Germany is the latest country to ratify the Nagoya Protocol on Access to Genetic Resources and the Fair and Equitable Sharing of Benefits Arising from their Utilisation, bringing the total number of ratifications to 74. This includes 73 countries and the European Union (EU), which ratified the Protocol in May 2014.
Barbara Hendricks, German Federal Minister for the Environment, Nature Conservation, Building and Nuclear Safety. Photo credit: Thomas Trutschel/Photothek via Getty Images
“I congratulate the Government of Germany and look forward to more ratifications from the EU group and other developed countries and emerging economies in the coming months,” said Braulio Ferreira de Souza Dias, Executive Secretary of the Convention on Biological Diversity (CBD). “The recent action by Germany also moves us closer to reaching our goal of 100 ratifications before the important meetings of the Convention and its Protocols to be held in Mexico later this year.” He recalled that the European Union has been very supportive of the Nagoya Protocol, both during the negotiations and now in its implementation phase. In particular, the financial support of the EU has been instrumental in making the ABS Clearing-House operational.
Out of the 28-member countries to the European Union, seven have now ratified it. They include: Croatia, Denmark, Germany, Hungary, Slovakia, Spain and the United Kingdom.
Barbara Hendricks, Federal Minister for the Environment, Nature Conservation, Building and Nuclear Safety, deposited the instrument of ratification of Germany with the Secretary-General of the United Nations in New York, on 21 April 2016. As provided for in its Article 33, the Nagoya Protocol will enter into force in Germany on 20 July 2016.
Hendricks with Amb Braun at the handover of the Nagoya Protocol ratification instrument
Nigeria is yet to ratify the international treaty.
The 2010 Nagoya Protocol is a supplementary agreement to the CBD and a key element in the global framework for sustainable development. It builds on the access and benefit-sharing provisions of the CBD by establishing predictable conditions for access to genetic resources and by helping to ensure the fair and equitable sharing of benefits arising from the utilisation of these resources.
The commitment of the EU and Germany to the Nagoya Protocol represents a big step in advancing the fair and equitable sharing of benefits. The Nagoya Protocol provides a legal framework which can contribute to transparency and clarity for the various stakeholders involved in access and benefit-sharing agreements. In Germany and the European Union, these stakeholders can include research institutions, botanical gardens and collections, pharmaceutical and cosmetic companies, biotechnology companies, and the agriculture and horticulture sector.
Climate Vulnerable Forum leaders on Thursday urged a ministerial gathering of the “High Ambition Coalition” in New York to take the concrete steps needed to accelerate global climate action, on the eve of the signature ceremony for the Paris Agreement on climate change at UN Headquarters where over 165 countries are expected to participate.
Emmanuel M. De Guzman
Speaking at the gathering, Secretary Emmanuel M. De Guzman of the Climate Change Commission of the Philippines said: “We agreed in Paris to work together to limit warming to no more than 1.5 degree, a temperature limit that represents the very foundation of the accord. Ambition must translate into concrete steps to meet the 1.5-degree objective, which means all countries must resubmit far more ambitious contributions under the Paris Agreement by 2020, at the latest. Swifter progress to reach the $100 billion mark while respecting additionality with ODA commitments is equally urgent for enabling ambition globally.”
Minister of Foreign Affairs of Costa Rica Manuel Gonzalez said: “The new 2030 Sustainable Development Agenda and SDGs cannot be achieved if we fail at the 1.5-degree temperature goal. Ambition in climate policy clearly will be crucial to enable ambition in sustainable development goals and enhance enjoyment of fundamental human rights globally. Furthermore, ambition is not only confined to emissions controls, because we also need ambition to achieve early a clear balance in international climate finance, and to increase funds available to support poor and vulnerable groups to adapt to climate change.”
The High Ambition Coalition emerged at the UN Climate Change Conference at Paris (UNFCCC COP21) as an alliance of developing and developed countries that together demanded strong outcomes at COP21, including inclusion of the ambitious 1.5-degree Celsius limit in the Paris Agreement. On 22 April, member countries of the Climate Vulnerable Forum, currently chaired by Philippines, many of which have led on ratification of the Paris Agreement, with Fiji, Palau, Marshall Islands and Maldives the first nations to ratify, are also actively participating in the High-Level signing ceremony at UN Headquarters.
