Page 9 - REM Annual Review 2021
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                         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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