Biden summit brings new hope on climate but hard path ahead

Could the planet finally be on track to limiting climate change? After US President Joe Biden ramped up ambitions with a climate summit, experts are cautiously saying yes -- although a difficult path lies ahead.

At a 40-leader summit he convened just months into his presidency, Biden doubled US targets to slash greenhouse gas emissions responsible for climate change by 2030, with Japan and Canada also raising commitments and the European Union and Britain locking in forceful targets earlier in the week.

"Together we've made great progress," Biden told the closing day of the summit, which he called the "start of a road" to a rigorous new climate accord at a UN conference in Glasgow in November.

John Kerry, Biden's climate envoy, said that more than half the world's economy has now pledged action that would check warming at 1.5 degrees Celsius (2.7 Fahrenheit) above pre-industrial levels -- the aspiration set by the 2015 Paris Agreement to avoid the worst effects of climate change such as droughts, submersion of low-lying islands and worsening storms, hunger and migration.

But that still leaves half the world -- and the effects of climate change are already being felt, with the planet clocking year after year of record heat and extreme weather on the rise.

Fatih Birol, executive director of the International Energy Agency, told the summit that climate-warming emissions are on track for the second largest increase in history in 2021 amid the recovery from the Covid pandemic.

And more than half of the reductions needed to achieve goals of carbon neutrality mid-century will depend on technological innovations that do not yet exist, he said.

"Right now the data does not match the rhetoric and the gap is getting wider and wider," he said.

Bill Hare of Climate Analytics assessed that the new pledges reduced the gap in meeting the 1.5 goal by 12 to 14 percent -- a major reduction, but still not enough.

"On the other hand, politically, momentum is building for more ambition to come through this year," he said.

"Governments made commitments and the next big question is whether or not they actually implement them," he said.

A steeper gap remains on climate aid for the poorest nations, despite Biden's pledge to boost US funding that had been severed by his climate-skeptic predecessor Donald Trump.

- Eyes on China -

The key players will be both the United States and China, which together account for nearly 50 percent of emissions.

Chinese President Xi Jinping, pledging cooperation with the United States on climate despite a raft of other disputes, recommitted to carbon neutrality by 2060 and offered a hint of reducing reliance on coal -- the dirtiest form of energy, on which the manufacturing powerhouse remains heavily reliant.

He said China would "strictly control" coal and lower use in the next five-year development plan starting in 2025.

David Waskow, director of the International Climate Initiative at the World Resources Institute, said Biden's summit gave "really important traction" but that particular attention will be on whether China makes more concrete steps.

"There's no question that signaling politically that China is prepared to start phasing down coal by 2025 is extremely important," he said.

A number of leaders offered no new ambitions, notably Australian Prime Minister Scott Morrison.

Indian Prime Minister Narendra Modi -- pointing to his nation's much-lower energy use per capita -- announced cooperation with the United States but kept to previous pledges to reduce the intensity of emissions, not the absolute number.

- 'Baking it into the cake' -

Biden is investing heavy political capital on climate, also proposing to Congress a green-focused $2 trillion infrastructure package.

But his efforts face wide opposition from Trump's Republican Party, which is closely aligned with the fossil fuel industry and scoffs at most international agreements.

Waskow said the Biden administration was trying to move early to set climate action in motion with efforts such as backing clean energy and electric cars, with an expectation that businesses and state and local governments will keep moving ahead regardless of the political winds in Washington.

"They are baking it into the cake," he said.

Nathan Hultman, director of the Center for Global Sustainability at the University of Maryland, said that Biden had sent a "super-strong signal" on climate.

He noted the most of the 50-52 percent reductions by 2030 are eyed in power and transportation, sectors where immediate action looks most promising -- but said that far more will need to be done.

"There's no way we can even come close to 50 without other sectors," he said.

"The other thing to remember is that it's not just a story of getting to 2030 -- it's a story of getting to zero in the mid-century."

