Gap between pledges and progress

By Anna Fedorova

As the Northern Hemisphere faces another unprecedented heatwave, the importance of climate change mitigation has never been more apparent. Decarbonisation – the process of reducing greenhouse gas emissions – is arguably the most important aspect of this process.

Specific targets for this were first introduced at a meeting in Paris in 2015 called COP21, where the leaders of 195 nations signed an agreement to limit global warming to a maximum of 2C above pre-industrial levels, and preferably 1.5C. This is called the Paris Agreement.

To achieve this ambitious target, the world must reach carbon neutrality, bringing CO2 emissions to net zero.

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Net zero is the balance between the greenhouse gases produced by human activity and the amount removed from the atmosphere, with the aim to have zero impact on the climate.

This is possible to achieve through a two-pronged approach that removes existing carbon dioxide from the atmosphere, while also reducing new emissions.

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After signing the Paris Agreement, 140 countries across the globe have set net-zero targets, and private finance has a major role to play in reaching these goals.

Read the full article in ESG Clarity Intelligence’s first e-zine