The United Nations (UN) Climate Summit this week heard a strong commitment for a meaningful, universal climate agreement in Paris next year, with a first draft to be presented in Lima in December.
“Change is in the air. The race is on, and you are leading by example. All must act, and all must act together,” UN Secretary-General Ban Ki-moon told leaders from around the world who met in New York for the summit. Leaders attending the summit reaffirmed their determination to limit global temperature rise to less than 2 degrees Celsius by cutting emissions. Many advocated for a peak in greenhouse gas emissions before 2020, decisively reduced emissions thereafter, and climate neutrality in the second half of this century. In addition, coalitions were announced in the areas of forestry, energy efficiency and transportation. And leaders of the oil and gas industry, along with national governments and civil society organisations, made a historic commitment to identify and reduce methane emissions by 2020. Green Climate Fund According to Ki-moon, public and private sources showed the way forward for mobilising the necessary finance we need for the Green Climate Fund. Many leaders called for the fund’s initial capitalisation at an amount no less than $10 billion. A total of $2.3 billion was pledged towards the fund’s initial capitalization today, and others committed contributions by November 2014. Financing climate-resilient development A new coalition of governments, business, finance, multilateral development banks and civil society leaders announced their commitment to mobilise upwards of $200 billion for financing low-carbon and climate-resilient development. Private banks announced they would issue $20 billion of green bonds and that they would double the market to $50 billion by 2015, next year. The insurance industry committed to double its green investments to $82 billion by the same date. A coalition of institutional investors committed to de-carbonize $100 billion by December 2015 and to measure and disclose the carbon footprint of at least $500 billion in investments. Carbon pricing“[Carbon pricing] is one of the most powerful tools available for reducing emissions and generating sustainable development and growth,” said Ki-moon.
Many leaders from government and business supported putting a price on carbon through various instruments and called for intensified efforts to eliminate fossil fuel subsidies. Thirty companies announced their alignment with the Caring for Climate Business Leadership Criteria on Carbon Pricing. A number of leaders agreed to join a new Carbon Pricing Leadership Coalition to drive action aimed at strengthening carbon pricing policies and redirecting investment. Climate adaption “ Adaptation needs are growing, particularly for the least developed countries and small island developing states, which are most at risk and need most international support,” Ki-moon told the Climate Summit Leaders agreed to strengthen and scale up the risk financing mechanisms for Africa and the Caribbean. A comprehensive climate risk resilience initiative was also launched to support Pacific small island developing states. New coalitions New coalitions are forming to meet the full scope of the climate challenge. The first Global Agricultural Alliance was launched to enable 500 million farmers worldwide to practice climate-smart agriculture by 2030. Leaders of the oil and gas industry, along with national governments and civil society organizations, made a historic commitment to identify and reduce methane emissions by 2020. A new Compact of Mayors, representing 200 cities with a combined population of 400 million people, pledged new commitments to reduce annual emissions by between 12.4% and 16.4%.Leaders from pension funds committed to de-carbonizing investments worth $100 billion and disclosing the carbon footprint of investments worth $500 billion. Paving the way forward “Looking forward, we must maintain the spirit of compromise and commitment that characterised our discourse. We must fulfil and expand on all the pledges and initiatives brought forward today,” said Ki-moon. “As we walk together on the road to Lima and Paris in December 2014 and 2015, let us look back on today as the day we decided — as a human family — to put our house in order to make it liveable for future generations.”
