LONDON, Sep 30 (Businesshala) – The UN climate talks in November are an important catalyst for urgent action to keep a lid on global warming, a global coalition of 40 energy producers, industrial companies and financial institutions said on Thursday.
An Energy Transition Commission (ETC) report outlined six actions that need to be agreed upon at COP26 and to be implemented this decade to give the world a 50% chance of limiting global warming to 1.5 °C and reducing it. Given a 90% chance of keeping below 2C.
In 2015, governments agreed to limit average temperature rise to below 2C and step up efforts to limit it to 1.5C, a measure scientists say will face the worst effects of global warming on the planet and its inhabitants.
They are due to meet in Glasgow, Scotland, in the first two weeks of November for the next round of UN climate talks, to make more ambitious pledges to keep the 1.5C limit within reach.
But scientists said last month that without immediate steps to cut emissions, average global temperatures are likely to reach or exceed the 1.5C threshold within 20 years.
The ETC said the action is either closer to the cost, or to include costs that richer, developed countries can afford domestically, adding that if they need to be implemented by low-income countries, then The cost should be covered by the support of the wealthy.
“A 1.5c route is not yet out of reach: but we are running out of time to make it attainable. COP26 could act as a key catalyst to accomplish the tasks needed to achieve this ,” said the ETC report.
Scientists say that so far about 40% of global warming has been caused by methane rather than carbon dioxide emissions.
“COP26 should be used as an opportunity to launch an initiative to reduce annual (methane) emissions by at least 150 million tonnes by 2030,” the ETC report said.
Action is also needed to stop deforestation and start deforestation because 3.6 gigatonnes of carbon dioxide annual emissions could be eliminated by 2030 if deforestation stops.
There is a need to phase out coal-fired power generation. Clear international agreement is needed to build no new coal plants, which would eliminate most of the 300 gigawatts of new coal pipeline capacity today.
Agreement to ban all sales of internal combustion engine light-duty vehicles by 2035, combined with city-based action to prohibit the use of these vehicles, which now exist beyond certain dates, of cars on the road 20% could be electric and could deliver approximately 2 gigatonnes of carbon dioxide reduction by 2030.
Heavy transportation, heavy industry and buildings also need to decarbonize faster and improve energy efficiency. (Reporting by Nina Chestney; Editing by Alexander Smith)