Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

UN chief puts spotlight on 'movers,' excludes US, China at climate summit

Published 09/19/2023, 08:38 PM
Updated 09/20/2023, 12:42 PM
© Reuters. United Nations Secretary-General Antonio Guterres addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 19, 2023.  REUTERS/Brendan McDermid
ALVG
-

By Valerie Volcovici

UNITED NATIONS (Reuters) - U.N. Secretary General Antonio Guterres on Wednesday will gather heads of state and business leaders that he has identified as taking stronger action on climate change for a meeting aimed at building momentum ahead of the COP28 climate summit.

Missing from the list of 34 speakers representing countries at Guterres' Climate Ambition Summit are the world's biggest emitters China and United States, as well as the United Arab Emirates, the host of the COP28 gathering in December.

The summit will feature speeches from leaders who are responding to his call to "accelerate" global climate action, including Brazil, Canada, the European Union, Pakistan, South Africa and Tuvalu.

Guterres said one of the aims was to spur action from countries and companies whose climate plans were not in line with the global climate target.

Non-member states and international financial institutions that will get speaking slots include Allianz (ETR:ALVG), the World Bank, the International Monetary Fund, the city of London and the state of California.

U.S. Special Envoy on Climate Change John Kerry will attend the summit but will not deliver a speech, a spokesperson said.

The Secretary-General's office has kept a close hold on the list of invited speakers. Guterres' climate adviser Selwin Hart said in an interview with Reuters this week that the purpose of the summit was not to "embarrass" countries or companies that did not make the cut but to inspire more action from others.

The criteria for a leader to be selected to speak include proposals to update their country's pre-2030 climate plan; updated targets to achieve net-zero emissions energy transition plans that commit to no new oil, gas or coal; and plans to phase out fossil fuels.

New climate funding pledges or adaptation plans are also among the criteria for countries to particpate.

For businesses, cities and financial institutions, the UN requries them to represent transition plans aligned with UN integrity recommendations, emission reduction targets for 2025 that include indirect emissions, as well as plans to phase out fossil fuels that do not rely on carbon offsetting.

Guterres has been blunt in his public assessment of countries' climate actions and whether they will deliver on the Paris agreement goal to limit the rise in global temperature to 1.5°C.

"I'm not sure all leaders are feeling the heat. Actions are falling abysmally short," he said in his opening remarks of the UN General Assembly.

© Reuters. Tourists walk past the United Nations Headquarters in New York, March 24, 2008. REUTERS/Mike Segar/File Photo

A report released by the U.N. earlier this month said existing national pledges to cut emissions were insufficient to keep temperatures within the 1.5 C threshold. More than 20 gigatonnes of further CO2 reductions were needed this decade - and global net zero by 2050 - in order to meet the goals.

China's mission to the United Nations and UAE did not immediately respond for comment.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.