Climate Action 2014-2015

COP 20 AND BEYOND
NEW COMMITMENT
TO RISE TO THE
CLIMATE CHALLENGE
By Lila Karbassi, Head, Environment and Climate, UN Global Compact
Our collective will to rise to the climate challenge has never been stronger. The major
challenges of climate change are now well understood. Scientists have shown that if
nothing is done, we will collectively face great climate insecurity. However, there are five
trends that inspire new hope for global progress towards meaningful action and a binding
climate agreement.
World governments have pledged to
limit the increase in global average
temperature to 2°C above pre-industrial
levels. However, with the current
trajectory of greenhouse gas emissions,
we will have even warmer temperatures
by 2100 – 3-4°C above the base level.
The consequences of climate change are
already being felt around the world, and
an increase of 3-4°C would cause even
more pronounced impacts related to
food security, water supply, the frequency
and intensity of storms, drought, and the
displacement of people in particular in
the most vulnerable countries.
FIVE MAJOR TRENDS
The question that arises is, are we able
to cope with this challenge? There is no
universal answer. However, here are five
trends that have led me to believe that our
collective will to rise to the challenge of
climate change has never been stronger:
Citizens are mobilising. The People’s
Climate March in September 2014
saw 400,000 people in the streets of
New York, and thousands of others in
cities around the world, collectively
demanding action on climate change.
Citizens have been mobilised on
climate change in the past, but this is
the first time people from all regions
of the world publicly demonstrated in
a collective manner their willingness to
influence political decisions on climate
action.
Major countries are committing to reduce
emissions. China, the largest emitter
of greenhouse gases in absolute terms,
expressed for the first time that it was
ready to act, and pledged in September
2014 to cut its emissions by 45 per cent
compared to 2005 levels. The USA, the
biggest per capita emitter, has pledged
to implement more stringent emission
standards to cut carbon pollution from
power plants. Together, China and the
USA, which represent over 40 per cent
of global greenhouse gas emissions, have
engaged in historic bilateral agreements
on climate issues. The European
Union also recently strengthened its
commitment on climate change by
agreeing to a 40 per cent reduction of
emissions by 2030.
Solutions have gone to scale. Lowcarbon
solutions are expanding quickly
and at competitive rates. 20 per cent of
energy consumption worldwide comes
from renewable energy, including 10
per cent from modern technologies
such as solar and wind. As pointed out
at the UN Private Sector Forum, the
cost of solar photovoltaic electricity is
now equal to or less than the cost of
electricity from other sources powering
electric grids in at least 79 countries.
What were once seen as emerging
solutions – hybrid and electric vehicles,
LED lights, wind turbines – have gone
mainstream and are now part of our
everyday lives.
Finance recognises the risks. For the first
time, a coalition of investors representing
US$500 billion of capital has committed
to measure and report on the carbon
intensity of their investments and
redirect part of their capital towards
low-carbon businesses by 2015. This
goes hand in hand with new financial
mechanisms that are taking hold. For
example, so-called ‘green bonds’ – issued
by commercial banks, investment and
20