A new report has found that major shifts will be needed if any meaningful change in the fight against climate change is expected to occur. The report, published last week, points to the seriousness of the challenges policymakers face as they prepare for the upcoming climate change summit set to occur in the UAE this November.
The report centered on the 2015 Paris Agreement, whose aim was to restrict global warming to 1.5o Celsius. It developed targets for 2030 and 2050 that aligned with the agreement, highlighting that only one indicator was set to meet its 2030 target: the sale of electric cars.
In a statement, World Resources Institute’s research associate and the report’s lead author, Sophie Boehm, stated that international efforts to restrict warming to 1.5o C were, at best, lackluster. Boehm added that despite decades of wake-up calls and warnings, global leaders hadn’t succeeded at mobilizing climate action to the scale they needed to. These delays, she continued, left the world with few ways to secure a livable future for everyone.
To help remedy the situation, the authors of the report proposed some measures that needed to be implemented if climate goals were to be achieved. They included the following:
- boosting growth in solar and wind power
- phasing out use of coal in generating electricity seven times faster than the rate at which plants are currently being retired
- adopting diets that were more sustainable as well as healthier eight times faster
- increasing the speed at which transit infrastructure was expanded
- reducing the annual rate of deforestation four times faster in the next seven years
UN Climate Change also released its own report on the matter, showing that governments globally weren’t doing all they could to avert the worst effects of climate change. The report, dubbed the NDC Synthesis Report, noted that more countries needed to be proactive in their attempts to reduce CO2 emissions.
Nationally Determined Contributions (NDCs) refer to the targets set for every country for reducing emissions and adapting to climate change’s effects. All nations that are part of the Paris Agreement are expected to update these targets every five years. UN Climate Change executive secretary, Simon Stiell, stated that the report demonstrated why governments needed to make bold steps forward in the upcoming climate change summit, noting that COP28 was a turning point.
Stiell added that agreeing on stronger actions to be implemented wasn’t enough, governments also needed to show how they planned to deliver on said expectations.
These calls for a quicker retiring of coal plants are possibly putting extra pressure on coal producers such as Alliance Resource Partners L.P. (NASDAQ: ARLP) to find alternative business verticals in which to operate given that the world is becoming impatient with the rate at which fossil fuels are accelerating climate change.
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