18 November 2010
More than 250 of the world’s leading investors have issued an impassioned plea for policy action ahead of the UN climate talks this month, warning that inaction will risk economic disruptions “far more severe” than the global financial crisis.
A statement signed by 259 investors representing more than $15 trillion in assets, including heavyweights HSBC, Allianz, Deutsche Bank and Swiss Re, called on UN negotiators and the new US Congress to implement national and international strategies to foster private sector investment in the low-carbon economy.At the Cancún climate talks, the group is hoping for progress in a number of areas, including emissions reduction targets, climate finance architecture, fast-start funding delivery and climate change adaptation.The investors also hope the talks will deliver progress on a rapid timeframe for implementation of efforts to reduce emissions from deforestation and forest degradation (REDD) and for the expansion of the international carbon market. Investors called for greater clarity on the future of the UN carbon offset mechanisms, the Clean Development Mechanism and Joint Implementation, and emerging crediting mechanisms such as Nationally Appropriate Mitigation Actions.The statement said, without action, the impacts of climate change could cost up to 20% of GDP by 2050.Jack Ehnes, chief executive of the $442 billion pension fund California State Teachers' Retirement System called for climate change to be tackled and private investment for low-carbon technologies catalysed, adding that the risks of inaction are “potentially catastrophic”.“Climate change if left unchecked threatens economic disruption exponentially more serious than the recent financial meltdown,” he said.Ole Beier Sørensen, head of research and strategy at the Danish pension fund ATP and chairman of the Institutional Investor Group on Climate Change, said “strong, stable, transparent policy” is the single most important driver for private sector investment in climate change solutions.While policies in China and Europe are encouraging private sector investment in climate-relevant technologies, he said comparable economies such as the US risk being left behind because of a lack of policy drive.Timothy Wirth, UN Foundation president and former US politician, said the US is “alarmingly absent” from climate initiatives and challenged the lack of long-term policy framework for low-carbon investment.“The blunt fact of the matter is that our federal government is absent. We’ve got states like California moving aggressively but we have to spread that out across the country if in fact we’re going to take advantage of this opportunity,” he said.Charlotte DudleyA statement signed by 259 investors representing more than $15 trillion in assets, including heavyweights HSBC, Allianz, Deutsche Bank and Swiss Re, called on UN negotiators and the new US Congress to implement national and international strategies to foster private sector investment in the low-carbon economy.
At the Cancún climate talks, the group is hoping for progress in a number of areas, including emissions reduction targets, climate finance architecture, fast-start funding delivery and climate change adaptation.
The investors also hope the talks will deliver progress on a rapid timeframe for implementation of efforts to reduce emissions from deforestation and forest degradation and for the expansion of the international carbon market. Investors called for greater clarity on the future of the UN carbon offset mechanisms, the Clean Development Mechanism and Joint Implementation, and emerging crediting mechanisms such as Nationally Appropriate Mitigation Actions.
The statement said, without action, the impacts of climate change could cost up to 20% of GDP by 2050.
Jack Ehnes, chief executive of the $442 billion pension fund California State Teachers' Retirement System called for climate change to be tackled and private investment for low-carbon technologies catalysed, adding that the risks of inaction are “potentially catastrophic”.
“Climate change if left unchecked threatens economic disruption exponentially more serious than the recent financial meltdown,” he said.
Ole Beier Sørensen, head of research and strategy at the Danish pension fund ATP and chairman of the Institutional Investor Group on Climate Change, said “strong, stable, transparent policy” is the single most important driver for private sector investment in climate change solutions.
While policies in China and Europe are encouraging private sector investment in climate-relevant technologies, he said comparable economies such as the US risk being left behind because of a lack of policy drive.
Timothy Wirth, UN Foundation president and former US politician, said the US is “alarmingly absent” from climate initiatives and challenged the lack of long-term policy framework for low-carbon investment.
“The blunt fact of the matter is that our federal government is absent. We’ve got states like California moving aggressively but we have to spread that out across the country if in fact we’re going to take advantage of this opportunity,” he said.
Charlotte Dudley
Monday, 22 November 2010
Global CO2 expected to rise to record levels
Carbon dioxide (CO2) emissions are expected to reach record levels this year, according to a new study, despite the recession and global efforts to reduce greenhouse gases.
By Louise Gray, Environment Correspondent 6:00PM GMT 21 Nov 2010
The research, led by the University of Exeter and involving the University of East Anglia, found that growth in CO2 levels fell in 2009, though by less than expected, because of the economic recession.
