, the UK was seen as a world leader in the battle against climate change. Former chair of the Committee on Climate Change Lord Deben believes the country can get back on track to net zero and regain its status as a global leader.
Climate-focused investors welcomed the change from the coal-wielding Scott Morrison, calling for an “investment grade 2030 emissions target”, and accompanying policy changes, including a National Transition Authority. Even so, we were reminded how far the G20 nations are from meeting their COP26 commitment to keep 1.5°C
For business, investments in fossil fuels are now far riskier because the market expects them to become strandedassets in the foreseeable future. As delegates head home, these are the key lessons that business leaders can take from Cop26. Nature came to Cop26 like never before. Their message to world leaders is loud.
Exercising influence Worldwide, i nvestments in nature-based solutions (NbS), such as reforestation, or flood recovery, need to more than double by 2030 to US$384 billion, and the newly agreed Global Biodiversity Framework calls for at least US$200 billion of private sector capital a year. The capacity to employ this capital is huge.
This would build further from COP26 in Glasgow when countries agreed to ‘phase down unabated coal.’ From an economic perspective, fossil fuels represent future indebtedness and strandedassets. There is a spark of hope. The science is clear that limiting global temperature rise to 1.5°C They are a poor investment.
This stands in contrast with China’s domestic energy policy, which is prioritizing a transition to renewable energy, peak emissions before 2030 and a net-zero economy by 2060. Of course, China is not the only culprit.
At COP26 in Glasgow last year, governments, businesses, and other stakeholders in the automotive industry and road transport committed to “rapidly accelerating the transition to zero emission vehicles to achieve the goals of the Paris Agreement”. China has emerged as a driver of the global EV market, almost tripling sales in 2021 to reach 3.4
SATURDAY 13 NOVEMBER – This statement is the We Mean Business Coalition response to the Glasgow Climate Pact, agreed at COP26. . An updated draft proposal was released by the COP26 Presidency this morning, on the last official day of the conference. READ THE FULL STATEMENT HERE > FRIDAY 12 NOVEMBER – ANALYSIS: .
With around 43% of its population currently without access to electricity, and a high proportion of the rest receiving intermittent or time-limited supply, Africa’s key energy priority is to achieve SDG 7 by 2030: access to affordable, reliable, sustainable and modern energy for all. . by 2030. . This represents quite a shift.
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