In early October, we initiated a monthly journey with a news recap series that summed up the state of climate-related initiatives. As part of the European Innovation Council (EIC), we’re continuing this EIC Greenhouse Gas (GHG) joint initiative with a new round that brings you the latest and trendiest pieces of information on what’s being done and discussed about climate change and its imperatives. In this November edition, we’re hoping to provide valuable insights and practices conducted by external and main players, yet again.
For the times still are changing, and the EIC GHG programme has an ongoing mission to inspire entrepreneurial innovators to help transform how environmental matters are addressed, this monthly news recap initiative is offering once again an in-depth perspective on matters related to the climate. This time around, we’ve put together an immersive series recap of news articles that dwell on topics related to climate policy, climate science, and corporate climate.
‘The European Union and the Organisation of the African, Caribbean and Pacific States (OACPS) call for acceleration of climate action and ambition at COP26
In preparation for the 26th Conference of the Parties (COP26) of the United Nations Framework Convention on Climate Change (UNFCCC), the EU and the OACPS met in an OACPS High-level Dialogue with Partners on 15 September to discuss common priorities for the Conference.
One of the main concerns is the issue flagged on the latest Intergovernmental Panel on Climate Change (IPCC) report that confirms global warming will rise from 1.5°C to 2°C by the middle of the 21st century. What’s the plan to address this? Immediate, profound, large-scale, and sustained measures to reduce CO2 and other prejudicial GHG emissions. They’ve also called on all parties that have not yet done so to submit or enhance their Nationally Determined Contributions (NDCs) and Long-term Strategies that set us on the much desired and anticipated pathway to net-zero emissions.
COP26: world leaders agree deal to end deforestation
This brings us to the actual COP26 summit, where an historic declaration was made by world leaders to end deforestation over the next decade. Being one of the major causes of CO2 emissions, this deal aims to halt and reverse logging and is also part of a multi-billion package to tackle human-caused greenhouse gas emissions.
By signing this Glasgow Leaders’ Declaration on Forest and Land Use, both presidents and prime ministers from major producers and consumers of deforestation-linked products are committing to protecting nature, forests, and its ecosystems.
This valuable commitment comes together when more than 120 world leaders reunited in Glasgow to set new pledges to cut greenhouse gas emissions, amid concerns that key countries have failed to step up in their previous environmental commitments.
As a warning, António Guterres, the UN secretary-general, said: “We are fast approaching tipping points that will trigger escalating feedback loops of global heating”.
‘Breakthrough’: IMF develops fund to help debt-laden nations address climate risks
Correlated with the above, the International Monetary Fund (IMF) is in talks to develop a funding facility worth up to $50 billion. The goal? To not only boost climate resilience in debt-burdened poor and vulnerable nations but also to redistribute affordable finance from rich to poorer countries along with support to manage macro-economic climate risks.
IMF’s head Kristalina Georgieva reiterated this to reporters by saying that the trust fund possesses “a very important objective: to help countries transition to low-carbon climate-resilient, smart inclusive economies”.
Ever since the pandemic started, cash-strapped developing countries and small island states have been asking for financial support to make up for the loss of revenues from tourism and commodity trade. That’s why Sara Jane Ahmed (finance advisor to ministers from the V20 group of vulnerable countries) has lobbied the IMF to create this fund. She said: “The physical shocks caused by climate-fueled disasters have inadequate support, [yet climate change means] economic and financial disruption and destruction for the world’s most climate-vulnerable developing countries”.
Hence why this fund could provide support to vulnerable nations in developing economic strategies with climate resilience at their core – plus, struggling middle-income ones as well.
Planned fossil fuel output ‘vastly exceeds’ climate limits, says UN
Despite pledges of action from many nations, almost none have sufficient policies to wind down fossil fuel production. Conducted by the UN Environment Programme (UNEP) and other researchers, the report uncovered that global production of oil and gas is set to rise over the next two decades. It’s just coal production that is on track to decrease…but only slightly.
Given the fact this fossil fuel production is far from consistent with the 1.5°C target, here’s what Ploy Achakulwisut the lead author of this report had to say: “The research is clear: global coal, oil and gas production must start declining immediately and steeply to be consistent with limiting long-term warming to 1.5C, [but] governments continue to plan for and support levels of fossil fuel production that are vastly in excess of what we can safely burn”.
Inger Andersen, executive director of UNEP, also added: “The devastating impacts of climate change are here for all to see. At COP26 and beyond, the world’s governments must step up, taking rapid and immediate steps to close the fossil fuel production gap and ensure a just and equitable transition”.
Despite work that still needs to be done, Niklas Hagelberg at UNEP explained that “the data doesn’t look too good. But [keeping to 1.5C] is still possible if we rapidly move towards decarbonisation”.
Bill Gates says climate tech will produce 8 to 10 Teslas, a Google, an Amazon and a Microsoft
Lastly, the fourth-wealthiest person in the world, Bill Gates, recently stated that future returns in climate investing will be comparable to what the biggest tech companies have produced.
To break it down for you, during an interview that was part of the virtual SOSV Climate Tech Summit, he compared the investments that are currently being made in cleantech to the “early days of software and computing”. Much like nuclear fusion, nuclear fission, and energy storage that require “hundreds of millions or, in the case of nuclear, billions”, an important part of the new zero-emission technologies will need the same as well as have governments set “encouraging policies” to facilitate them.
Gates said: “There will be eight Teslas, 10 Teslas, [and] only one of them is well known today”. Plus, added that with climate innovation, “there will be Microsoft, Google, Amazon-type companies that come out of this space”. Ultimately, “for the winners, anybody who invested in Tesla is feeling very smart”.
It’s well-known that the difficulty lies in the air carbon capture, hydrogen, steel, and aviation fuel markets. However, there are plenty of good ideas that “have a likelihood of substantial success”, especially if they’re given the proper government assistance.
As a way of actively harnessing critical information that goes in line with the ‘green global trend’ we’re facing to preserve modern society for future generations, these are just a few of the articles that made the headlines this past October and at the beginning of November. If after reading this you’re asking yourself how you can also contribute to the solution in line with your capabilities, here’s our answer. As an EIC-funded SME, you can join the initiatives of the EIC GHG programme, be it the co-creation activities, the webinars & resource library or by use of the EIC GHG Tool. Being a journey towards carbon neutrality, with a set of unique steps that you can benefit from, this programme will aid you in making your green contribution towards a cleaner and safer planet.
About the EIC GHG programme
With the EIC GHG programme, part of the Business Acceleration Services, the EIC offers its beneficiaries the support and expertise needed to assess, track and efficiently reduce their carbon footprint through the use of a dedicated GHG Tool, monthly webinars and further resources.
In addition, co-creation activities with corporates, industrial associations, regions in carbon transition and other EIC beneficiaries are planned. More information on the EIC GHG programme can be found here.
DISCLAIMER: This information is provided in the interest of knowledge sharing and should not be interpreted as the official view of the European Commission, or any other organisation.