Page 11 - AsiaElec Week 45 2021

AsiaElec EMISSIONS AsiaElec

Guterres stresses

emissions, finance gaps still

major barriers to 1.5C

GLOBAL UN Secretary-General António Guterres told Looking at the positives of the conference,
the COP26 summit that much work remains to he welcomed that new voices such as the private
be done to fill the emissions gap and the finance sector, cities and municipal authorities, young
and adaptation gap, despite welcoming the people, women and indigenous communities,
agreements on forests, methane and coal made which have all made their voice heard.
so far. “I am inspired by the mobilisation of civil
His comments came as the conference waited society, by the moral voice of young people
for a new revised version of the draft agree- keeping our feet to the fire, by the dynamism
ment, which was published for the first time on and example of indigenous communities, by the
November 10. tireless engagement of women’s groups, by the
Discussion of the revised document, which action of more and more cities around the world,
will have to be agreed upon unanimously, is set by a growing consciousness as the private sector
to take place into November 12. aligns balance sheets and investment decisions
The agreements on forests, methane, clean around net zero.”
technology and coal were encouraging, he said. Looking ahead, he said that the UN would set
“But they are far from enough. The emissions up a regulatory body with real power to oversee
gap remains a devastating threat. The finance the quality of standards and targets in a bid to
and adaptation gap represents a glaring injustice avoid greenwashing.
for the developing world,” he warned. This would prevent companies and govern-
He also stressed that fossil fuels were still ments making emissions and climate changes
receiving subsidies from governments, and pledges without the ability to carry them out.
some countries are still building new coal power “We have a critical mass of global commit-
plants. ments to net zero. We must now zoom in on the
“Promises ring hollow when the fossil fuels quality and implementation of plans,” he said.
industry still receives trillions in subsidies, as “That is why I have decided to establish a High-
measured by the IMF,” he said. “Or when coun- Level Expert Group to propose clear standards
tries are still building coal plants.” to measure and analyse net-zero commitments
The draft agreement contains for the first from non-state actors. We need action if com-
time a call to phase out coal power plants and mitments are to pass the credibility test.”
fossil fuel subsidies, although this is expected to At the start of the conference, Guterres
be a major source of contention as negotiations warned that “we are digging our own graves.”
continue overnight. “Enough of brutalising biodiversity, killing
“Governments need to pick up the pace and ourselves with carbon, treating nature like a toi-
show the necessary ambition – we cannot settle let, burning, and drilling and mining our way
for the lowest common denominator,” Guterres deeper,” he said.™
warned.

Week 45 10•November•2021 www. NEWSBASE .com P11