Peter Damgaard Jensen is the CEO of Pensionskassernes Administration A/S, a Danish investment manager with a portfolio that includes pension funds. He spoke at the World Bank Group about carbon pricing and engaging with fossil fuel companies to reduce climate risks.
"We are supporting the price on carbon because we think it is the most cost effective way of having influence on the way companies use carbon and have carbon emissions.
In PK (Pensionskassernes Administration A/S), we have just started a policy especially targeting companies that are very dependent on coal. We do that because we think coal is the first fossil, not fuel, but fossil product that will get out of the market because it is the product with the highest CO2 emissions.
Delta regions constitute only 5% of the land area but are home to more than 500 million people. The proportion of deltas susceptible to flooding is projected to further increase, thus affecting negatively the livelihoods of local populations, in particular farmer communities.
Recently, the International Council for Science (ICSU) endorsed the Global Sustainable Deltas Initiative (SD2015). The objective of this initiative is to bring attention to the importance and vulnerabilities of delta regions worldwide. To this aim, the University of Minnesota-led Belmont Forum DELTAS project is working to create a global vision for deltas through scientific integration, collection and sharing of data and stakeholder engagement.
Goals (SDGs), now is the time to consider these delta specific challenges in a broader context.
In preparing for a climate agreement in Paris, countries all over the world are planning their domestic strategies for cutting emissions. This often requires new policies to create incentives for low-carbon development, and for that, governments need accurate and comprehensive emissions data.
One important building block is a greenhouse gas reporting program, which a growing number of countries are working on. Mexico, for example, is gathering information from its newly established emissions reporting program to support its mitigation policies. The European Union’s and California’s reporting programs are essential to their emissions trading systems, and China’s reporting program will underpin its national trading system, planned for launch in late 2016.
At Carbon Expo today in Barcelona, the World Bank Group’s Partnership for Market Readiness with the World Resources Institute released the Guide for Designing Mandatory GHG Reporting Programs. Drawing on 13 existing and proposed greenhouse gas emissions reporting programs, the report looks at successful ways to build a strong data collection system and showcases best practices. It provides step-by-step guidance on developing and implementing these reporting programs.
Awareness is certainly progressing. From the streets of Sao Paulo, Brazil - a country that hosts nothing less than the mighty Amazon River, to the farmlands of California, people are coming to the realization that resources such as water are not limitless. More and more businesses are looking at the security of their supply chains and the footprint of their operations with zeal fueled by self-interest. And countries seem poised to adopt Sustainable Development Goals that signal an understanding that economic, social and environmental issues are inherently interdependent.
Climate change, water shortages and other environmental crises are bringing home the message loud and clear: we need to connect the dots between human actions across the landscape and seascape, or the earth will cease to care for us. It will cease to grow food, to store water, to host fish and pollinators, to provide energy, medicine and timber. Changing temperatures will stress systems already overwhelmed by unsustainable patterns of production and consumption, while a growing middle class will further strain planetary boundaries.
How can we help economies develop better, for lasting poverty reduction and prosperity, within the limits of natural resources? How can we make more rational use of natural and financial resources to maximize social and economic benefits and reduce carbon emissions while increasing our resilience to climate extremes?
By Magdalena Andersson, Minister for Finance, Sweden
and Isabella Lövin, Minister for International Development Cooperation, Sweden
Sweden is proud to join forces with Sustainable Energy for All (SE4All), convening in New York this week. Energy is one of the most decisive issues of our age. Without secure access to energy, we won’t achieve real and lasting poverty reduction. Without the expansion of clean energy, we won’t be able to stop climate change.
With business as usual and no significant carbon emission cuts, we have only 15 years left before we have emitted enough CO2 to make this planet more than 2 degrees warmer. Then we will see a dramatic increase in droughts, floods, storms and species extinction – and we will have changed the conditions for every generation to come. And we know that it is the poorest who will be hit the hardest by the effects of climate change.
This is not a political statement but a scientific one. Fifteen years left.
So we must start changing our energy systems, going from fossil to renewable, now.
Gérard Mestrallet is chairman and CEO of ENGIE, formerly GDF Suez. He spoke at the World Bank Group about his company's support for carbon pricing and the involvement of Europe's energy companies in reinvigorating the EU's emissions trading system.
Deltas are often described as cradles of civilization. They are the testing grounds for early agriculture and the birthplace of hydraulic engineering as we attempted to shape the landscape to suit our needs.
Deltas are the unique result of the interaction of rivers and tidal processes resulting in the largest sedimentary deposits in the world. Although comprising only 5% of the land area, deltas have up to 10 times higher than average population—a number, which is increasing rapidly, especially for deltas in Asia.
Low lying, deltas are widely recognized as highly vulnerable to the impacts of climate change, particularly sea-level rise and changes in runoff, as well as being subject to stresses imposed by human modification of catchment and delta plain land use.
British Columbia Premier Christy Clark spoke at the World Bank Group about the effectiveness of her Canadian province's carbon tax and the role of subnational governments in setting policies that can address climate change.
"We’ve had a pure carbon tax for seven years in BC. It covers 72 percent of emissions in the province, so it is very broad. It is now at about 30 dollars a tonne. So we have seen it operating for a long time.
I don't know if we are unique in the world, but we are proud of the fact that we have taken 100 percent of the revenues that we have collected through the carbon tax, which is over 6 billion dollars, and we have invested that plus some in tax cuts.
The Canadian Province of Ontario announced last month that it would join California and Quebec in linking their cap-and-trade programs to curb greenhouse gas emissions. The move was met with approval by carbon market watchers, as local governments showed how they could avoid the lengthy political battles sometimes faced by national governments preparing submissions to the United Nations Framework Convention on Climate Change.
At a time when governments are looking for ambition, could this sort of local government action be the start of something much bigger?
Last week, I attended the Navigating the American Carbon World (NACW) event in Los Angeles to explore whether the momentum we are seeing to price carbon is evident on the ground. I found a lot of local government leadership on climate change.
It is Day Ten since the earthquake struck Nepal and the scale of the devastation is only just becoming evident. The official death toll has now crossed 7,000, of which 5,000 have been confirmed in remote rural areas. As many as 15,000 people are injured, many critically. Aftershocks continue to rattle central Nepal and most people are still too jittery to come to terms with what has happened.