However despite continuing problems in the economy in 2010 global emissions from the burning of fossil fuels will increase by three per cent, according to the annual survey.
The United Nations (UN) has been trying to reduce emissions by asking countries to switch to low carbon energy like nuclear or wind and improve energy efficiency.
In the developed world, where there is the money and infrastructure to switch to new technologies and access to fossil fuels is running out anyway, this has largely been successful.
The study, published in Nature Geoscience, found UK emissions were 8.6 per cent lower in 2009 than in 2008. Similar figures apply to USA, Japan, France, Germany, and most other industrialised nations.
Emissions from deforestation in tropical countries is also down because of international efforts to stop illegal logging.
However the massive growth of developing countries mean that more fossils are being burned than ever before. CO2 emissions from China, where there is also a large amount of coal, increased by 8 per cent in 2009.
This meant that the drop in emissions was much smaller in 2009 than the 2.8 per cent originally expected. Also the overall amount of global fossil fuel emissions was still the second highest in human history, at 30.8bn tons, just below the all-time high of 2008.
In 2010 the emissions from burning fossil fuels are expected to rise again, pushing the amount of CO2 produced by mankind to record levels.
The rise is largely because of the massive increase in the burning of oil and coal in countries like China and India as the population grows and people demand more electricity and goods.
“Global carbon dioxide (CO2) emissions – the main contributor to global warming – show no sign of abating and may reach record levels in 2010,” the study stated.
Concentration of carbon dioxide in the atmosphere is already more than 387 ppm (parts per million) and is expected to go up further.
Scientists believe that carbon dioxide is trapping heat in the atmosphere, causing the planet to warm in a process known as the ‘greenhouse effect’. It is feared that if concentrations increase further global temperature rise will be pushed beyond 3.8F (2C), causing floods and droughts across the world.
The results of the study by the Global Carbon Project will be used to put pressure on environment ministers meeting in Cancun, Mexico this month for the latest UN meeting to come to a global agreement on cutting emissions.
Scientists agree that global emissions need to halve by 2050 in order to keep temperature rise below 2C.
By Louise Gray, Environment Correspondent 6:00PM GMT 21 Nov 2010
The research, led by the University of Exeter and involving the University of East Anglia, found that growth in CO2 levels fell in 2009, though by less than expected, because of the economic recession.
However despite continuing problems in the economy in 2010 global emissions from the burning of fossil fuels will increase by three per cent, according to the annual survey.
The United Nations (UN) has been trying to reduce emissions by asking countries to switch to low carbon energy like nuclear or wind and improve energy efficiency.
In the developed world, where there is the money and infrastructure to switch to new technologies and access to fossil fuels is running out anyway, this has largely been successful.
The study, published in Nature Geoscience, found UK emissions were 8.6 per cent lower in 2009 than in 2008. Similar figures apply to USA, Japan, France, Germany, and most other industrialised nations.
Emissions from deforestation in tropical countries is also down because of international efforts to stop illegal logging.
However the massive growth of developing countries mean that more fossils are being burned than ever before. CO2 emissions from China, where there is also a large amount of coal, increased by 8 per cent in 2009.
This meant that the drop in emissions was much smaller in 2009 than the 2.8 per cent originally expected. Also the overall amount of global fossil fuel emissions was still the second highest in human history, at 30.8bn tons, just below the all-time high of 2008.
In 2010 the emissions from burning fossil fuels are expected to rise again, pushing the amount of CO2 produced by mankind to record levels.
The rise is largely because of the massive increase in the burning of oil and coal in countries like China and India as the population grows and people demand more electricity and goods.
“Global carbon dioxide (CO2) emissions – the main contributor to global warming – show no sign of abating and may reach record levels in 2010,” the study stated.
Concentration of carbon dioxide in the atmosphere is already more than 387 ppm (parts per million) and is expected to go up further.
Scientists believe that carbon dioxide is trapping heat in the atmosphere, causing the planet to warm in a process known as the ‘greenhouse effect’. It is feared that if concentrations increase further global temperature rise will be pushed beyond 3.8F (2C), causing floods and droughts across the world.
The results of the study by the Global Carbon Project will be used to put pressure on environment ministers meeting in Cancun, Mexico this month for the latest UN meeting to come to a global agreement on cutting emissions.
Scientists agree that global emissions need to halve by 2050 in order to keep temperature rise below 2C.