investors turn against fossil fuels
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

at Paris climate summit

Investors turn against fossil fuels

Egypt Today, egypt today

Egypt Today, egypt today Investors turn against fossil fuels

French President Emmanuel Macron
Paris - AFP

Major investors vowed Tuesday to move away from Earth-warming fossil fuels as world leaders met in Paris seeking to unlock new cash to save humanity from climate "doom".

Two years to the day since 195 nations sealed the Paris Agreement to avert worst-case climate change, banks and companies announced billions of dollars of intended divestments from coal, oil and natural gas at a finance-themed climate summit.

But conference host France, as well as the UN and the World Bank, said efforts to shift the global economy into a green energy future were too little and too slow, as a report warned about unprecedented Arctic warming.

"We are losing the battle" against climate change, French President Emmanuel Macron told delegates. "We are not moving fast enough."

For his part, UN Secretary-General Antonio Guterres said continued fossil-fuel subsidies amounted to humanity "investing in its own doom".

"We are in a war for the very existence of life on our planet as we know it," Guterres told more than 50 heads of state including Mexico's Enrique Pena Nieto, Britain's Theresa May and Spain's Mariano Rajoy, at the summit called by Macron.

- 'Damning vote of no confidence' -

The US National Oceanic and Atmospheric Administration (NOAA) said Arctic warming -- which is happening at twice the planetary rate -- was the "new normal", and would have global consequences.

"The Arctic has traditionally been the refrigerator of the planet," said Jeremy Mathis, director of NOAA's Arctic Research Program.

"But the door to that refrigerator has been left open."

The Paris Agreement, which took more than two decades to negotiate, seeks to limit average global warming to under two degrees Celsius (3.6 degrees Fahrenheit) over pre-Industrial Revolution levels.

Under it, countries have pledged nonbinding cuts in greenhouse gas emissions from the burning of oil, coal and natural gas.

US President Donald Trump has called climate change a "hoax", rejecting the Paris deal and vowing to restore jobs in the fossil-fuel industry.

World Bank president Jim Yong Kim announced to loud applause Tuesday that the lender would "no longer finance upstream oil and gas after 2019" in a move hailed by Greenpeace as a "damning vote of no confidence to the future of the fossil fuel industry".

French insurer Axa, meanwhile, said it would speed up its divestments from the carbon sector, pulling 2.5 billion euros ($2.9 billion) from companies which derive more than 30 percent of their revenues from coal.

- Trump rejection 'misguided' -

And a group of more than 200 global investors launched a campaign to pressure the world's largest corporate carbon emitters -- including BP, Airbus, Volkswagen and Glencore -- to go greener.

According to the International Energy Agency, green energy investments of about $3.5 trillion per year will be needed for the world to stay under the Paris accord's two-degree limit, an amount double current spending.

On current emissions trends, the world is on course for warming of three degrees Celsius, experts warn, with life- and asset-threatening superstorms, sea-level rise, floods and droughts the result.

Trump came under fire from all quarters on Tuesday.

His rejection of the Paris pact was "politically short-sighted and misguided, economically irresponsible, and scientifically wrong," said former UN chief Ban Ki-moon.

But American businesses, regions and local government leaders have pushed on with climate efforts regardless of the federal government.

- 'Picking up the slack ' -

"It doesn't matter that Donald Trump backed out of the Paris Agreement," said former California governor Arnold Schwarzenegger, the face of the R20 network of regional climate actors.

"We at the subnational level, we're going to pick up the slack."

Still, many remain concerned about climate financing for developing countries, of which the US -- the world's biggest historical greenhouse gas polluter -- has traditionally been a major contributor.

Trump has vowed to slash climate finance and withhold $2 billion pledged to the Green Climate Fund.

Developing nations need the money to ease the costly shift away from fossil fuels and to shore up defences against weather disasters induced by climate change.

Rich nations, who have polluted more for longer, pledged in 2009 to muster $100 billion per year in climate finance from 2020.

On 2015 trends, total public financing would reach about $67 billion by that date, according to a report of the Organisation for Economic Cooperation and Development (OECD).

Climate activists welcomed the outcome of Tuesday's summit, though many said they had hoped for more funding announcements and a clear commitment from governments to stop financing fossil fuels.

The meeting showed that "countries, states, cities, businesses and civil society are firmly committed to their Paris commitments and are coming good on their promises, with or without the US," said Mohamed Adow of Christian Aid, which represents the interests of developing nations at the talks.

Macron called for a yearly gathering to take stock of progress.

"We started today to make ground on the battle field," he said. "I hope that in the coming weeks and months we can accelerate."

Source: AFP

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

investors turn against fossil fuels investors turn against fossil fuels



GMT 11:08 2017 Friday ,15 December

US void hard to miss at Paris climate summit

GMT 15:10 2017 Tuesday ,12 December

The greening of international finance

GMT 06:18 2017 Sunday ,10 December

Paris climate summit a chance

GMT 15:11 2017 Friday ,08 December

Stop investing in fossil fuels

GMT 07:59 2017 Sunday ,12 November

UN chief says $100 bln climate fund far

GMT 08:30 2017 Monday ,13 November

An off-roader that thinks it is a 911 racer

GMT 19:46 2012 Friday ,11 May

Egypt ends curfew around defence ministry

GMT 21:56 2017 Saturday ,21 January

Culture minister returns home from China

GMT 08:14 2017 Friday ,14 April

Premier meets British counterpart

GMT 12:15 2011 Saturday ,10 December

Iran respond Battlefield 3 with Attack on Tel Aviv

GMT 11:11 2011 Tuesday ,06 December

EA app offers $60 worth of in-game downloads

GMT 16:40 2016 Tuesday ,04 October

Taliban forces 'defeated' in Kunduz

GMT 16:43 2017 Tuesday ,31 October

Palestinian National Council deplores Israeli crimes

GMT 11:10 2011 Tuesday ,13 September

Angola wins Miss Universe

GMT 10:10 2017 Wednesday ,01 February

Handwriting could reveal your health condition

GMT 05:27 2012 Friday ,04 May

Hot Dog meets Bun: famous food discoveries

GMT 05:45 2017 Monday ,13 February

Chance the Rapper wins Grammy for Best New Artist

GMT 14:10 2011 Monday ,27 June

Populations around U.S. nuclear plants soar

GMT 01:40 2011 Tuesday ,06 December

Anggun wears Dina Jsr to 25th telethon

GMT 14:45 2011 Friday ,30 September

Michael Morpurgo: Q & A

GMT 18:43 2012 Wednesday ,06 June

How to wax your face at home

GMT 08:42 2011 Monday ,12 September

Knightley glows in Elie Saab

GMT 14:41 2012 Sunday ,13 May

Fruity delight for your skin

GMT 16:39 2015 Saturday ,19 September

Seeds scattered as Wickmayer, Linette reach Tokyo final

GMT 19:39 2012 Wednesday ,24 October

Libya fighters seize ex-Kadhafi bastion

GMT 00:47 2012 Tuesday ,28 February

Do we still need publishers?

GMT 01:07 2011 Saturday ,01 October

More British Muslims are tackling Islamic extremism
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday