Wed 03 November 2021
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World Leaders Summit: (Day two of two)
More high-level pledges were made during the second day of world leaders' attendance at the COP. The EU and 11 individual other nations made a commitment to allocate more than $12bn to efforts to halt and reverse deforestation globally, supporting the deforestation pledge made the previous evening. There was also a focus on methane, with a commitment led by the EU and US to cut emissions 30% by 2030.
The so-called Global Forest Finance Pledge (GFFP) was hailed as the largest commitment of its kind. The 5-year support package is intended to help partner countries to protect, restore and sustainably manage forests worldwide and deliver on the Paris Agreement.
President Ursula von der Leyen said: “Forests are the green lungs of the earth. We need to protect and restore them. I gladly announce that we are pledging €1 billion to protect world forests. This is a clear sign of the EU's commitment to lead global change to protect our planet, in line with our EU Green Deal.”
Since last September, the EU and US have spearheaded a new Global Methane Pledge highlighting the potency and significance of methane as a greenhouse gas and stating the intention to cut emissions by 30% by 2030, against a 2020 baseline. Methane is emitted from a variety of sources but particularly from agriculture and natural gas production. The pledge has backing from more than 100 of the UN’s 193 member states.
Day two featured a wide range of speeches from a large number of world leaders including representatives of developing nation and vulnerable island states.
In other news announced today:
- Philanthropists, investors and others including the Bezos Earth Fund, Ikea Foundation and Rockefeller Foundation announced the formation of a major new alliance with central investment banks, aiming to mobilise $100bn for renewable energy, other low-carbon technologies and green jobs. It's called the Global Energy Alliance for People and Planet (GEAPP).
- The governments of India and the UK launched a ‘Green Grids Initiative’ to help overcome the intermittency of renewable power generation by connecting national grids across different time zones. The initiative will bring national governments, policymakers, businesses and other stakeholders together in efforts to accelerate the construction of new renewable energy infrastructure.
- A new ‘Breakthrough Agenda’ - a commitment to work together internationally this decade to accelerate the development and deployment of the clean technologies and sustainable solutions needed to meet our Paris Agreement goals, ensuring they are affordable and accessible for all. The overarching ambition is to increase the affordability and scale of technologies including low carbon hydrogen, sustainable agricultural systems and low carbon transport.
Some news headlines from Day Two:
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