Page 5 - AsiaElec Week 43 2021

AsiaElec COMMENTARY AsiaElec

suffering disproportionately from the impacts of
climate change. could fund mitigation and adaptation solutions
‘This is a particular slap in the face for vul- domestically and in vulnerable nations where
nerable nations who are suffering the worst con- the burdens of climate change are greatest.
sequences of climate change. The commitment Such innovation is needed to prevent ‘green-
of advanced economies to deliver $100bn per flation’, whereby the cost of reducing emissions is
year to vulnerable nations by 2020 for climate passed on to the consumer in the form of higher
action was not met, despite spending almost 17 energy prices.
times as much on COVID-19. And the $100bn
commitment was itself woefully insufficient for Forecasts
its task. To add to it all, we remain without a com- The report concluded that if more and better
mitment from the highest emitters to cover the net-zero commitments and targets for 2030 were
loss and damage that they have brought on the made, as outlined in the report, then forecasts for
world,” warned Oxford University’s O’Callaghan. global warming could be cut by 0.5°C from the
forecast of 2.7°C by 2100.
Methane and markets “Climate change is no longer a future prob-
The report stressed two major ways to ensure lem. It is a ‘now’ problem,” said Inger Andersen,
that emissions fall. The first is to reduce methane executive director of UNEP.
emissions from the fossil fuel, waste and agricul- “To stand a chance of limiting global warm-
ture sectors. The gas has a global warming poten- ing to 1.5°C, we have eight years to almost halve
tial over 80 times that of carbon dioxide over a greenhouse gas emissions: eight years to make
20-year horizon; it also has a shorter lifetime the plans, put in place the policies, implement
in the atmosphere than carbon dioxide – only them and ultimately deliver the cuts. The clock
twelve years, compared to up to hundreds for is ticking loudly.”
CO2 – so cuts to methane will limit the temper- A total of 49 countries plus the EU have
ature increase faster than cuts to carbon dioxide. pledged a net-zero target, covering over half of
Available no- or low-cost technical measures global domestic GHG emissions, over half of
alone could reduce anthropogenic methane GDP and a third of the global population, the
emissions by around 20% per year. Implemen- report said.
tation of all measures, along with broader struc- As such, the report stressed the inadequacy of
tural and behavioural measures, could reduce existing climate change plans by the world’s rich-
anthropogenic methane emissions by approxi- est and most industrial nations. More will need
mately 45%. to be done, and the COP26 summit in Glasgow
The second issue is carbon markets, which will concentrate minds and sharpen the focus of
have the potential to reduce costs and thereby the world. But as always, it is the wealthiest and
encourage more ambitious reduction pledges. most industrialised countries that need do the
However, there must be clearly defined rules required heavy lifting if net zero is to be reached.
that are designed to ensure that transactions Key countries to watch are China, South
reflect actual reductions in emissions, and are Korea and Japan. All three have not yet formally
supported by arrangements to track progress and submitted updates NDCs to the UNFCCC, but
provide transparency. Otherwise there could be have announced enhanced pledges that result in
a risk of greenwashing, as green investments annual reductions by 2030 of about 1.2bn tonnes
could prove to be less green that promised. of CO2 equivalent. But, as the report finds, this is
Revenues earned through these markets not enough; more is needed.™

Week 43 27•October•2021 www. NEWSBASE .com P5