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Updated climate commitments ahead of COP26 summit fall far short, but net zero pledges provide hope, says UNEP report

Envirotec Magazine

New and updated climate commitments fall far short of what is needed to meet the goals of the Paris Agreement, leaving the world on track for a global temperature rise of at least 2.7°C C this century, according to the UN Environment Programme’s (UNEP) latest Emissions Gap Report 2021: The Heat Is On. per cent in 2020.

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Net Zero Action Depends on Public-Private Cooperation

Chris Hall

COP28 represents a critical, and perhaps the last opportunity for Parties and non-state actors to deliver on the ambitions of the Paris Agreement to limit global average temperature increase to 1.5°C But this is not widely recognised.

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Starting to Adapt 

Chris Hall

UNEP FI estimates the current adaptation finance gap is around US$194-366 billion per year, and positively, Climate Policy Initiative (CPI) found last month that adaptation finance had reached an all-time high of US$63 billion, growing 28% from 2019/20. Developed countries have also been asked to prepare a report on doubling by COP29.

UNEP 64
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UN: Pandemic causes dip in building emissions, but long-term outlook bleak

Envirotec Magazine

“This year showed that climate change is an immediate direct threat to every community on this planet, and it is only going to intensify,” said Inger Andersen, Executive Director of UNEP. per cent compared to 2019. This number has now hit 136, although ambition varies. Local cities and governments have also developed codes.

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Litigation Surge Reflects Evolving Climate Duties

Chris Hall

According to the UNEP Global Climate Litigation Report , more than 1,500 cases had been filed in 38 countries by July 2020. The number of cases is widely recognised as having doubled since 2015. Nor is it only companies as corporate entities that face possible lawsuits.

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Engagement with Consequences

Chris Hall

Despite this trend, commentators like Dan Carlin, UNEP FI’s Task Force on Climate-Related Financial Disclosures (TCFD) Program Lead, have made the case for further engagement with the fossil fuel industry. In fact, the total value of the institutions divesting is estimated to be US$40.5

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The Adaptation Agenda: Preparing Investors for a 1.5°C+ World

Chris Hall

C objective of the Paris Agreement would of course significantly limit these impacts. As the UN Environmental Programme (UNEP) summarises in their Adaptation Gap Report [8], “adapting to climate change makes economic sense” – with the Global Commission on Adaptation estimating a return of US$7.1 FTSE Russell Index Insights. [8]