Page 5 - AsiaElec Week 44 2021

AsiaElec COMMENTARY AsiaElec

This was signed by 80 countries, covering
over two-thirds of global GDP and about 46% of [for] the need to focus on fossil fuels. The meth-
global methane emissions. It will help limit up to ane pledge could be a start at bringing more spe-
0.2°C of warming across the next decade alone. cific details on the actions countries are going to
However, again the absentees were signifi- take. But we’ll need to see more over this week on
cant. China, Russia, India, Australia, Turkey and how countries will phase down the use of fossil
South Africa did not sign it, again potentially fuels,” said Alex Scott, Climate and Diplomacy
weakening the impact of any agreement and lead at green think-tank E3G.
future efforts. Major sources of methane include agricul-
Canada, for example, has become the first to ture, and leaks from oil and gas production and
commit to reducing methane emissions from the landfills.
oil and gas industry by 75% by 2030, compared Other agreements reached on November 2,
to 2012 levels. the second and final day that is set to be dom-
Biden highlighted that methane has been inated by world leaders, included a commit-
responsible for what scientists believe to be ment to end and reverse deforestation by 2030,
around 0.5C – nearly half – of the warming since which was also supported by Brazil, and a major
the 19th Century, second only to carbon dioxide. $8.5bn commitment to help South Africa move
European Commission President Ursula away from coal through a Just Energy Transition
von der Leyen said that cutting methane emis- Partnership.
sions was “ one of the most effective things we Finally, the US, the UK and the EU also raised
can do” to limit to 1.5 C the rise in global average the issue of climate finance, and endorsed a new
temperatures. paradigm of climate finance – spanning both
“We cannot wait for 2050, we have to cut public and private sources – (that) is required to
emissions fast,” she says. “It is the lowest hanging mobilise the trillions needed to meet net-zero by
fruit.” 2050 and keep 1.5°C within reach.”
“We have seen strong calls the past two days They said that this would require a mobilisa-
from leaders on the need to accelerate action this tion of capital that requires a collaborative effort
decade to keep 1.5C in reach. The UN and cli- from governments, the private sector and devel-
mate-vulnerable countries have been calling out opment finance institutions (DFIs).™

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