As the world marks this year’s Earth Day on Friday 22 April, government at all levels as well as private individuals and organisations have been urged to vigorously pursue tree-planting initiatives so as to check the myriad of environmental challenges.
Tree planting
Concerned environmental experts made the call in separate interviews while commenting on the annual event which is marked on April 22 as coordinated by the Earth Day Network to draw global attention to the protection of the environment.
The 2016 Mother Earth Day , which is expected to be celebrated in 193 countries, is significant as it is coming shortly after the UN Climate Change Conference in Paris, France, which produced a widely accepted agreement.
This year’s celebration is also unique as the landmark Paris Agreement is scheduled to be signed by the United States, China, and 150 other countries.
The ceremony satisfies a key requirement for the coming into force of the historic climate protection treaty adopted by consensus of the 195 nations that attended the conference in Paris.
An environmentalist, Prof. Olukayode Oladipo, explains the essence of the celebration as it applies to Nigeria.
He said: “The Mother Earth Day is meant to make people be aware of the need to take care of the earth without which we will all be gone. It is a day when more than one billion people celebrate the earth and a lot of activities are normally planned by each country, individuals, corporations or organisations.
“Some decide to clean up areas that have been polluted. All efforts are to make sure that the earth upon which all of us depend, is protected so that it can protect us. Every Nigeria should plant at least a tree. That is one way that we can reduce the amount of carbon dioxide that is causing the type of excessive heat.”
The theme for the celebration, “Tree for life”, seeks to get governments across the world, public and private sectors, non-governmental organisations as well as public-spirited individuals, to intensify tree-planting efforts, in order to meet the goal of 7.8 billion trees within the next five years, when the Mother Earth Day would clock 50 years.
A cross-section of government officials and environmental advocates wants all stakeholders not only to embark on aggressive tree-planting but also to preserve the nation’s remaining forest reserves because, according to them, trees help to clean up the atmosphere and sustain life.
“If 155 Nigerians should each plant a tree, we can be sure that our goal of creating a green environment free of pollution, erosion and other natural disasters will be achieved. Trees help the planet by taking carbon dioxide into animal food and give out oxygen for humans to breath. Planting tree is the best,” added Prof. Oladipo.
To tackle desertification, which is reported to be affecting about 33 per cent of Nigeria’s land mass, as well as to key into global afforestation programmes, including the Billion Tree Campaign by the United Nations Environment Programme in 2006, the authorities have launched various tree-planting initiatives in the country.
These include the “Eko Green Dream Initiative” aimed at planting 6,000 trees in three Local Government Areas in Lagos State and “The plant a million trees 2020” by the African Centre for Environmental Protection.
Nigeria is also pursuing the Great Green Wall (GGW) programme that is creating a wall of trees along the desert front-line states in the North to check further encroachment of the Sahara Desert down South and recover land already destroyed by the phenomenon.
Desk Officer for the GGW in Kano State, Alhaji Garba Sale, who is a tree-planting campaigner, explains the benefits of the programme for the country.
“The wall itself is a plantation of trees that is 7,500 kilometres long and 15 kilometres wide, which runs across the sub-Saharan Africa. It enters the country from Kebbi State passing through 11 desert-prone states. It is a programme that has the socio-economic benefit for the country, the environment and the general public,” he said.
Many Nigerians believe that the idea of tree-planting has not yielded the desired result which is buttressed by the fact that the nation has not been able to replace its trees the way they were at independence decades ago.
According to them, tree-planting has been sabotaged by factors such as discontinuity in government policies, the ignorance on the part of the people on the importance of trees, as well as the heavy use of land for physical development at the expense of the provision of green areas.
The loss of tree covers has been blamed for most of the nation’s environmental problems, such as global warming, erosion, increase in the number of diseases and the reduction of life expectancy which currently stands at about 40 in the country.
An environmentalist, Desmond Majekodunmi, says that in order to protect future generations, the way to go is “tree-planting”.
