Dear John,
The United Nations Climate Change Conference of Parties (COP27) wrapped up last week. Read Ceres CEO and President Mindy Lubber’s reaction to the final agreement below. |
At COP27, the issue of helping small developing countries mitigate, adapt and recover from the devastating effects of climate change was rightfully at the top of the agenda. The poorest countries in the world did not cause the climate crisis but they are bearing the brunt of its devastation. We are pleased to see the final COP27 cover decision includes terms for establishing a loss and damage fund to help the most vulnerable and economically disadvantaged countries.
We also agree with its call for reform of the priorities and processes of multilateral development banks to fit the purpose of addressing the climate emergency, align with the global goal of net zero emissions, and better facilitate private climate investment in developing countries by providing de-risking mechanisms. Private capital will follow. Achieving our collective global climate goals necessitates that the entire globe be included in solutions and benefits and that all countries move jointly to reduce greenhouse gas emissions to levels that will bring climate stabilization.
However, climate stabilization will not happen if countries abandon the Paris Agreement goal of limiting global temperature rise to 1.5 degrees Celsius. While we are relieved that the governmental negotiators reaffirmed the need to keep global warming within the 1.5ºC limit, we are disappointed that they did not agree to pathways or means to achieve it. Ceres stand with 200 businesses, investors and other nonprofit organizations in affirming our commitment to 1.5ºC as a limit that must be achieved—and we are working towards it. Thousands of companies, investors, cities and states have committed to net zero emissions by 2050 and are working on meeting interim targets by 2030
in order to limit global warming to 1.5ºC—including 290 of the world’s largest asset managers. We need governments to join us in this commitment and enact policies that facilitate capital flows and infrastructure investment towards a net zero emissions future. |
Thank you,
The Ceres Team |
