COP24: are today’s climate change efforts enough to achieve our 2030 green target?
COP24 highlights that escalating climate risk can only be addressed by substantially greater efforts and rapid collective action.
COP24 highlights that escalating climate risk can only be addressed by substantially greater efforts and rapid collective action
In December 2018, the 24th United Nations Conference of the Parties opened in Poland, to discuss why CO2 emissions were once again on the rise, after three years of stabilisation.
Just days before, climate scientists on the Intergovernmental Panel on Climate Change (IPCC) asserted that keeping the global temperature increase to no more than 1.5°C is vital.
By doing so it means the planet and all its inhabitants, us, can avoid catastrophic and irreversible damage.
But to keep global warming at, or below that threshold, global greenhouse gas emissions would have to be cut from their 2010 levels by a significant 45% by 2030.
The UN Environment Programme acknowledged in its 2018 Emissions Gap Report, that the commitments undertaken by nearly 200 countries at the 2015 Paris Agreement, will not be sufficient.
If their current climate plans are implemented – it still means the global temperature would rise by nearly 4°C.
Much greater efforts are needed. Countries would have to more than triple their reduction ambitions for greenhouse gases just to keep global warming below 2°c.
This brings sharply into focus the major contributions that asset owners and investors, such as pension funds and corporations - and indeed the world at large - need to make, to successfully mitigate climate change risks.
At AXA IM we take these challenges very seriously and are redoubling our efforts on behalf of our clients to support a transition to a low carbon, sub 2°C, more sustainable world.
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AXA Investment Managers - 2019