COP27 in Sharm el-Sheikh should “implement” the promises of COP26 in Glasgow
(Sustainabilityenvironment.com) – At the COP27 in Sharm el-Sheikh, raise climate ambition, combat methane emissions, give an important signal on climate finance. It is the request to governments of a group of 532 global investors representing a total portfolio of 39 trillion dollars.
To put the world in the right direction of 1.5 degrees, write investors, states must necessarily equip themselves with medium and long-term climate strategies, especially by updating their voluntary national contributions (NDC) with horizon 2030 before the November appointment in Egypt. But also to set out firmly on the path of farewell to fossil fuels. Cut deforestation, strengthen financial resources directed to the poorest countries and vulnerable to climate change.
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This is the first time that this group of investors – under the label of Investor Agenda – has made such ambitious demands. For example, there was no mention of reducing methane emissions in previous annual reports, while this year countries are specifically asked to join the Global Methane Pledge or to cut emissions by 30% by the end of the decade. Nor to climate finance. But the COP27 meeting in Sharm el-Sheikh is deemed too crucial to miss the opportunity.
“This is a strong call from investors for governments to strengthen, expand and accelerate their climate policies,” notes Rebecca Mikula-Wright, who sits on the board of Investor Agenda. “To maintain the 1.5% C threshold, protecting their citizens and their economies, governments must now adopt credible targets, starting to set deadlines for the phasing out of fossil fuels, supporting clean energy and encouraging decarbonization in all economies. We make this appeal now, knowing that a quick, orderly and just transition is essential for the prosperity and economic stability that investors, citizens and governments all want to see”.