His words: “What we need now is to plant trees, a lot of trees which will absorb the carbon dioxide and keep us alive. The whole essence of human existence is under threat by climate change due to too much carbon dioxide we introduced by yourselves. We have to come to the realisation that this is a serious issue and we have to avoid the crisis from growing worse. That is the best legacy we can leave behind for the coming generation.”
Humanity derives immense benefits from trees such as absorbing excess carbon dioxide, which destroys the atmosphere and causes global warming. Trees also make the air clean for people to breathe while also helping communities to achieve long-term economic and environmental sustainability by providing them with food, energy and income.
One of the main bodies under the Convention on Biological Diversity (CDB) is set to meet next week to discuss issues that will accelerate progress in implementing the Strategic Plan for Biodiversity 2011-2020 and achieving its Aichi Biodiversity Targets. At the 20th meeting of the Subsidiary Body on Scientific, Technical and Technological Advice (SBSTTA) to the Convention on Biological Diversity, to be held in Montreal, Canada, from 25 to 29 April 2016, delegates will address a wide array of topics, including mainstreaming of biodiversity into key production sectors, marine biodiversity, invasive species, synthetic biology, threats to pollinators and food production, protected areas and ecosystem restoration.
Montreal, Canada will host the 20th meeting of the Subsidiary Body on Scientific, Technical and Technological Advice (SBSTTA) to the Convention on Biological Diversity
Mainstreaming biodiversity
Mainstreaming biodiversity is aimed at integrating the value of biodiversity in key decisions that impact it, thereby aligning sustainable use and conservation of biodiversity with the economic interests of relevant actors. Many economic sectors, particularly primary sectors such as agriculture, forestry, and fisheries, depend on biodiversity and yet often have adverse impacts on the very biodiversity that helps sustain their long-term viability. Mainstreaming therefore consists of making economic sectors more aware of the values of biodiversity, the importance of well-functioning ecosystems, the opportunities that biodiversity provides, as well as the possible risks of biodiversity loss to their operations.
Parties to the CBD and other participants will consider issues related to mainstreaming with a focus on landscape approaches that integrate the natural functions of biodiversity and ecosystems in production systems for food and other resources. This topic will also be linked to discussions in the first meeting of the CBD’s Subsidiary Body on Implementation, being held from 2 – 6 May 2016, on strategic actions that can be taken to further implementation of the Convention and its Strategic Plan for Biodiversity 2011-2020.
Marine and coastal biodiversity
Marine and coastal environments contain diverse habitats that support an abundance of marine life. At this meeting, countries will consider several key issues threatening marine and coastal biodiversity, as reflected in Aichi Biodiversity Targets 10 (coral reefs), 11 (protected areas) and 12 (threatened species).
Countries may decide to review the scientific assessment criteria for ecologically or biologically significant marine areas (EBSAs), and to use the information collected in the EBSA process to support ocean planning and management activities.
On marine spatial planning specifically, countries will examine draft guidelines and a toolkit to support countries’ efforts to conserve and sustainably use marine and coastal biodiversity.
Regarding marine debris, SBSTTA will recommend practical guidance to mitigate the impacts of plastics and other persistent marine debris on marine species. Countries will discuss measures to avoid, minimise and mitigate the adverse impacts of underwater noise caused by human activities, taking into account the most recent scientific and technical information available on this issue.
As a final point, SBSTTA will study the draft work plan on the issue of biodiversity and acidification in cold-water areas, in order to advance the CBD’s work on the physical degradation and destruction of coral reefs (including cold-water corals), in collaboration with other competent organisations.
Invasive alien species
A major driver of biodiversity loss and extinction, invasive alien species threaten the natural equilibrium of ecosystems and increasingly pose risks to human health. In line with Aichi Biodiversity Target 9, which calls for several measures to tackle this global problem, countries will discuss the trade of alien species, as accelerated by internet-based commerce; the use of biological control agents against invasive alien species; and decision support tools intended to help assess and evaluate the social, economic and ecological consequences of invasive alien species.
On the issue of biological control, specifically, countries can be expected to discuss the global experience with regards to the safe and effective release of alien species to control populations of invasive alien species in environments where these cause damage.
Synthetic biology
Synthetic biology is multidisciplinary field closely linked to developments in science, biotechnology and engineering. In the context of SBSTTA, countries will consider an operational definition of synthetic biology, examine relevant information pertaining to potential benefits and adverse effects of the components, organisms and products resulting from synthetic biology techniques, and whether or not recent developments in synthetic biology are sufficiently covered by current frameworks, including the CBD and its Protocols.
Pollinators, pollination and food production
More than three quarters of major food crops rely on animal pollination. Due to various pressures, including inappropriate pesticide use, agricultural practices and climate change, populations of wild pollinators have been declining. Recently, the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) issued a thematic assessment on pollinators, pollination and food production. The assessment found that an estimated 16 per cent of vertebrate pollinators, such as birds and bats, are threatened with global extinction – increasing to 30 per cent for island species – with a trend toward more extinction.
Based on national and regional information, the assessment also found that approximately 40 per cent of insect pollinators are currently endangered. At this meeting, countries will discuss how the findings of the IPBES assessment relate to the work of the Convention, including the need for policies and strategies related to the conservation of pollinators, the promotion of pollinator-friendly habitats, ways to improve the management of pollinators and to reduce the risk from pests, pathogens, invasive species and pesticides and ways to promote research, monitoring and assessment on pollinators.
The deliberations at SBSTTA will help to support the coordinated management of pollinators and ultimately contribute to the conservation and sustainable use of biodiversity.
Protected areas and ecosystem restoration
During the meeting of the SBSTTA, countries will follow-up on relevant work undertaken on the issue of protected areas and ecosystem restoration. Ecosystem restoration involves rehabilitating and restoring degraded ecosystems and promoting the recovery of threatened species – it is therefore vital to achieving Aichi Biodiversity Targets 5 (to halve the rate of loss of natural habitats), 14 (ecosystem services are restored and safeguarded) and 15 (to restore at least 15 per cent of degraded ecosystems and enhance ecosystem resilience).
On this issue, countries will discuss key elements of a short-term action plan on ecosystem restoration and will examine draft guidance for the integration of biodiversity considerations into ecosystem restoration. Countries will also review the outcomes of the Convention’s collaboration with competent organisations such as the Food and Agriculture Organisation of the United Nations, and the United Nations Convention to Combat Desertification.
During SBSTTA, countries will also discuss the current status of Aichi Biodiversity Target 11, which calls for the protection of 17 per cent of terrestrial land and inland water and 10 per cent of coastal and marine areas by 2020. Since 2004, protected areas have increased by three per cent in terrestrial and inland water environments, and by six per cent in marine and coastal environments. However, other elements of Target 11, including the ecological representativeness and effective and equitable management of protected areas, need more efforts in order to be achieved by 2020. Countries will therefore discuss priority actions to be undertaken in the next five years to address all these elements.
On other topics, countries will discuss issues related to biodiversity and climate change, sustainable wildlife management, the fifth edition of the Global Biodiversity Outlook, countries’ sixth national reports, indicators for assessing progress towards the Aichi Biodiversity Targets, and new and emerging issues.
Some 500 delegates, including representatives of indigenous peoples and local communities, are expected to attend the twentieth meeting of the Subsidiary Body held from 25 to 30 April 2016 at the headquarters of the International Civil Aviation Organisation in Montreal, Canada. SBSTTA is an intergovernmental body responsible for providing scientific, technical and technological advice related to the implementation of the Convention on Biological Diversity. The scientific body plays a key role in assessing the current status of the world’s biodiversity and in bringing emerging issues related to the conservation of biodiversity to the attention of the global community.
Recommendations emanating from SBSTTA 20 will be considered by the Conference of the Parties at its 13th meeting, which will be held from 4 to 17 December 2016 in Cancun, Mexico.
At a time when many are falling over themselves to invest in landed property and reap billions, a man out of his deep commitment to the health of Mother Earth has instead chosen to invest his resources to conserve nature, Kayode Aboyeji reports
Desmond Majekodunmi with visiting school children at the LUFASI Nature Park
A journey of a thousand miles begins with a single step, is a popular Chinese proverb and it’s apt to describe the success story of what is today the Lekki Urban Forest and Animal Sanctuary (LUFASI) Park in Lagos.
Like the biblical mustard seed, the park, fondly called “The lungs of Lekki”, was planted about 25 years ago when renowned environmentalist and acoustic engineer, Desmond Majekodunmi, acquired 20 hectares of land along the Lekki-Epe Expressway in Abijo, an area that is presently a real estate development hotspot in Lagos.
Apparently burning with passion to preserve the mother earth and create a requisite escape from the bustling city of Lagos, Majekodunmi, who is a director of the Nigerian Conservation Foundation (NCF), went as far as Benin City in Edo State to procure palm kernel seedlings which were planted to complement other trees. Today, the urban forest, situated close to exquisite residential estates, is home to some of the last remaining population of the highly endangered Ekki (iron wood) trees.
Tree planting at the LUFASI Nature Park
Presently, the green expanse hosts 20 hectares of picturesque play and relaxation parks, animal sanctuary, fern gardens, forest and the threatened hooded vulture and lesser hornbill species.
The LUFASI Park also provides unique space for eco-touristic activities including horse-riding, nature reserve tours, recreation and retreats. Bird-watchers, photographers, video directors and film producers significantly favour the park for its unmatched ambience and unique natural landscape.
Most importantly, the park serves as a living laboratory for agricultural, ecological, environmental and veterinary education in Nigeria.
At a guided tour of the park during its first Green Hour picnic recently, monkeys, horses, donkeys, goats and civet cat, all rescued from the claws of abuse or death, were sighted at the park.
In fact, a tortoise whose conservative age was put at 40 years, washed to the coastline from the Atlantic Ocean and was about to be killed by villagers before it was rescued and brought to the Park, is being taken care of.
Apart from various animals that thrill visitors, the park also boasts of a natural lake popularly called “Lake Nora” named after the mother of the visionary Majekodunmi, who is Director of LUFASI Park.
When asked about the challenges of sustaining the park during a recent chat, he said, “I was offered huge amount of money to sell this land, but I refused. In order to avoid being tempted when such offer comes again, I quickly ran to the Lagos State Government to institute a partnership that will ensure that the land must be used as a park for the next 99 years,” he said.
Majekodunmi explained that this culminated in the fencing of the entire park to guard against encroachment. On finance, he disclosed that salary and other bills are paid privately.
He added: “Humans have gone too far down the path of environmental destruction and this goes against our essence as stewards of the Earth.”
This essence, he noted, is reflected in LUFASI Nature Park’s direct response to the pertinent issue of climate change. He added that the organisation recognises that, all round the world, there are reports of unusual floods, ice-cap melts, draughts, famines and climate refugees.
“Nigeria is not left out of environmental disasters as a result of unsustainable human practices and developments. The world is rapidly changing and people cannot ignore the need to take deliberate actions to prevent total devastation of our environment.
“Climate change is no longer tomorrow’s problem, it is today’s reality and affects all of us in one way or the other, irrespective of career, home country, social status or technological advancement,” he added.
The Park, since its opening in 2014, has welcomed thousands of tourists and school children, all eager to enjoy the benefits of relaxing and playing within the confines nature.
The Petroleum Technology Association of Nigeria (PETAN), an association of indigenous service companies, has commended the pioneering role of Shell in the development of Nigerian content in the oil industry.
L-R: Financial Secretary, Petroleum Technology Association of Nigeria (PETAN), Sheba Palana; Assistant Secretary, Wole Ogunsanya; Chairman, Bank Anthony Okoroafor; Managing Director, Shell Nigeria Exploration and Production Company (SNEPCo), Bayo Ojulari; PETAN Ex-Officios, Ibe Chubby Ibe and Emmanuel Onyekwena, during a courtesy visit to SNEPCo offices in Lagos …on Thursday (April 21)
“Most of us have our roots here,” said the Chairman of the association, Bank Anthony Okoroafor, as he led a team on a courtesy visit to the Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo), Bayo Ojulari. “The relationship with Shell has given us the required foundation and encouragement and we are now in a position to add value to the operations of oil companies in Nigeria.”
Mr. Okoroafor, who was elected the Chairman of PETAN in March 2016, said the members were on a familiarisation tour of international and national oil companies to brief them on the rebranding of the group that will see it play a more active role in the development of the oil and gas industry, “especially at this time of cost pressures.” He said PETAN had created target groups to liaise with oil companies, including SNEPCo, and would like to contribute solutions to challenges on projects, cost and production.
He added: “PETAN is already working with SPDC on an internship programme where graduates learn skills on one-year attachments to our companies and it will be very good to do the same with SNEPCo.”
In his remarks, Mr. Ojulari commended the role of PETAN in the development of the oil and gas industry in Nigeria. He said: “The new executive has come at a critical time in our industry. I would advise PETAN members to collaborate more effectively so they can present a unified front work that will be competitive in the global oil industry.”
The SNEPCo MD was accompanied by his leadership team, who highlighted various areas of potential collaboration with PETAN, including project implementation, cost leadership and value-adding service to the industry.
Shell companies in Nigeria make a major contribution to developing the country’s human capital and contracting capacity. Some 93% of contracts were awarded to Nigerian companies in 2015. Shell companies in Nigeria won PETAN’s Local Content Operator of the Year awards in 2013 and 2015.
National Development and Reform Commission’s (NDRC) Climate Secretary, Jiang Zhao Li, has confirmed that regulations surrounding Chinese offset credits (CCERs) and projects will be reformed.
Jiang Zhao Li
Among the potential reforms it is certain that the project application process for CCERs will be simplified. This could mean that the turnaround for credit issuance may be reduced from the average 253 days it currently takes after the submission of the project document.
Although not confirmed officially, rumours have reported that NDRC would impose a start date criterion of 1 January, 2015 before issuing compliance grade credits. It is unclear if the criterion strictly applies to projects starting after 1 January, 2015, or simply to emissions reductions occurring after this date. These rumours have yet to be confirmed officially, but if found true only 67 of the currently approved projects would be deemed eligible.
CCER credits can be used by Chinese compliance entities to meet their annual surrender obligations, with a single CCER credit equivalent to a metric ton of CO2 equivalent. CCER credits are accepted in all seven pilots, however, each pilot scheme has tailored regulations for accepting CCERs from various projects identifying specific projects whose credits may (or may not) be used to meet compliance in their jurisdiction. Thus the supply of compliance grade CCERs in the market is limited further by sub-national regulations.
Adding another stringent criterion for project eligibility would render majority of the existing offset projects in China ineffectual. Currently, 614 projects have been approved by NDRC with estimated 40 million CCERs already issued to 210 projects.
Given that on average it takes a project 253 days to be issued credits after submitting their project documents, the new regulations would tighten CCER supply in national market and uplift prices.
Developers of pre-CDM projects are liable to take a big hit if projects are limited to a start date after 2015, or even 2013. According to a project developer who wished to remain anonymous, there are entities that anticipated such issues and opted for newly built projects, and are thus likely to be on the gaining side. It can be expected that stakeholders from both sides will approach NDRC to provide their feedback and influence the reforms.
As world leaders prepare to sign the Paris Agreement on Earth Day (Friday, 22 April), an international alliance of grassroots and indigenous leaders is calling the historic agreement “a dangerous distraction.”
Cindy Wiesner of the Grassroots Global Justice Alliance
According to members of the alliance, the Paris Climate agreement has declined to mention fossil fuels, regarded as the clearest cause of climate change.
Cindy Wiesner of Grassroots Global Justice Alliance (USA): “The Paris Climate agreement doesn’t even mention fossil fuels, the clearest cause of climate change. The agreement is a dangerous distraction that leaves common sense, science, human rights and the rights of communities on the frontlines of climate change on the negotiating table. While world leaders are finally taking action they are heading down the wrong path. Frontline communities and Indigenous Peoples have been calling for a clear path to solve our climate crisis. We can end the privatisation of nature, we can stop the use of dirty fossil fuels and we can stop climate change. We know this because we are on the front lines of climate change, we see it, we know it, we live it. The world will not find solutions to climate change without us.”
Tom Goldtooth, of the Indigenous Environmental Network (North America): “I started attending the UN climate meetings in 1999. Over the last 17 years I’ve witnessed corporate, Wall Street and other financial influence gut any real solutions coming out of the negotiations. As a result, the Paris Agreement goal of stopping global temperature rise by 1.5 degrees C is not real because the pledges each country is making will allow emission levels that will increase global temperature 3 – 4 degrees.
