The G7 Summit in Hiroshima, 19-21 May, represents a pivotal moment for global cooperation and a commitment to building a resilient, equitable, and sustainable world for future generations.
Navigating the nuances of net-zero targets
As of October 2020, actors with net-zero targets (either economy- or companywide, or for a specific sector) cover at least 1,565 companies, 826 cities, and 103 regions across all continents. In total, they represent over 880 million residents, 24.9 million employees, and 10 gigatonnes of greenhouse gas emissions.
Yet the meaning of ‘net zero’ varies across these different actors, as some target the direct reduction of emissions, while others claim neutralisation of emissions through offsetting or utilize carbon dioxide removal. Nuances in the specific details of those implementation approaches determine whether net-zero targets really contribute to deep decarbonisation, or produce any impact at all.
These significant nuances in target implementation approaches have implications for the additionality of impact, the integrity of a claimed outcome, and the extent to which the approaches actively support or hinder problem-solving efforts for the most difficult challenges of deep decarbonisation.
Transparency on the nuances of net-zero targets not only enables us to better understand actors’ ambition, but also should be recognised as a tool in itself to increase ambition by facilitating accountability and constructive dialogues on challenges faced. Ambitious actors, critical observers, and concerned citizens and consumers should recognise that constructive transparency can be far more ambitious and solution-oriented than net-zero claims that are based on opaque accounting approaches.
Guidance and encouragement for actors to set targets should include a greater consideration of these nuances, to better enable the identification of truly ambitious actors and enhance support towards them.
You can read the full report here.
Across the two weeks, non-State actors offered a wide range of actions, announcements, and events across thematic areas. This included the launch of the African Cities Water Adaptation Fund, an African-led insurance commitment to provide cover for up to USD 14 billion in climate losses, and the Sharm-El-Sheik Adaptation Agenda in partnership with the COP27 Presidency.
Africa Carbon Markets Initiative launched to dramatically expand Africa’s participation in voluntary carbon market
The new Africa Carbon Markets Initiative (ACMI), which was inaugurated today at CO27, aims to support the growth of carbon credit production and create jobs in Africa.