27 October 2022 (London): Responding to the release of the UN Environment Programme's (UNEP) annual Emissions Gap report, Amir Sokolowski, Global Director for Climate Change at CDP said: “While the findings of the UN’s Emissions Gap Report are unsurprising, they are no less terrifying: the world is on track for climate catastrophe if emissions continue at their current levels.
This must serve as motivation for all to cut their emissions at a far faster rate. Ahead of COP27, CDP directs this call towards those high-emitting economies and entities, as well as those most capable to contribute to mitigating them, emitting or not, whose lack of action to date has disproportionally affected the most vulnerable across the planet and pushed the world to the brink of no return. Governments were given an unprecedented window of one year to review and strengthen their NDCs ahead of COP27. However, when the deadline passed last month, just 23 of the nearly 200 countries which signed the Glasgow Climate Pact had done so. Many major emitters did not increase their ambition, leaving us on track to reduce global emissions by only 7% by 2030.
Last year at COP26, governments committed to “phase down” fossil fuels through the Glasgow Climate Pact. Since then, there has been a worrying amount of domestic backtracking. Several EU nations are reopening coal plants. Earlier this month the UK, despite brokering the Glasgow Climate Pact, issued new oil and gas licences. Increasing the supply and use of gas and oil is not viable as it will mean we fail to meet the global climate goals and continue to prop up the current volatile fossil-fuelled energy system. This internal fragmentation is mirrored in the publicised discussions between financial institutions’ campaigns and the broader Race To Zero. Commitment here cannot waver.
Terrible events are indeed taking place however they cannot be used as a means to weaken global resolution. An agreement cannot be an “emergency”, whilst also being ignored at the first opportunity. Ignoring any of these commitments will inevitably lead to far worse outcomes in the near future.
International agreements are signed by governments, but they are implemented, often, by a significantly broader coalition of entities. Non-state actors are part of the solution, without their action there can be no solution. Despite the swathe of bold corporate commitments made at COP26, recent CDP data showed that the emissions reduction targets publicly disclosed by companies in G7 economies are still only ambitious enough to align with a 2.7°C decarbonization pathway. This is inexcusable. Through the Science Based Targets initiative, companies can set targets that are in line with the latest science: 1.5C pathway.
Companies, financial institutions and subnational governments must be held to account for progress, or lack thereof, against their commitments. Climate transition plans are essential: setting a target is an important first step, but a climate transition plan is vital in ensuring that a company actually has a delivery plan in place for the next critical five years. By disclosing through CDP, companies can then transparently track progress and be held to account.
In light of this, it is essential that developed countries keep their promises – they committed to $100billion annually for developing countries many years ago which has remained unmet. Negotiations on a new target for climate finance are set to take place at COP27. In Paris in 2015, countries committed to setting such a “new collective quantified goal” before 2025. These negotiations will be critical and must guarantee those most vulnerable to, and least responsible for, climate change the finance needed not only for climate change mitigation, but to adapt to its impacts.
It is integral that all real economy actors – both governments and non-state actors – not only make commitments that are aligned with science, but that they coherently report progress against them. One year on from the commitment COP in Glasgow, accountability and transparency are needed to ensure that we have moved to implementation and action.”
ENDS