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InvestmentsG20 leaders offer little new on climate ahead of COP26 By Reuters

G20 leaders offer little new on climate ahead of COP26 By Reuters

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© Reuters. Britain’s Prime Minister Boris Johnson, France’s President Emmanuel Macron, Germany’s Chancellor Angela Merkel and U.S. President Joe Biden pose for a household picture previous to a gathering throughout the G20 leaders’ summit in Rome, Italy October 30, 2021. Kirsty W

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By Gavin Jones, Jan Strupczewski and Angelo Amante

ROME (Reuters) – Leaders of the Group of 20 main economies agreed on a closing assertion on Sunday that urges “meaningful and effective” motion to restrict world warming however presents few concrete commitments.

The assertion represented “half-measures” moderately than “concrete urgent action”, one non-governmental organisation stated.

The outcome of days of powerful negotiation amongst diplomats leaves large work to be finished at a broader UN climate summit https://www.reuters.com/business/environment/sticking-points-un-climate-conference-2021-10-18 in Scotland, to the place most of the G20 leaders will fly immediately from Rome, and disenchanted climate activists.

The stakes are large – amongst them the very survival of low-lying international locations, the impression on financial livelihoods the world over and the long run stability https://www.reuters.com/business/cop/climate-change-what-are-economic-stakes-2021-10-25 of the worldwide monetary system.

The G20 bloc https://www.reuters.com/world/europe/thousands-demonstrate-rome-g20-discuss-climate-2021-10-30, which incorporates Brazil, China, India, Germany and the United States, accounts for an estimated 80% of world greenhouse fuel emissions.

“This was a moment for the G20 to act with the responsibility they have as the biggest emitters, yet we only see half-measures rather than concrete urgent action,” stated Friederike Roder, vp of sustainable improvement advocacy group Global Citizen.

The closing doc says present nationwide plans on methods to curb emissions must be strengthened “if necessary” and makes no particular reference to 2050 as a date to attain internet zero carbon emissions.

“We recognise that the impacts of climate change at 1.5°C are much lower than at 2°C. Keeping 1.5°C within reach will require meaningful and effective actions and commitment by all countries,” the communique stated.

The 1.5C threshold https://www.reuters.com/business/environment/climate-targets-making-sense-promises-2021-10-18 is what UN specialists say have to be met to keep away from a dramatic acceleration of excessive climate occasions like droughts, storms and floods, and to succeed in it they advocate internet zero emissions must be achieved by 2050.

CONSEQUENCES OF INACTION

The leaders solely recognised “the key relevance” of halting internet emissions “by or around mid-century”, a phrase that eliminated the 2050 date seen in earlier variations of the ultimate assertion in order to make the goal much less particular.

China, the world’s largest CO2 emitter, has set a goal date of 2060, and different massive polluters reminiscent of India and Russia have additionally not dedicated to the 2050 goal date.

U.N. specialists say that even when present nationwide plans are totally applied, the world is headed for world warming of 2.7C, with catastrophic penalties.

The closing G20 assertion features a pledge to halt financing of abroad coal-fired energy era by the tip of this 12 months, however set no date for phasing out coal energy, promising solely to take action “as soon as possible”.

This changed a aim set in a earlier draft of the ultimate assertion to attain this by the tip of the 2030s, exhibiting how sturdy the push-back from some coal-dependent international locations is.

The G20 additionally set no date for phasing out fossil gas subsidies, saying they are going to purpose to take action “over the medium term”.

On methane, which has a stronger however much less lasting impression than carbon dioxide on world warming, they watered down their wording from a earlier draft that pledged to “strive to reduce our collective methane emissions significantly”.

The closing assertion merely recognises that lowering methane emissions is “one of the quickest, most feasible and most cost-effective ways to limit climate change”.

G20 sources stated negotiations have been powerful over so-called “climate financing”, which refers to a 2009 pledge by wealthy nations to supply $100 billion per 12 months by 2020 to assist creating international locations deal with climate change.

They have failed to fulfill the pledge, producing distrust and a reluctance amongst some creating nations to speed up their emissions reductions.

“We recall and reaffirm the commitment made by developed countries, to the goal of mobilizing jointly USD 100 billion per year by 2020 and annually through 2025 to address the needs of developing countries,” the G20 assertion says.

The leaders “stress the importance of meeting that goal fully as soon as possible”.

World leaders will kick begin COP26 on Monday with two days of speeches that might embrace some new emissions-cutting pledges, earlier than technical negotiators lock horns over the principles https://www.reuters.com/business/environment/climate-targets-making-sense-promises-2021-10-18 of the 2015 Paris climate accord.

Any deal is prone to be struck hours and even days after the occasion’s Nov. 12 end date.

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