“This will be catastrophic to the ecosystem of the world, including the ice culture of the Indigenous Peoples of the Arctic. The Paris agreement will result in the cooking of the planet. We, Indigenous Peoples, are the red line against climate change. We cannot be idle, we have never been idle. Indigenous voices are rising up globally to demand climate justice for humanity — for human rights and the rights of Mother Earth.”
Nnimmo Bassey, Director, HOMEF (Health of Mother Earth Foundation) (Nigeria): “The Paris Agreement locks in fossil fuels and, to underscore corporate capture of the negotiations, the word, fossil, is not as much as mentioned in the document. It is shocking that although the burning of fossil fuels is known to be a major contributor to global warming, climate negotiations engage in platitudes rather than going to the core of the problem. Scientists tell us that burning of fossil fuels would have to end by 2030 if there would be a chance of keeping temperature increase to 1.5 degrees above pre-industrial levels. The signal we get from the silence on the fossils factor is that oil and coal companies can continue to extract profit while burning the planet.”
Hours before about 155 world leaders are expected to travel to New York to sign the Paris Agreement, organisations that collectively represent more than 400 institutional investors with $24 trillion of assets under management have called on world leaders to not only sign but accede to the international treaty and implement it into national law as a matter of urgency.
Stephanie Pfeifer, CEO of the Institutional Investors Group on Climate Change
In a letter addressed to “the Heads of State and Government of the world’s largest economies”, the global investor networks (comprising Institutional Investors Group on Climate Change, Investor Group on Climate Change, Investor Network on Climate Risk, CDP, Principles for Responsible Investment and UNEP Finance Initiative) stressed that countries that accede early to the Paris Agreement will benefit from increased regulatory certainty, which will help attract the trillions of investments to support the low-carbon transition.
“The Heads of State and Government of the world’s largest economies” were listed to include: United States of America, the European Union, China, Japan, Germany, the United Kingdom, France, India, Italy, Brazil, Canada, South Korea, Russia, Australia, Spain, Mexico, Indonesia, the Netherlands, Turkey, Switzerland, Saudi Arabia, Argentina and South Africa.
The investors emphasised in the letter that the early entry into force of the Agreement would send an important signal to investors that governments are translating into concrete action “the momentous political will represented by the adoption of the Paris Agreement.”
The global investor networks wrote: “We believe that the Paris Agreement is an historic breakthrough that delivered an unequivocal signal for investors to shift assets towards the low-carbon economy. In conjunction with its national-level implementation, the Paris Agreement provides the right framework to trigger substantial investment and thus keep the door open to a well below a 2-degree pathway.
“It is now essential that the strong political consensus between 195 countries captured in Paris is made actionable through the rapid entry into force of the Paris Agreement.
“The global investor networks would like to encourage your country to sign the Paris Agreement on April 22nd at the United Nations in New York. We would also like to encourage, and stand ready to support, your country to complete domestic preparations for accession, and to accede to the Paris Agreement as soon as possible. It is essential that the political momentum arising out of the Paris conference is sustained.”
According to them, they have, since 2009, been calling for an effective global agreement through the Global Investor Statement on Climate Change to:
Provide stable, reliable and economically meaningful carbon pricing that helps redirect investment commensurate with the scale of the climate change challenge.
Strengthen regulatory support for energy efficiency and renewable energy, where this is needed to facilitate deployment.
Support innovation in and deployment of low carbon technologies, including financing clean energy research and development.
Develop plans to phase out subsidies for fossil fuels.
Ensure that national adaptation strategies are structured to deliver investment.
Consider the effect of unintended constraints from financial regulations on investments in low carbon technologies and in climate resilience.
In 2015, ahead of the G7 summit in Elmau, Germany, the CEOs of more than 120 institutional investors lent their support to the adoption of a long-term decarbonisation goal by the G7 summit, and ultimately by the Paris climate conference.
