New Climate Economy Update: COP24 Debrief

NCE Update: December 2018 View this email in your browser *Table of Contents*
– COP24 Debrief <#m_-4123291724475175667_mctoc1> – Momentum is Building <#m_-4123291724475175667_mctoc2> – NCE at COP24 <#m_-4123291724475175667_mctoc3> – Looking Forward to Davos <#m_-4123291724475175667_mctoc4> – The Global Commission in the Media <#m_-4123291724475175667_mctoc5>
*COP24 Debrief*
*Photo: IISD *
The international climate negotiations in Katowice, Poland concluded with the progress needed to set the Paris Agreement in motion. While contentious at times, countries agreed to many of the core elements of the Paris rulebook, including common guidelines for how to report and assess progress in a more robust manner. The next stage is a strong focus on raising ambition, including at the UN SG’s Summit in 2019 and as countries prepare to submit their next round of national climate commitments. The science is clear that these must be more ambitious if the world is to curb dangerous levels of global temperature rise. The good news is that the evidence and examples collected in the 2018 New Climate Economy Report and many other recent analyses shows that bold climate action can be an economic and development opportunity. *Momentum is Building*
At COP24 and outside it a number of countries stepped-up with exciting new announcements that they are moving ahead on the low carbon transition, as well as a number of bright spots by states, cities, businesses and investors driving climate action. These include:
– The *World Bank Group* announced a new set of climate targets for 2021-2025 , increasing its current 5-year investments to around $200 billion in support for countries to take ambitious climate action. The new plan significantly boosts support for adaptation and resilience, recognising mounting climate change impacts on lives and livelihoods, especially in the world’s poorest countries. – *Nine multilateral development banks (MDBs)* agreed to align their work on six key areas , including on reducing emissions and building resilience to its effects and ramping up financial aid. – *EBRD*, announced plans to adopt a “no coal, no caveats” financing policy and slash lending to oil exploration and production projects as the organisation seeks to combat climate change. – Many developed countries made announcements on new finance commitments, including for the *Green Climate Fund* replenishment, as well as new pledges to the *Adaptation Fund* and *Least Developed Countries Fund.* – The *Marshall Islands *has become the first to submit a revised, more ambitious nationally determined contribution (NDC) ahead of the 2020 deadline. It sets a revised binding target of reducing GHG emissions to at least 32% below 2010 levels by 2025 and to at least 45% below 2010 levels by 2030. – *Norway *announced plans to become the first country to stop its biofuel industry buying palm oil *,* which has been linked to deforestation. – *Maersk*, the world’s largest container shipping group, pledged to cut carbon emissions to zero by 2050 (without offsets). They set a challenge to their supply chain to develop the technical solutions that can deliver on this commitment. – *Over 500 companies* representing nearly US$10 trillion in market value and with collective emissions roughly equivalent to Canada have committed to set science-based targets to reduce climate-warming in line with the Paris Agreement. – A global group of *415 investors managing US$32 trillion in assets *urged governments to: support and quickly adopt measures outlined in the Paris Agreement; accelerate the transition to a low-carbon economy, including by increasing investment in renewable energy, pricing carbon and reforming fossil fuel subsidies; and improve financial reporting on the impacts of climate change on businesses.
*NCE at COP24* Several members of the Global Commission on the Economy and Climate took part in COP24, including Co-Chair *Nicholas Stern, Angel Gurría, Naina Lal Kidwai, *and *Sharan Burrow*. NCE hosted joint events with the Government of Indonesia, Government of Germany and OECD, and NCE Commissioners and partners participated in official events, including the *High-Level Ministerial on Finance* and the *Talanoa Dialogue *, and multiple side-events with key partners, reinforcing the economic opportunities of bold climate action. NCE launched the German translation of its 2018 report executive summary , which *Nicholas Stern *handed over to BMZ State Secretary *Martin Jaeger.* NCE and the Indonesian Ministry of National Development Planning (BAPPENAS) co-hosted a ministerial event on investing in low-carbon development. Indonesian Minister of Planning *Bambang Brodjonegoro,* *Nicholas Stern *and* Andrew Steer *all spoke on the economic potential of cities and the energy sector to shift countries toward low-carbon infrastructure. *Naina Lal Kidwai *also spoke on a panel during Gender Day , with her messages on gender and climate featured by the UNFCCC .
*Looking Forward to Davos* The World Economic Forum (WEF) Annual Meeting on 22-25 January 2019 focuses on “*Globalization 4.0: Shaping a Global Architecture in the Age of the Fourth Industrial Revolution”. *With climate change as a critical threat to socio-economic development, discussions at the WEF Meeting will set the tone for countries to enhance their national climate commitments ahead of 2020. By taking bold leadership on climate action, the private sector can give countries the confidence they need to step up ambition and meet the goals set out in the Paris Agreement.
*The Global Commission in the Media*
NCE Commissioners and partners have highlighted the findings of the NCE 2018 Report in multiple recent Op-Eds, media interviews and blogs, including:
– Action Needed to Tackle Climate Change , *Paul Polman* (US News) – Strengthening Africa’s Climate Resiliency , *Carlos Lopes* (Project Syndicate) – Building a future in tomorrow’s green economy , *Sharan Burrow* (Reuters) – To protect our future, new infrastructure must be low-carbon , *Naina Lal Kidwai *(Hindustan Times) – A Carbon Price Can Benefit the Poor While Reducing Emissions , *Helen Mountford and Molly McGregor *(WRI Insights)
Two New Climate Economy Factsheets have been developed drawing out key messages from the 2018 NCE Report on gender and on just transition:
– Climate Solutions: Women at the Fore – Climate Solutions: Ensuring a Just Transition
*Good Reads*
*Economic and Social Benefits of Action for Sustainable Cities in India* (Coalition for Urban Transitions & University of Leeds)
– Three new policy briefs assess pioneering local policies on rooftop solar , solid waste management and housing construction in New Delhi, Ahmedabad, Kochi and Trivandrum, India. The research finds that, if rolled out nationwide, these programmes could reduce energy bills for over 2.5 million households, provide almost 1 million additional homes and generate well over 100,000 new jobs. They could also cut India’s carbon footprint by over 16 megatonnes

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