"We'll always have Paris"... The classic "Casablanca" quote isn't landing for global leaders. The UN's 26th annual climate summit just wrapped up in Glasgow. Lawmakers, biz execs, and activists from 200 countries met to help keep the 2015 Paris Agreement alive. Read: the target to cap global warming at 1.5 °C (2.7 °F) above pre-industrial levels. While the UN said the world is "way off track" in stopping rising temps, some new pledges could help:
- 100+ countries vowed to slash methane emission levels by 30% by 2030, led by the US and EU.
- 100 countries representing 85% of the world's forests agreed to end and reverse deforestation by 2030, backed by $19.2B in public and private funding.
- India, the second most populous country after China, vowed to hit net-zero emissions by 2070 and use 50% renewable energy in its mix by 2030.
- China, Earth's largest polluter, unexpectedly promised to finalize a plan to reduce its methane emissions this decade (without concrete deets).
- Ford, GM, and Volvo committed to phasing out fossil-fueled vehicles by 2040, as did some countries. The US, China, and Germany skipped the pledge.
The private sector steps in... While countries' pledges underwhelemed, the global finance industry made new efforts: a coalition of the world's largest financial firms that together control $130T in assets committed to using their $$ to hit net zero emissions targets in their investments by 2050.
- The alliance: 450 banks, insurers, and asset managers across 45 countries — including heavyweights like JPMorgan Chase, Citi, and BlackRock.
- Critics say the pledge falls short because it doesn't commit investors to stop putting money into fossil fuels – and it's non-binding. But it does show a broad commitment by financial firms to have emissions slashed in companies they invest in.
Global accountability is hard... It’s easier for individual governments to hold their citizens accountable, and vice versa. It’s much harder for countries to hold other countries accountable, especially when power is lopsided. After the summit, many countries still remain at odds. And pledges made have fallen dangerously short of the 1.5 °C target. Global temps are estimated to rise anywhere from 1.8 °C to 2.7 °C by the end of the century, which the UN says would be “catastrophic." For real change to happen, both governments and corporations need to step up.