IMF's Georgieva calls for 'carbon price floor' to curb emissions
Washington (AFP) April 22, 2021 - IMF Managing Director Kristalina Georgieva on Thursday called for adoption of "an international carbon price floor" for large emitters such as the G20 countries in order to limit the rise in global temperatures.

The head of the Washington-based crisis lender made the appeal during a virtual climate summit hosted by US President Joe Biden, which is bringing together 40 heads of state including Chinese President Xi Jinping and Russian President Vladimir Putin.

"Over 60 pricing schemes have been implemented, but the average global price is currently $2 a ton, and needs to rise to $75 a ton by 2030 to curb emissions in line with the goals of the Paris Agreement," Georgieva said, referring to the deal which calls for action to keep the planet's temperature within 1.5 degrees Celsius (2.7 Fahrenheit) above pre-industrial times.

"Because of the urgency to act, we propose an international carbon price floor among large emitters, such as the G20," she said. "Focus on a minimum carbon price among a small group of large emitters could facilitate an agreement, covering up to 80 percent of global emissions."

Georgieva said any system should be "pragmatic and equitable, with differentiated pricing for countries at different levels of economic development."

A carbon tax combined with increased investment in environment-friendly infrastructure could raise global GDP 0.7 percent per-year and create millions of jobs, she said.

Most major companies failing climate targets: study
London (AFP) April 22, 2021 - Fewer than one in four of the world's largest companies are on track to meet basic climate change targets, according to a new study published on Thursday.

Findings of the survey of nearly 700 listed firms in 14 countries from 2015 to 2019 were unveiled on the day US President Joe Biden launches a virtual climate summit.

According to British investment firm Arabesque, just under a quarter (24.84 percent) of the world's large listed companies have taken action to limit global warming to 1.5 Celsius.

European companies are the best performers, particularly in Sweden (50 percent), Germany (39.29 percent) and Finland (33.33 percent).

France is just behind (32.5 percent), followed by Britain and the United States (both on 23.08 percent). China (8.51 percent) and Australia (4.55 percent) trail behind.

But the study found that 15 percent of the companies listed on leading indices including the FTSE 100, S&P 100, DAX and Nikkei do not publish their greenhouse gas emissions.

The proportion even increases to 29 percent for the Chinese Hang Seng.

The 2015 Paris Agreement seeks to limit global warming at 2.0 degrees Celsius (5.4 Fahrenheit) above pre-industrial levels, and if possible, no more than 1.5 Celsius.

The 1.5-degree target is proving difficult to achieve but 70 percent of firms are expected to meet the 2.0-degree figure by 2030.

"Declarations of good intention by themselves are not going to lead to the required timely actions," said Arabesque chairman Georg Kell.

"In fact, despite the growing number of commitments, average carbon dioxide levels in the atmosphere have increased since 2015.

"This year is a potential turning point, offering corporate leaders a chance to think big and to act accordingly. But time is running out."

Biden has invited 40 world leaders to a virtual Earth Day summit, including China's President Xi Jinping and his counterpart Vladimir Putin of Russia.

European lawmakers in Brussels on Wednesday reached a last-minute agreement with members states on a net reduction of "at least 55 percent" of greenhouse gas emissions by 2030.

Britain's Prime Minister Boris Johnson on Tuesday vowed an ambitious 78 percent cut to carbon emissions by 2035 compared to 1990 levels -- 15 years earlier than once planned.

London's environmental efforts are under particular scrutiny given it hosts the next UN climate conference, COP26, in Glasgow, Scotland, in November.

European Parliament, EU member states agree target to cut CO2
Brussels (AFP) April 21, 2021
The European Parliament and EU member states have agreed a target to cut carbon emissions by "at least" 55 percent by 2030, the EU Commission said in a statement released early Wednesday. The agreement comes after intense negotiations between parliament, who wanted at least 60 percent reduction, and leaders of the member states, who agreed 55 percent in November. The EU target will be formally incorporated into a "climate law", and comes after months of deadlocked talks that resumed early Tuesda ... read more