Page 8 - AsiaElec Week 49 2021

AsiaElec POLICY AsiaElec

UN’s Espinosa stresses need for

quick follow up on Glasgow goals

GLOBAL UN climate chief Patricia Espinosa said govern- “phase out” coal-fired power to “phase down.”
ments must quickly begin working to meet the “It shows that there is a consensus around the
goals set at the COP26 conference in Glasgow as notion that we need to get away from coal, and
part of the Glasgow Climate Pact. we need to get away from fossil fuels as well, and
She told Reuters that that the deals and also the clear understanding that this is not going
decisions made to limit global warming to 1.5 to happen overnight,” Espinosa said.
degrees Celsius left government with a long list Looking ahead, Espinosa said that the main
of talks to be carried out before the next COP task was to work with wealthy countries to meet
conference in Egypt in November 2022. the target of $100bn per year in climate finance
“We have so much work to do,” she said. “We for poorer states. She will work with countries
really have a very short time to produce results.” on a framework to increase that amount beyond
The Glasgow Climate Pact, backed by nearly 2025.
200 countries, explicitly mentioned fossil fuels That task is especially important, as it “will
and asks governments to accelerate emissions give a lot of confidence to developing countries
cuts and to boost funding for poorer countries before the COP starts in Egypt.”
struggling to adapt to a warmer world. Espinosa said that countries would also be
Countries, companies and investors have working to launch the so-called Santiago Net-
pledged to clean up emissions from cars and work, a new permanent secretariat within the
planes, curb methane emissions, protect forests UNFCCC created to help countries develop
and bolster green finance. strategies to address the impacts of loss and dam-
However, all the agreements are volun- ages caused by climate change.
tary, and they will require careful tracking and Also planned is a new system for countries
scrutiny. to update their climate targets more frequently.
The few key victories achieved at Glasgow Espinosa said that other issues to be
talks left Espinosa “hopeful,” she said. One of addressed included development banks and
those victories saw delegates agree on rules for financial institutions, which will be key sources
international trading of carbon offsets to meet of funds and low-cost loans for developing and
national climate targets. vulnerable nations.
The talks also recognised the need to fun She said he would urge the World Bank and
adaption, which means that that vulnerable the International Monetary Fund to prioritize
countries need more financial support both to investments in projects to help developing
transition away from fossil fuels and to prepare nations reduce their exposure to fossil fuels
for climate impacts like stronger storms and and strengthen their resilience against climate
heatwaves. change .
Espinosa stressed that the mentions of coal Developed countries need to reinforce this
and fossil fuels in the final agreements were a message, she said, and she will press countries
major achievement. with influence on the boards of these institutions.
Any commitment to reduce the role of coal “The question of how to change the portfolio
and fossil fuels was watered down by the cam- of the (World) Bank is challenging,” she said. But
paign by China, India and other coal-dependent “it is just necessary. We have no choice.”™
countries to change the initial commitment to

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