A study reveals that wealthy nations are not meeting their climate commitments, with none on track for a 1.5°C future by 2030. Investors call for better national climate policies, emphasizing that over 80% of rich countries are not contributing adequately to international climate financing. Notable exceptions like Costa Rica and Angola are recognized for nearing their emissions targets, yet substantial barriers remain.
A recent analysis conducted by the Assessing Sovereign Climate-related Opportunities and Risks Project (ASCOR) reveals that wealthy nations are falling short in their commitments to combat climate change. None of the 70 countries evaluated are projected to achieve a trajectory that aligns with the 1.5°C temperature increase target outlined in the Paris Agreement based on their 2030 national emissions reduction pledges. The findings indicate an absence of consistent or superior climate action from affluent nations, and investors are increasingly dissatisfied with the lack of credible governmental policies regarding climate and energy.
Victoria Barron, Chief Sustainability Officer at GIB Asset Management, emphasized the need for robust climate policies to drive investment, as current market assessments do not fully reflect climate risks. Moreover, legal accountability is growing, with nations now facing lawsuits for inadequate climate protection. The report highlights insufficient international climate financing, with less than 20% of wealthy countries meeting their commitments towards the global climate finance goal of $100 billion, increased to $300 billion at COP29. While some countries, notably Costa Rica and Angola, are approaching their emissions benchmarks, over 80% of assessed countries still lack transparent phasing out of fossil fuel subsidies. However, improvements are noted, with 40 countries establishing legal frameworks for climate action and a majority planning for climate risk management.
The issue of climate change has become imperative as global temperatures continue to rise, threatening ecosystems and human livelihoods. In this context, countries are evaluated on their climate pledges and actions, especially by investors who are keen to understand how sovereign debt may be impacted by climate-related risks. The ASCOR initiative scrutinizes the responses of nations to climate change, focusing on how these affect investor decisions and the economic implications of climate policies. Legal actions against countries perceived to be neglecting their climate responsibilities illustrate the growing accountability in governance related to climate change.
In conclusion, the study by ASCOR starkly outlines the inadequacies of wealthier nations in addressing climate change effectively. With no country on track to meet the 1.5°C goal and a significant proportion of wealthy states failing to engage in meaningful climate financing, the situation appears dire. This reinforces the urgent need for stronger climate policies and accountability measures to ensure that affluent nations fulfill their obligations, thereby fostering a more sustainable future.
Original Source: www.polity.org.za
