Reversing the direction of climate change
Last week we marked World Earth Day, an annual event with more than a 50-year legacy, to demonstrate support for environmental protection. This year, world leaders took part in a two-day virtual summit led by American President Joe Biden. Since the beginning of his presidency, Biden has stressed the importance of climate conversation to urge other leaders to increase their investment in clean energy to avoid reaching the “point of no return”.
Here are our key take outs from the summit:
A Global Warming and GPD
It was revealed that the global economy could lose up to a fifth of its economic output by 2050 if we do not focus on the dangers of climate change. Average temperatures will rise by 3.2 degrees Celsius.
The United States has pledged to halve its emissions by 2030
This pledge nearly doubles one made by Obama when he committed to lower emissions. “Our Development Finance Corporation is committing to net-zero emissions through its investment portfolio by 2040 and to increase climate-focused investments to 33 percent of all new investments beginning in 2023, the earliest of any country.” Biden said.
Britain has also pledged to cut its emissions by 78 percent by 2035
Prior to the summit, Boris Johnson announced Britain would cut carbon emissions by 78 percent by 2035, ahead of being a net zero producer by 2050. Johnson urged global citizens to make this decade the moment of decisive change in the fight against climate change.
Bill Gates urges to ‘Invest in Innovation’
Gates addressed the need for a change in how things are done globally with a focus on our tech industries. “To provide all the benefits of the modern lifestyle to people around the world, we need new zero-carbon products that are just as affordable—that have what I call a Green Premium of zero.” Gates said.
Peggy Shepard believes we need to ‘Build Back Better’
Shepard addressed the need for a restructure in priorities, asking leaders to consider investment within renewable energy and sustainable solutions to create clean water, fresh air and sustainable communities.
This blog first appeared on the iugis website here.