In an open letter published today and signed by CEOs of several leading global insurers, climate academics and environmental campaigners warn that without immediate and ambitious global action to reduce greenhouse gas emissions, the chance of limiting global average temperature increases to 2 degrees Celsius above pre-industrial levels will disappear. This will lead to significant shifts in climate risks around the world, threatening lives, livelihoods and economies. The specific outcomes listed below are vital to ensure a robust global outcome on emissions is sustainable to 2020 and beyond.
The conference today, hosted by the ABI and DECC will highlight the associated challenges for the insurance sector and discuss how insurers can use their roles as insurers and investors to help drive the transition to a low carbon world.
The specific action points that need to be addressed at the Summit are:
1 World leaders should work towards a collective action plan so that we deal with this common risk as one global community. Paris 2015 must not be a repeat of Copenhagen 2015 when the major players lacked ambition and no meaningful agreement was reached
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All countries must contribute, to an extent that reflects varying levels of responsibility for the problem, and capability to drive change. Responsibility and capability indicators must be clearly agreed.
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Without united action, efforts to mitigate climate risk are unlikely to be enough to keep global warming within 2 degrees Celsius relative to pre-industrial levels.
2 A decisive step forward on harmful emissions is secured, to limit global average temperature increases to 2 Degrees Celsius above pre-industrial levels.
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Many countries are already demonstrating significant endeavours towards decarbonisation.
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The technology and knowledge to enable us to move away from fossil fuels is increasingly advanced and countries are urged to engage with these new innovative developments.
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Mobilising private climate finance is a vital enabler, and countries should commit to increasing the attractiveness of climate friendly investment.
3. Any agreement reached is measurable and operates within a robust legal framework.
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Emission reduction targets are a vital component of any successful decarbonisation strategy
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A robust outcome from the UN Summit in Paris later this year will involve tangible, quantifiable and time-bound targets for all, within a robust legal framework.
Energy and Climate Change Secretary Ed Davey said:
“Getting a new global deal later this year is absolutely vital so we can avoid the catastrophic effects of climate change. Over the past five years we’ve made huge strides in tackling climate change in the UK - but we need to be frank that there is dramatically more work ahead. We’ve shown that going green and economic growth can go hand in hand, putting us in a strong position for the challenges ahead.”
The Climate Change conference details can be found here: |
