Synopsis: Governments must effectively step up their national climate action plans. There is an opportunity to bring consensus for that in the upcoming Leaders’ Summit hosted by the United States.
It is time for bold climate action. We need to limit global heating to 1.5 degrees Celsius to stop the climate crisis from becoming a permanent disaster.
- There is a need to reach net-zero emissions of greenhouse gases by mid-century. Every country, city, business, and the financial institution needs to join this league and adopt solid plans for reaching net-zero.
- The governments should be able to match this long-term ambition with solid actions to re-engineer our future.
- Under the Paris Agreement, all countries are committed to set their own national climate action plans and strengthen them every five years. To achieve them, decisive and effective actions are required.
What actions should be taken?
The new national plans must reduce global greenhouse gas pollution by at least 45 percent by 2030. Clearer policies should be set up to adapt to the effects of climate change and lift access to renewable energy.
- Firstly, governments must step up their ambitions, mainly the biggest-emitting countries. Removing coal from the electricity sector is a very important step to achieve the 1.5-degree goal.
- Global coal use in electricity production must reduce by 80 percent below 2010 levels by 2030. This means developed nations have to phase out coal by 2030 and other countries must do this by 2040.
- Secondly, no new coal plants should be built anywhere. One-third of the global coal task force is more costly to run than building new renewables and storage. COP26 must indicate an end to coal.
- Thirdly, workers in affected industries and the informal sector should be supported as they switch jobs. Women and girls must be supported to drive transformation.
- Fourthly, the developed nations should commit to provide and assemble $100 billion yearly by:
- Doubling current levels of climate finance.
- Devoting half of all climate finance to adaptation.
- Stopping the international funding of coal.
- Shifting subsidies from fossil fuels to renewable energy.
- Fifthly, the G7 Summit in June provides an opportunity for the world’s richest nations to step up the needed financial commitments. It will confirm the success of COP26.
- Lastly, the decision-makers everywhere have an important role to play. By COP26, all multilateral and national developments banks must have clear policies in place to fund the COVID recovery and change into strong economies in developing countries.
- This should be done taking into account crippling debt levels and huge pressures on national budgets.
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