Article by Amanda Doyle
THE Climate Ambition Summit was held on 12 December to mark five years since the Paris Agreement, and saw many world leaders submitting new and updated climate pledges.
The Summit was hosted by the UN, the UK, and France, in partnership with Italy and Chile. It provided a platform for some discussion in lieu of the COP26 climate summit being postponed to next year. Around 75 world leaders, along with business executives and representatives from NGOs, gathered for the virtual summit.
New and updated pledges
Under the Paris Agreement, countries are expected to submit new or updated pledges – known as Nationally Determined Contributions (NDCs) – every five years. The Summit marks the first time that this “ratchet” system of increasing ambition has been used. NDCs covering 71 countries (the EU submits one NDC) were announced at the Summit or just prior to it.
A wind turbine in Elgin, Scotland, United Kingdom. Photo by Alyssa Bossom/Unsplash
The virtual Climate Ambition Summit held on December 12, 2020 marked the fifth anniversary of the adoption of the landmark Paris Agreement. The gathering was an important moment for countries to see where we stand in the fight against climate change and for world leaders to share how they’re ramping up climate action.
In the lead up to the summit, a number of studies showed that despite important signs of progress since the Paris Agreement was adopted in 2015, the world is not yet on track to limit global warming enough to prevent its most dangerous impacts. New WRI research found the world needs to ramp up the adoption of renewables 6 times faster, phase out coal power 5 times faster, transition to electric vehicles 22 times faster, urgently halt worsening deforestation, accelerate adaptation action and support to limit temperature rise to 1.5 degrees C (2.7 degrees F). The quicker we take action,
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Net Zero Underwriting Alliance : Axa boss proposes new climate alliance for insurance sector
Climate campaigners welcome proposal, but warn sector s net zero pledges are meaningless unless insurers end coverage for carbon intensive fossil fuel projects in the near-term
The chief executive of French insurance giant Axa has called for the creation of a net zero underwriting alliance that would see member companies from across the insurance sector align their business activities with the 1.5C warming pathway required under the Paris Agreement.
Setting out the idea during the Climate Action Summit hosted by the UK, France, Italy, Chile, and UN on Saturday, Thomas Buberl said the coalition should be launched ahead of the COP26 Climate Summit that is set to be held next autumn in Glasgow.
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