Status of the Climate Ambition Partnership at the global level

Annex II: The Climate Ambition 2050 Partnership

 

Under the Climate Ambition Alliance Mitigation Footprint, Chile will lead strong actions to improve water management, infrastructure resilience and city sustainability.

 

"The consequences of not achieving zero net CO2 emissions by 2050 would be enormous, said the Secretary General of the United Nations, António Guterres. "It would have a ripple effect on every major development challenge facing humanity, increase the loss of life due to extreme weather emergencies, and dramatically slow down the global economy. It would be unacceptable to leave a legacy of neglect for our children. Instead, nations must boost the ambition of their national climate action plans for 2020 and show leadership in achieving this crucial goal for our world.

 

As host and chair of the next United Nations Climate Change Conference (COP25) next December, Chile will continue to encourage nations, regions, cities, companies and investors to act and join this multi-stakeholder Climate Ambition Alliance to achieve concrete results in mitigation and adaptation strategies.

 

The "Climate Ambition 2050 Partnership" unites countries, companies, investors, cities and regions that are working to achieve carbon neutrality by 2050.

 

Under the Paris Agreement, parties must communicate long-term, low-greenhouse gas emission development strategies that aim for mid-century. The 65 parties to the United Nations Framework Convention on Climate Change (full list below) are demonstrating genuine leadership by either developing plans to achieve carbon neutrality by 2050, by identifying this objective as a long-term national goal, or by advancing consultations on a long-term strategy for climate neutrality in line with the Paris Accord. The overall goal is clear and should be zero CO2 emissions in line with the latest scientific information.

 

However, the profound transformation towards carbon neutrality requires the mobilisation of all actors across all segments of society.

 

Fortunately, 15 regions, 398 cities, 786 companies and investors representing $4 trillion in assets (complete lists below), are united behind this same goal because they recognize the benefits of a low-carbon transition and are therefore included in the partnership.

 

Regions are in a particularly unique position to accelerate climate action, because they work at a level that allows for rapid action and experimentation.  By doing so, they can support national governments in achieving their climate goals and give them the confidence to go further and faster. Regions under Under2Coalition alone represent over 1.3 billion people and about 43% of the global economy. Achieving their climate goals would eliminate more than the European Union's annual emissions.

 

Cities consume more than two thirds of the world's energy, representing over 70% of global CO2 emissions, and are therefore critical to delivering a climate-safe future. It is estimated that the current proportion of the Gross National Product at risk from climate change exceeds $1.5 trillion in 301 major cities around the world. The signatories of Deadline 2020, representing cities with a population of 650 million people, are following a path that would generate emissions reductions consistent with 1.5°C.

 

 

Companies are also pledging zero CO2 emissions by publicly committing to adopt science-based emissions reduction targets under the "Our Only Future" campaign. These companies will be better positioned to prosper as the global economy experiences a just transition to a carbon-neutral future by 2050.  The transition to a low-carbon, sustainable growth path can generate a direct economic gain of $26 trillion through 2030 and generate 65 million low-carbon jobs compared to business as usual.

 

Investors are also helping to drive innovation and address the risks of runaway climate change. Meeting the long-term goal of the Paris Accord requires an annual investment of at least $800 billion in private resources, but the price of inaction is higher, impacting portfolios by up to $1.2 trillion. However, the United Nations Environment Programme's financial initiative estimates that "green gains" in a 1.5°C world generated by low-carbon technologies could total $2.1 trillion.