UN Climate Change Global Climate Action: Race to Zero update 29.07.20
Nigel Topping, CMG
Founder Ambition Loop, former UN Climate Change High-Level Champion at COP26, Member UK CCC, NED at UK National Wealth Fund
Unleash your imagination and courage: The low-carbon transition is well underway, as we can see from the thousands of businesses, investors, cities, regions and others who have joined the Race to Zero . The biggest barrier isn’t achievability, it’s the imagination and courage needed to drive a faster, grander transformation. In the new Netting Zero series of events, The New York Times will explore the solutions to climate change with insight from leaders in business, politics, science, civil society and elsewhere.
The global response to the Covid-19 crisis shows us that we can make swift, decisive changes to ward off an existential threat, and that delayed action comes at a greater cost, speakers said in the first Netting Zero event last week . To avoid similar and even bigger shocks than the pandemic, we must put health, resilience, efficiency and qualitative (not quantitative) growth at the heart of the economic recovery. “Most businesses that understand that their business continuity is dependent on the health of society understand that what they have to focus on now is shareholder primacy,” said Christiana Figueres, co-founder of Global Optimism and former executive secretary of UN Climate Change. If the business doesn’t contribute directly to social and environmental solutions, it will find that it is already in its “sunset phase,” she added. Mark your calendars for the next Netting Zero event on September 22: From Experiment to Everyday: The New Zero-Carbon Normal for Cities .
The road to a sustainable revival: This is the theme of another new series of events, Proyecto Zero , organized by El País and Iberdrola. It looks at the climate challenges and the potential solutions for different sectors. You can rewatch the first event here . The next, on the path to a circular economy , will be held on July 24.
And, delivering net zero: One more event for your calendars — a two-day event organized by Reuters , featuring companies that are setting structured plans and investments to make the Race to Zero a reality, on August 4 and 5.
Latest Publications:
Cutting carbon, protecting nature leads to millions of jobs: Systemic transitions across some of the most polluting industries could create 395 million jobs and $10 trillion per year in business opportunities by 2030, according to the World Economic Forum’s new report , The Future of Nature and Business . Conversely, over half the global GDP — $44 trillion — is at risk by the loss of nature if business continues as usual. For evidence of the benefits of investing in biodiversity and the environment, look to Costa Rica, said Costa Rican President Carlos Alvarado Quesada . “Costa Rica has shown that the transition to a carbon-neutral, nature-positive economy brings greater prosperity, jobs and new developments. It’s time to mainstream this model.”
India is the top emerging market for clean energy investment: The country could save $78 billion in power system costs, avoid 2.9 billion tons of CO2 emissions, and reduce respiratory illnesses and early deaths linked to air pollution, if it meets its ambitious clean power goals, according to Bloomberg Philanthropies and BloombergNEF . India’s top ranking in BNEF’s 2019 Climatescope report on clean energy investment in emerging markets reflects the enabling policies New Delhi introduced around its aim to have 450 gigawatts of clean energy by 2030, its openness to investors and the volume of renewables auctioned in recent years.
Innovation: Green Hydrogen Charging Ahead
Prepare to hear a lot more about green hydrogen in the coming months, as governments and investors wake up to its crucial role in the zero-carbon economy. Among those leading the charge is the European Commission, which this month released a strategy for promoting green hydrogen, which is made from renewables. Calling it the “missing part in the puzzle to a fully decarbonized economy,” the Commission noted that hydrogen can help decarbonize high-emitting sectors that rely on fossil fuels and can’t easily convert to clean electricity, such as steel, chemicals, shipping, aviation and heavy-duty trucking.
There are big plans for green hydrogen growth elsewhere, including in:
● Chile, which has determined that the fuel will support 20 percent of the country’s emissions reductions by 2050 and is developing a national strategy to make it happen.
● Germany, which aims to invest €9 billion to produce 14 terawatt-hours of green hydrogen by 2030.
● Neom, an economic zone in Saudi Arabia, which will produce 650 tons of competitively priced green hydrogen per day by 2025.
● Portugal, which plans to spend €7 billion to develop green hydrogen production and export capacity.
Deadline on 31 July: Send Us Your Feedback!
Tell us what you think! We want to hear your thoughts on the Marrakech Partnership for Enhancing Ambition and how we can improve it. Feedback due by July 31 . Meanwhile, thank you to all the partners who expressed interest in holding a November Dialogue to promote collaboration around the Marrakech Partnership Climate Action Pathways. We received nearly 140 responses, so will it take a bit longer than expected to get back to you. Stay tuned.
In Case You Missed it...
The mayors’ agenda for a green and just recovery: The C40 Global Mayors Covid-19 Recovery Task Force released a bold agenda last week for creating green jobs, investing in crucial public services, protecting mass transit, supporting essential workers, and giving public spaces back to people and nature.
Clean buildings, and 1.5°C-aligned power: Reducing emissions from the built environment requires alignment and collaboration across the sector and value chain. The World Business Council for Sustainable Development (WBCSD) has therefore proposed a new framework to help set the best emissions-reduction strategies and facilitate collaboration on solutions. This follows WBCSD’s new guide for electric utilities to set science-based emissions reduction targets in line with a 1.5°C temperature limit.
An investor guide to deforestation and climate change: Deforestation poses a unique set of risks for investors that hold equities in sectors such as food, household products, auto components, textiles and apparel. Check out Ceres’ new guide on the issue.
Major UK firms to quit diesel and petrol by 2030: BT, Centrica, Unilever and Engie are among the companies that have vowed to switch to electric fleets by the end of this decade. They’re part of the UK Electric Fleets Coalition , run by BT and The Climate Group.
Australia has a de facto goal for net zero emissions: Every state and region in Australia now aims to reach full decarbonization by 2050, the Australian Associated Press reported . This just shows the power local and regional governments have to drive broader change.