Climate

To reach the Paris Agreement climate goal, and stay under 2°C warming, emissions will need to peak in the coming years and be reduced to zero by 2050. China, India and the US play a key role in achieving this target as they emit over 50% of the global CO2 emissions and are by far the largest markets for renewable energies. Published today, the Allianz Climate & Energy Monitor Deep Dive aims to inform investors and policy-makers on the scale of investments needed in China, India and the US to be in line with the Paris goals; and what recent developments, especially regarding the leadership change in the US, mean for investing in renewable power in the future.

To reach the Paris Agreement climate goal, and stay under 2°C warming, emissions will need to peak in the coming years and be reduced to zero by 2050. China, India and the US play a key role in achieving this target as they emit over 50% of the global CO2 emissions and are by far the largest markets for renewable energies. The Allianz Climate & Energy Monitor Deep Dive aims to inform investors and policy-makers on the scale of investments needed in China, India and the US to be in line with the Paris goals; and what recent developments, especially regarding the leadership change in the US, mean for investing in renewable power in the future.

Phase-out and reallocation of fossil fuel subsidies (FFS) is a low-hanging fruit for financing and implementing the UN Sustainable Development Goals (SDGs). FFS reform has been included in the SDG architecture as a means of implementation for SDG 12 on sustainable consumption and production, but its linkages with other Goals should be taken into account to catalyze action on multiple issue areas.

South Africa is the only African country in the G20. It is challenged by a slowing, energy intensive economy, an enormous stock of ageing infrastructure in coal and very high inequality. For dealing with these challenges, South Africa needs to change its development strategy. Political momentum within the G20 could help to break the fossil fuel inertia.

Due to heavy rainfall the risks in Huaraz increase, but no considerable damage has happened yet. Hundreds of thousands of people in Peru are hit by floods and landslides which are the result of unusually strong rainfall. Poorer populations in particular are confronted with the consequences of those rainfalls. Many people lost their homes and are now facing an unsecure future.

Weather extremes are about to become the new norm: For the third time in a row, 2016 was the warmest year since the beginning of the weather records. In Asia, unprecedented heat in spring burst temperature records in India, Thailand, Laos and Cambodia. A drought in Africa, caused by one of the strongest ever experienced El Nino events, triggered a food crisis with more than 36 million people affected. In Haiti, the devastating impacts of hurricane Matthew left 1.4 million people dependent on humanitarian aid. Repeatedly, developing countries are the most affected. The long-term analysis of Germanwatch’s Climate Risk Index, covering the past 20 years, finds that the ten most impacted countries are exclusively developing countries.

In the latest publication of the project Middle East North Africa Sustainable ELECtricity Trajectories (MENA-SELECT), the authors Boris Schinke and Jens Klawitter (Germanwatch) together with Maurice Döring (BICC), Nadejda Komendantova (IIASA), Jenan Irshaid (IIASA) and Joanne Bayer (IIASA) develop criteria and indicators for conducting a sustainability assessment of different electricity generation technologies.

The Brown to Green Forum discussed with high-level representatives and experts from G20 countries how to increase ambition for climate action in the G20. It explored policy options, opportunities and new coalitions within the G20 and particularly discussed the role of the financial sector to drive the shift from fossil-fuel to low-carbon investments. Climate Transparency further presented a comparison of G20 countries’ climate action.

Ein Bündnis der G20-Staaten mit den am stärksten vom Klimawandel betroffenen Staaten und ihrer Ministergruppe V20 auf Augenhöhe? Das ist möglich und Deutschland sollte einen formalen G20-V20-Dialog auf den Weg bringen – im Interesse des Pariser Klimavertrags. Für viele der vom Klimawandel besonders bedrohten Staaten ist Klimapolitik eine Frage des Überlebens. Deswegen gehen die im Climate Vulnerable Forum (CVF) zusammengeschlossenen besonders verletzlichen Staaten in den Klimaverhandlungen immer wieder voran. Die G20, die Gruppe der größten Emittenten, sträubt sich hingegen nach wie vor, die notwendigen Maßnahmen zu ergreifen, um den globalen Temperaturanstieg auf 1,5 Grad zu begrenzen.

The landmark Paris Agreement and the Agenda 2030 provide a new framework for transitioning to a GHG-neutral and climate-resilient future, and towards truly sustainable development. The G20 as a forum of the leading industrial nations and emerging economies provides a platform for joint action towards achieving these global goals. Shifting global investment towards green finance, sustainable infrastructure and the global transition to renewable energy is one of the most urgent tasks ahead, and can only be reached by international cooperation.