The well-known words of Winston Churchill, pronounced in another context, seem to apply here too: “Now is not the end. Yet, these developments do not mean that net zero is in sight. This article is a collaborative effort by Mekala Krishnan, Tomas Nauclér, Daniel Pacthod, Dickon Pinner, Hamid Samandari, Sven Smit, and Humayun Tai. For their part, an ever-greater number of companies are recognizing how shifting investor preferences-as well as changes in technology, regulation, and consumer behaviors-are changing the basis for competition and are calling for an altogether greater level of global and local collaboration.
Capital markets are increasingly building emissions risk into asset prices, and venture investments in transition technologies are at an all-time high.
4 “Race to Zero campaign,” United Nations Framework Convention on Climate Change, unfccc.int. et al., Fossil CO 2 emissions of all world countries-2020 Report, European Commission, 2020, .Īnd more than 3,000 companies have made net-zero commitments as part of the United Nation’s “Race to Zero” campaign. GDP data for 2019 from World Development Indicators Data Bank, World Bank, emissions data for 2018 from EDGAR v6.0, EDGAR – Emissions Database for Global Atmospheric Research, May 2021. Crippa, M. See Net Zero Tracker, Energy & Climate Intelligence Unit, accessed on October 25, 2021,. The 74 countries include all EU countries (both EU member states that are covered only by the overarching EU net-zero target, and EU countries that have set their own targets in addition to the EU net-zero target, such as Germany). 3 Includes countries that have achieved their net-zero targets, or have put them in law, in policy documents, or proposed legislation. Already, 74 countries-accounting for more than 80 percent of global GDP and almost 70 percent of global CO 2 emissions-have put net-zero commitments in place. See also: “ Climate risk and response: Physical hazards and socioeconomic impacts,” McKinsey Global Institute, January 16, 2020. 2 The sixth assessment report of the Intergovernmental Panel on Climate Change, released in August 2021, reaffirmed that continued emissions of greenhouse gases will result in increasingly severe consequences for the Earth system and potentially abrupt and catastrophic changes that might occur as the climate passes “tipping points” Climate change 2021: The physical science basis, Intergovernmental Panel on Climate Change, August 2021, ipcc.ch. at the end of this month, the need for addressing the looming climate crisis seems to be grasped more broadly than ever before. The 26th such summit on climate-COP26-is scheduled to be held from October 31 to November 12, 2021, in Glasgow, Scotland. As leaders prepare for COP26 1 Conference of the Parties (COPs), in this context, are global climate summits organized by the United Nations, typically on an annual basis.
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