At the end of a climate summit organized by France two years after the Paris accord was signed, French President Emmanuel Macron announced 12 non-binding commitments, from a $300 million pledge to fight desertification to accelerating the transition towards a decarbonized economy.
“Today, we have begun to recapture the ground a bit in this battlefield, because concrete decisions were taken, because we were rightly pushed to take these commitments,” said Macron.
Public and private financial institutions pledged to channel more funds to spur the transition to a green economy and investors said they would pressure corporate giants to shift towards more ecologically friendly strategies. Macron said companies who were not “in the club” must be “named and shamed.
Among the commitments, more than 200 institutional investors with $26 trillion in assets under management said on Tuesday they would step up pressure on the world’s biggest corporate greenhouse gas emitters to combat climate change.
“This is not a choice between our planet and prosperity. We choose both. Actually, we can ensure that we are protecting the planet, by investing in the technology of the future,” said UK Prime Minister Theresa May.
“Let’s be aware and take concrete actions. We all have our own way of stopping climate change, but only if we unite our actions, there will be a better place for all, for the polar bears and for us. Let’s make the planet great again. Thank you,” said Eva, an American girl living in Paris.
Meanwhile, the World Bank announced that it would no longer finance upstream oil and gas projects after 2019, apart from certain gas projects in the poorest countries in exceptional circumstances, drawing praise from environmental groups.
“To ensure that we are aligned with our support to their countries to meet their Paris goals, today we are announcing that the World Bank group will no longer finance upstream oil and gas after 2019,” said World Bank President Jim Yong Kim.
However, the summit leaves no headline promise that will likely reassure poor nations on the sharp end of climate change that they will be better able to cope. — Reuters