Page 9 - REM Annual Review 2021

REM MARCH REM

considering net zero, those without targets such COP26
as Australia and Russia are in the minority and Looking ahead to the COP26 climate summit in
look increasingly isolated, it noted. Glasgow in December, the report warned that
Clarity is also an issue for energy companies. the pledges of governments and companies will
The report welcomed Shell’s commitment to face more intense scrutiny.
reducing the carbon intensity of its operations A key interim issue will be the 2030 targets
and sold energy products by 100% by 2050, that form part of the Paris Agreement. Here
while BP is committing to a 50% cut. countries must set out Nationally Determined
However, energy companies are silent on Contributions (NDCs) for their 2030 emissions
methane emissions, and many global giants, numbers.
such as Sinopec, ExxonMobil and Saudi Ara- The ECIU report called for further research
mco, have not yet made any net-zero pledges. to find out how helpful and compatible these
2030 targets are with meeting net zero.
China Indeed, targets can only serve as a starting
The report highlighted how China had recently point for a wider movement towards net zero.
undergone a significant gear change, setting Co-author Kate Cullen, Net Zero Policy
a 2060 target for net zero. However, the ECIU Researcher at the University of Oxford, said:
viewed that China, which produces 30% of the “Setting targets is the first step and these must
world’s CO2 emissions, would need to rapidly be used as the starting point for how countries,
improve its current interim targets if it is to meet states and companies develop detailed emissions
its 2060 target. reductions plans, particularly in the short term.”
The report said that the current 14th Five- She called for 2050 targets to be subject to
Year Plan offered no reductions in coal use, and robust monitoring, evaluation and assessment.
no clear details on when emission might peak. The report welcomed that fact that the
China’s new long-term climate targets risk being existence of net-zero targets covering around
undermined by a conspicuous lack of short-term two-thirds of the global economy represents a
urgency, the report concluded. remarkable advance in climate ambition since
The country’s current 2030 interim targets the Paris summit of 2015.
such as reducing emissions intensity, 1,200 GW Yet far more needs to be done in terms of
of wind and solar, and a lower share of the energy transparency, tracking and governance to ensure
mix for fossil fuels, are not enough, the report that the pledges and target announced by coun-
warned. tries and companies are commensurate with
long-term net-zero goals. ™

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