At COP27 UN Chief Calls For Climate Solidarity Pact
COP27: a new meeting was held the past few days, which further underlined that humanity has a choice, either to cooperate or perish. We are currently living in a situation where the Planet and its people are looking for some help, asking countries to make extra efforts to reduce emissions, wealthier nations and international financial institutions to help emerging economies, cut dependence on fossil fuels and stop building coal plants. All these measures have one purpose only, to provide sustainable energy for all. It is clearly specified that two countries must put in some effort to make this Pact a reality. We are talking about the two largest economies: China and the US.
Two elements have been discussed more in-depth during this meeting:
1. Tax oil companies
Money will be directed to people in need of it, especially to countries suffering loss and damage caused by the climate crisis.
BofA expressed its own opinion too, highlighting that the oil and gas sector has to do three things at once: accelerate its pathway toward net zero and ensure the security of supply while keeping energy affordable, without benefiting from “windfall” earnings.
2. More finance for adaptation
Banks and financial institutions must change their business model.
To adapt to the current Planet’s needs, the UK government claims that it is tripling funding from £500m in 2019 to £1.5b in 2025.
It was pointed out that Africa could be the world’s renewable superpower, thanks to the continent’s solar and wind technologies potential, which is 400 times larger than the total of the fossil fuels reserves left.
There’s a huge problem though. When it’s time to act, former US vice President Al Gore said that leaders have a credibility problem: they talk but they are not doing enough.
We all have to come together and act because those that give up are sure to lose.
Sources:
- https://news.un.org/en/story/2022/11/1130247
- https://www.ii.co.uk/analysis-commentary/cop27-growing-calls-massive-global-tax-big-oil-ii525937#:~:text=And%20at%20COP27%2C%20Barbados%20prime,sea%20levels%20and%20climate%20damage.
- https://www.edie.net/cop27-uk-to-triple-climate-adaptation-budget-to-1-5bn-as-rishi-sunak-unveils-new-funding-for-nature-and-energy/
Author: Eleonora Rabdau
At COP27 UN Chief Calls For Climate Solidarity Pact
COP27: a new meeting was held the past few days, which further underlined that humanity has a choice, either to cooperate or perish. We are currently living in a situation where the Planet and its people are looking for some help, asking countries to make extra efforts to reduce emissions, wealthier nations and international financial institutions to help emerging economies, cut dependence on fossil fuels and stop building coal plants. All these measures have one purpose only, to provide sustainable energy for all. It is clearly specified that two countries must put in some effort to make this Pact a reality. We are talking about the two largest economies: China and the US.
Two elements have been discussed more in-depth during this meeting:
1. Tax oil companies
Money will be directed to people in need of it, especially to countries suffering loss and damage caused by the climate crisis.
BofA expressed its own opinion too, highlighting that the oil and gas sector has to do three things at once: accelerate its pathway toward net zero and ensure the security of supply while keeping energy affordable, without benefiting from “windfall” earnings.
2. More finance for adaptation
Banks and financial institutions must change their business model.
To adapt to the current Planet’s needs, the UK government claims that it is tripling funding from £500m in 2019 to £1.5b in 2025.
It was pointed out that Africa could be the world’s renewable superpower, thanks to the continent’s solar and wind technologies potential, which is 400 times larger than the total of the fossil fuels reserves left.
There’s a huge problem though. When it’s time to act, former US vice President Al Gore said that leaders have a credibility problem: they talk but they are not doing enough.
We all have to come together and act because those that give up are sure to lose.
Sources:
- https://news.un.org/en/story/2022/11/1130247
- https://www.ii.co.uk/analysis-commentary/cop27-growing-calls-massive-global-tax-big-oil-ii525937#:~:text=And%20at%20COP27%2C%20Barbados%20prime,sea%20levels%20and%20climate%20damage.
- https://www.edie.net/cop27-uk-to-triple-climate-adaptation-budget-to-1-5bn-as-rishi-sunak-unveils-new-funding-for-nature-and-energy/
Author: Eleonora Rabdau
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