THE UK in partnership with Italy is hosting Climate COP26 at Glasgow, with heads of states, government delegates, business leaders, scientists and civil society activists in attendance. COP26’s major objective is the review of the status of the Nationally Determined Contributions that 190 countries committed to at Paris in 2015 to limit global warming to 1.5 degrees Celsius. Since Paris, scientific evidence strongly suggests that reaching that goal is urgent — the UNEP in its report on Emissions Gap has warned that country pledges under the NDCs will fail to keep the global temperature rise under 1.5C this century, and that the world will record 2.7C with hugely destructive impacts.
Economists now say that non execution of the climate change agenda would have catastrophic consequences for the global economy. Climate change is in fact a major opportunity for promoting sustainable economic growth. There are no trade-offs involved between economic growth and climate risk mitigation and adaptation and firms can reduce emissions without sacrificing profits. Public awareness about climate risks has grown over the last several years as new evidence and scientific reports are disseminated at regular intervals.
Paris had set a target of $100 billion in climate finance to be delivered by developed countries annually to secure net zero emissions by 2050 and keep 1.5C within reach. The other goal was to adapt and restore ecosystems to protect communities against climate risks. The...
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