Page 4 - AsiaElec Week 43 2021

AsiaElec COMMENTARY AsiaElec

UN warns that net-zero pledges are

insufficient and not urgent enough

GLOBAL A majority of G20 net-zero pledges made so far remove an additional 28bn tonnes of CO2 equiv-
are not strong enough and are not backed up by alent of greenhouse gas (GHG) emissions, over
meaningful and effective promises of action, and above what is promised in current updated
the United Nations Environment Programme NDCs and other 2030 commitments.
(UNEP) said its Emissions Gap Report. With total GHG emissions set to reach 60bn
The report warned that there was too little tonnes in 2021, this means that emissions must
detail in current pledges from the world’s wealth- almost halve by as soon as 2030 in order to meet
iest nations about how they will reduce CO2 the 1.5 °C target.
emissions in order to reach net zero by 2050. One way forward is for more countries to
Taking all countries as a whole, the report published concrete investment plans in the
found that new and updated Nationally Deter- years to 2025 and to 2030, meaning that more,
mined Contributions (NDCs) only reduce pre- and quicker, action is required.
dicted 2030 emissions by 7.5%, while 55% is “While current pledges of action to 2030 put
needed to meet the 1.5°C Paris goal. us on course for global warming to reach 2.7°C
Indeed, the latest climate promises would above pre-industrial levels by 2100 – the times-
put the world on track for a temperature rise this cale set out in the 2015 Paris Agreement – the
century of at least 2.7°C, way beyond the 2°C and addition of these net-zero pledges, if fully imple-
1.5°C targets set out in the Paris Agreement. mented, could bring warming down to 2.2°C.”
The report also warned that developing and
emerging nations risk becoming the world’s big- Falling short
gest emitters if they do not receive more aid and The report found that what it terms the emis-
gain greater and more equitable access to climate sions gap is the result of a number of failings up
finance. to now.
For example, just 12 out of the 20 G20 mem-
More ambition bers have made net-zero pledges as of October
“Sadly ... the emissions gap remains .... countries 26. Secondly, most of these are not backed up
are still plotting a course to blow past 1.5 degrees. with details such as the activities they cover,
One chink of light is that around 50 countries ... detailed delivery plans or the extent to which
have made clear pledges to go to net-zero. But they rely on carbon offsetting.
these must be matched by ambition this decade,” Another problem is that what is contained
said Steve Smith, director of Oxford Net Zero in the pledge document does not always match
and one of the report’s authors. achieving net zero by 2050. The report found
The report also found that G20 were not that four G20 members with net-zero pledges are
directing post-coronavirus (COVID-19) recov- currently committed to emissions levels in 2030
ery investment into reducing emissions, thereby that would result in 25-95% greater emissions
not taking the current opportunities to boost than their pledges.
renewable energy as government’s spend tril-
lions on boosting economic recovery. Spending gap
“In 2021, there are trillions of dollars on the In terms of post-recovery spending, the report
table, and yet again, green industries are getting found that $16.7 trillion had been spent inter-
pennies. The huge sums spent to recover econ- nationally on pandemic packages, reflecting the
omies from COVID-19 are a once-in-a-gen- highest level of public spending since World War
eration opportunity to boost low-carbon 2.
technologies and industries. In most cases, However, just a small fraction of the $2.3
this opportunity is not being taken,” said Brian trillion of ‘recovery spending’ (some $400bn) is
O’Callaghan of Oxford University’s Global likely to help reduce GHG emissions.
Recovery Observatory. Finally, 90% of recovery spending is
The report said that while the recent wave of accounted for by seven countries: South Korea,
national net-zero pledges is a promising devel- Spain, Germany, the United Kingdom, China,
opment, the gap in ambition for the coming dec- France and Japan.
ade remains stark. This concentration of recovery spending
In terms of numbers, the report said that in rich countries means that emerging market
to have any chance of limiting global warming and developing economies are likely to become
to 1.5°C by 2100, the world has eight years to the world’s top emitters, while at the same time

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