Speaking in London Stephanie Pfeifer, CEO of the Institutional Investors Group on Climate Change (representing over 120 European asset owners/managers), said, “The agreement reached in Paris was an historic breakthrough that delivered an unequivocal signal for investors to shift assets swiftly towards the low-carbon economy. It’s now vital the 195 countries who adopted the Paris Agreement, especially the top 20 major emitters, amplify that signal that by signing and acceding to the Paris Agreement to bring it rapidly into force.”
Emma Herd, CEO of the Investor Group on Climate Change (IGCC, Australasia), added: “Investors are speaking with a clear voice. The purpose of this letter is to urge every government to sign the Paris Agreement on Friday April 22nd at the United Nations in New York and move swiftly to implement an effective national policy response able to deliver an efficient transition to a sustainable low carbon economy. Maintaining strong momentum is particularly important in the lead up to the G20 meeting in China.”
Mindy Lubber, President of Ceres and Director of the Investor Network on Climate Risk (INCR, North America), said, “The Paris Agreement provides the framework to trigger the pace and scale of investment – at least an additional $1 trillion per year, four-fold higher than current levels – needed to decarbonise the global economy while limiting global warming to two degrees Celsius or less. It’s vital therefore that world leaders sustain the political momentum captured in the Paris Agreement.”
Fiona Reynolds, Managing Director of PRI, said, “Global climate finance hit record-breaking levels in 2015 but a huge investment gap still needs to be bridged. Developing nations also need to know they will have access to the investment required to transition smoothly to a low carbon economy. Prompt action by major emitters on the Paris Agreement is required to meet both these urgent capital allocation challenges.”
Eric Usher, Director (acting) UNEP FI, added, “Countries that accede early to the Paris Agreement will benefit from increased regulatory certainty, which will in turn help attract the trillions of investments necessary to secure the low-carbon transition. We encourage all world leaders to sign and accede to the Paris Agreement as soon as possible.”
Paul Simpson, CEO, CDP, said, “This rallying cry shows an unequivocal business and financial imperative for governments to take concrete action from the momentous political will represented by the Paris Agreement. Those countries who are major emitters are also some of those with most to gain from prompt action to curb the threat of climate change because of the massive impacts it could have, not just on agricultural systems, transport or energy infrastructure but on bottom lines. CDP’s investor research shows clearly that the best prepared investors and companies will be the ones to gain competitive advantage.”
The Paris Agreement enters into force once 55 countries representing 55% of global emissions have deposited their instruments of accession with the UN.
The formal signing of the Paris Agreement could be the next nail in the coffin of the fossil fuel industry if governments actually follow through on their commitments, 350.org Executive Director, May Boeve, has said.
May Boeve, 350.org Executive Director. Photo credit: shifttheclimate.org
She disclosed in a statement ahead of the formal signing ceremony of the Paris Agreement taking place at the UN on Friday that the growing and vibrant climate movement is forcing governments to bow to the pressure to break free from fossil fuels.
“However, there is still a dangerous gap between what the governments are signing up to, what they are doing and the real ambition we need to avert the worst impacts of climate change. The only way to achieve this is by keeping coal, oil and gas in the ground. As a movement we will continue to hold governments accountable, ensure they ratify the treaty, go well beyond their current targets and accelerate the transition to 100% renewable energy,” added Ms Boeve.
She continued: “We also need to maximise the current political momentum to push for more. Break Free, a wave of global mobilisation planned for this May, is at the forefront of this and marks an unprecedented moment of local and international groups undertaking bold mobilisations to stop fossil fuel projects on six continents; demonstrating their resolve to transition off fossil fuels and build the new kind of economy that we know is possible-centred on a just transition to 100% renewable energy systems.
“The fossil fuel industry is pushing our climate to the brink faster than anyone expected, as record temperatures are proving, along with extreme weather related events. We are all at risk from a warming planet, so we are left with no choice but to scale up nonviolent direct action. As the transition from dirty energy to clean and efficient energy systems grows stronger and faster, communities and private citizens around the world will continue to hold decision makers accountable to their promises, and to science.”
Friday’s event is purely ceremonial, as most countries still need to ratify the agreement at a national level. The treaty will only enter into force when at least 55 countries representing at least 55% of global emissions have ratified.
