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United Nations Secretary Antonio Guterres (Photo: WAM)

Shifting taxes from income to carbon, ending subsidies for fossil fuels, and ending investments in and construction of coal plants by 2020 are all efforts that will benefit from bold and genuine business buy-in and support, he said … reports Asian Lite News

United Nations Secretary Antonio Guterres (Photo: WAM)

United Nations Secretary General Antonio Guterres on Wednesday in a stern warning called on the nations advocating for fossil fuels and creating roadblocks in carbon neutral transition asking them to end those activities soon.

“I also call on anyone who is still lobbying their governments for a slow transition or even no transition – to end those activities now. The world is watching,” he emphasised in his address in the final week of the United Nations climate talks, COP25, which is being hosted in Madrid.

Shifting taxes from income to carbon, ending subsidies for fossil fuels, and ending investments in and construction of coal plants by 2020 are all efforts that will benefit from bold and genuine business buy-in and support, he said.

In 2020, many governments will present enhanced Nationally Determined Contributions (NDCs). We expect to see carbon neutrality strategies for 2050, and the decarbonisation of key sectors, such as energy, industry, construction and transport, added the UN Secretary General.

“In support of these efforts, I am calling on you, leaders from the private sector, to challenge your governments to use this opportunity to make clear their economic development policies that will enable your companies to invest decisively in a net-zero future,” Guterres said.

“We are still seeing too many bureaucratic and regulatory obstacles, including perverse fossil fuel subsidies and many other expressions of government action slowing down the private sector commitment to climate action.

“Only through positive ambition can private and public partners successfully drive ambitious climate action, particularly in hard-to-abate sectors,” the UN chief said.

To limit global temperature rise to 1.5 degrees Celsius above pre-industrial levels, there is a need to cut greenhouse gas emissions by 45 per cent by 2030 and achieve carbon neutrality by 2050.

“While we see some incremental steps towards sustainable business models, it is nowhere near the scope or scale required. What we need is not an incremental approach, but a transformational one. We need businesses to unite behind the science by taking rapid and ambitious action across their operations and value chains,” Guterres said.

I am encouraged that more than 170 major companies have already committed to set scientific, verifiable emission reduction targets aligned with a 1.5-degree future through the aBusiness Ambition for 1.5 degrees’ campaign, he added.

By stepping up and setting science-based targets, these companies are pioneering new ways of doing business and driving systemic change throughout the global economy,” he said.

They are also sending a clear signal to consumers, investors and governments that they intend to lead as the global economy undergoes a just transition to a net-zero future by 2050.

At the same time, the financial community is increasingly demonstrating commitment to the opportunities of a green economy.

Investors managing close to $4 trillion dollars in assets have committed to converting their investment portfolios to net-zero emissions by 2050 through the UN-convened Net Zero Asset Owner Alliance, and the markets are shifting more and more each day, Guterres said.

But business and financial actors can’t do this alone, he stressed.

“As we saw at the Climate Action Summit in September, the determination demonstrated by business and financial leaders offers a potential path of hope. As businesses back away from fossil fuels it helps send market signals to massively scale up innovative solutions. While we thank those leaders, we urgently need more to join and shift the pace to higher gears,” Guterres said.

The magnitude of the climate crisis is jeopardizing our future and life on the planet as we know it. Climate change is already disrupting people, business operations, economies and ecosystems around the world.

More than ever we need governments, regions, cities, businesses and civil society to work together towards a common goal of a more just, sustainable and prosperous world,” he said, adding he has come back to COP25 to appeal for a successful conclusion of the conference and increased climate action and ambition, he noted.

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