MARKET DEVELOPMENT
Promises on Global Warming
Promises on Global Warming
24/10/2014 (Manila Standard Today) - Finally, the world’s major polluters are taking some bold action to cope with and help mitigate the effects of climate change or global warming.
In the next 15 years, the earth is not supposed to get warmer by 2°C above pre-industrial levels. That, it seems, can no longer be met.
The next threshold is the earth not being warmer 4°C than pre-industrial age. In this second scenario, the world has no choice.
“On current trends, warming could exceed 4°C by the end of the century, with extreme and potentially irreversible impacts. By building up greenhouse gas concentrations and locking in the stock of high-carbon assets, delay in reducing emissions makes it progressively more expensive to shift towards a low-carbon economy,” warns the Global Commission on the Economy and Climate.
“The risks associated with such (4°C ) warming are very large. They range from an increase in the frequency of extreme weather events such as floods and droughts, to severe pressures on water resources, reductions in agricultural yields in key food-producing regions, and losses of ecosystems and species. Changes in seasonal weather and precipitation patterns are already being observed, which can greatly affect rural livelihoods.”
Did you know that four of the ten of the world’s worst typhoons visited the Philippines? Of the four, three came during the watch of President BS Aquino. Two of the most recent and destructive are typhoons Pablo and Yolanda.
Yet, at the 2014 summit of leaders in New York Sept. 23, President Aquino was not among the world’s 100 leaders who addressed the United Nations General Assembly, although leaders of some islands with the population the size of a hundred LRT rides managed to speak before the UNGA. Our very own President Aquino addressed a smaller round-table plenary, which in a way was probably more effective as half of the audience was not asleep, unlike a UNGA-size crowd.
“We are not a major emitter,” said Aquino. (But) “Filipinos bear a disproportionate amount of the burden when it comes to climate change.” Among initiatives the Philippines has taken is in 2008, “we passed a Renewable Energy Act.” “We have undertaken a massive re-greening program on top of an intensified anti-illegal logging campaign.”
At the UN 2014 Climate Summit, Sec-Gen Ban Ki-moon asked leaders from government, business, finance and civil society to crystallize a global vision for low-carbon economic growth and to advance climate action on five fronts: cutting emissions; mobilizing money and markets; pricing carbon; strengthening resilience; and mobilizing new coalitions.
An unprecedented 100 heads of state and government and more than 800 leaders from business, finance and civil society attended the summit.
US President Obama took at dig at China, the world’s biggest polluter by volume, but not per capita. “As the two largest economies and emitters in the world, (US and China) have a special responsibility to lead,” Obama said. “That’s what big nations have to do.”
For his part, China representative Zhang Gaoli reported on:
China cutting carbon intensity by 40 to 45% by 2020 from 2005 level, a reduction of 2.5 billion tons of CO2 emissions; making obsolete, between 2006 and 2013, backward production capacity, including 94.82 million kilowatts in thermal power, 117 million tons in steel, 165 million tons in iron and 857 million tons in cement; increasing hydro power capacity two-fold, wind 60-fold, and solar power 280-fold; increasing its forest stock by two billion cubic meters and having preserved the largest forest plantation in the world. According to a World Bank report, China contributed 58 percent of all the energy saved globally between 1991 and 2010. In 2013, the installed renewable power capacity in China accounted for 24 percent of the world total.
On the other hand, Japan Prime Minister Shinzo Abe sees innovation as the key to the goal of a 50-percent reduction of global GHG emissions by 2050.
Germany’s Gerd Muller, meanwhile, vowed Germany (just like the rest of Europe), will cut carbon emissions 40 percent of 1990 levels by 2020; phase out nuclear power by 2022, and account for 40 percent of renewable energy by 2025. Germany has stopped funding coal plants.
Ban Ki-Moon hopes the world will agree to a new meaningful, universal agreement to cut emissions during the 21st Conference of Parties (COP) in Paris 2015. The first draft will be discussed in Lima this December in Lima.
At the New York summit, Ban Ki-Moon said leaders from more than 40 countries, 30 cities and dozens of corporations promised to double the rate of global energy efficiency by 2030 through vehicle fuel efficiency, lighting, appliances, buildings and district energy.
Also in New York, a new Declaration on Forests, launched and supported by more than 150 partners, including 32 government, 20 subnational governments, 40 companies, 16 indigenous peoples groups, and 49 NGO and civil society groups, would halve the loss of natural forests globally by 2020, and strive to end it by 2030.
Twenty-four leading global palm oil producers and commodities traders committed to zero net deforestation by 2020. and to work with governments, private sector partners and indigenous peoples to ensure a sustainable supply chain.
The transport sector promised substantial reduction in emissions from trains, public transportation, freight, aviation and electric cars. This could save $70 trillion by 2050 with lower spending on vehicles, fuel and transport infrastructure.
A new coalition of governments, business, finance, multilateral development banks and civil society leaders announced intent to mobilize over $200 billion for financing low-carbon and climate-resilient development.
Finally, leaders expressed strong support for the Green Climate Fund and many called for the Fund’s initial capitalization of no less than $10 billion.
Six countries pledged $2.3 billion to the Fund’s initial capitalization. Six others committed to allocate the contributions by November 2014.
In the next 15 years, the earth is not supposed to get warmer by 2°C above pre-industrial levels. That, it seems, can no longer be met.
The next threshold is the earth not being warmer 4°C than pre-industrial age. In this second scenario, the world has no choice.
“On current trends, warming could exceed 4°C by the end of the century, with extreme and potentially irreversible impacts. By building up greenhouse gas concentrations and locking in the stock of high-carbon assets, delay in reducing emissions makes it progressively more expensive to shift towards a low-carbon economy,” warns the Global Commission on the Economy and Climate.
“The risks associated with such (4°C ) warming are very large. They range from an increase in the frequency of extreme weather events such as floods and droughts, to severe pressures on water resources, reductions in agricultural yields in key food-producing regions, and losses of ecosystems and species. Changes in seasonal weather and precipitation patterns are already being observed, which can greatly affect rural livelihoods.”
Did you know that four of the ten of the world’s worst typhoons visited the Philippines? Of the four, three came during the watch of President BS Aquino. Two of the most recent and destructive are typhoons Pablo and Yolanda.
Yet, at the 2014 summit of leaders in New York Sept. 23, President Aquino was not among the world’s 100 leaders who addressed the United Nations General Assembly, although leaders of some islands with the population the size of a hundred LRT rides managed to speak before the UNGA. Our very own President Aquino addressed a smaller round-table plenary, which in a way was probably more effective as half of the audience was not asleep, unlike a UNGA-size crowd.
“We are not a major emitter,” said Aquino. (But) “Filipinos bear a disproportionate amount of the burden when it comes to climate change.” Among initiatives the Philippines has taken is in 2008, “we passed a Renewable Energy Act.” “We have undertaken a massive re-greening program on top of an intensified anti-illegal logging campaign.”
At the UN 2014 Climate Summit, Sec-Gen Ban Ki-moon asked leaders from government, business, finance and civil society to crystallize a global vision for low-carbon economic growth and to advance climate action on five fronts: cutting emissions; mobilizing money and markets; pricing carbon; strengthening resilience; and mobilizing new coalitions.
An unprecedented 100 heads of state and government and more than 800 leaders from business, finance and civil society attended the summit.
US President Obama took at dig at China, the world’s biggest polluter by volume, but not per capita. “As the two largest economies and emitters in the world, (US and China) have a special responsibility to lead,” Obama said. “That’s what big nations have to do.”
For his part, China representative Zhang Gaoli reported on:
China cutting carbon intensity by 40 to 45% by 2020 from 2005 level, a reduction of 2.5 billion tons of CO2 emissions; making obsolete, between 2006 and 2013, backward production capacity, including 94.82 million kilowatts in thermal power, 117 million tons in steel, 165 million tons in iron and 857 million tons in cement; increasing hydro power capacity two-fold, wind 60-fold, and solar power 280-fold; increasing its forest stock by two billion cubic meters and having preserved the largest forest plantation in the world. According to a World Bank report, China contributed 58 percent of all the energy saved globally between 1991 and 2010. In 2013, the installed renewable power capacity in China accounted for 24 percent of the world total.
On the other hand, Japan Prime Minister Shinzo Abe sees innovation as the key to the goal of a 50-percent reduction of global GHG emissions by 2050.
Germany’s Gerd Muller, meanwhile, vowed Germany (just like the rest of Europe), will cut carbon emissions 40 percent of 1990 levels by 2020; phase out nuclear power by 2022, and account for 40 percent of renewable energy by 2025. Germany has stopped funding coal plants.
Ban Ki-Moon hopes the world will agree to a new meaningful, universal agreement to cut emissions during the 21st Conference of Parties (COP) in Paris 2015. The first draft will be discussed in Lima this December in Lima.
At the New York summit, Ban Ki-Moon said leaders from more than 40 countries, 30 cities and dozens of corporations promised to double the rate of global energy efficiency by 2030 through vehicle fuel efficiency, lighting, appliances, buildings and district energy.
Also in New York, a new Declaration on Forests, launched and supported by more than 150 partners, including 32 government, 20 subnational governments, 40 companies, 16 indigenous peoples groups, and 49 NGO and civil society groups, would halve the loss of natural forests globally by 2020, and strive to end it by 2030.
Twenty-four leading global palm oil producers and commodities traders committed to zero net deforestation by 2020. and to work with governments, private sector partners and indigenous peoples to ensure a sustainable supply chain.
The transport sector promised substantial reduction in emissions from trains, public transportation, freight, aviation and electric cars. This could save $70 trillion by 2050 with lower spending on vehicles, fuel and transport infrastructure.
A new coalition of governments, business, finance, multilateral development banks and civil society leaders announced intent to mobilize over $200 billion for financing low-carbon and climate-resilient development.
Finally, leaders expressed strong support for the Green Climate Fund and many called for the Fund’s initial capitalization of no less than $10 billion.
Six countries pledged $2.3 billion to the Fund’s initial capitalization. Six others committed to allocate the contributions by November 2014.