Page 19 - IB May 2021

Climate Climate

island-led, regional initiatives: “Pacific countries and Pacific
people have to think creatively, innovatively and find ways
to create institutions to look after themselves, rather than
always depending on multilateral institutions and donor part-
ners. It’s important that leaders stick together on this…so we
can control our own domain, our ocean domain.”

G-7 action on climate
The seven industrialised powers that make up the G-7 have
all made ambitious commitments for climate action by 2030.
But as part of increased G-7 engagement with Africa and the
Asia Pacific region, Australia, India, the Republic of Korea and
South Africa have been invited as observers to the next sum-
mit, to be held in Cornwall on 11-13 June. It’s noticeable that
all four invitees have yet to increase their targets for 2030
emissions reductions.
The major challenge for the G-7 is to translate summit
pledges into action on the ground, and revise policies that
contradict new commitments (including the expansion of oil,
gas, coal and other fossil fuel projects, or ongoing subsidies
to emissions intensive industries). Major banks in G-7 nations
continue to loan significant funds to fossil fuel projects in
developing countries (although South Korea has just made a gies. Even at a time of US-China tensions, Beijing has also
crucial commitment to end overseas financing of coal-fired signalled it is willing to work with the United States and other
power plants, a move being considered by Japan). countries on climate action – speaking to the United Nations
As part of its post-COVID economic recovery, the Biden last September, President Xi called on UN member nations to
administration has pledged significant investment in so-called “achieve a green recovery of the world economy in the post-
“green infrastructure.” But these commitments must be mea- COVID era.”
sured against the ongoing structural role of coal and shale oil Despite these commitments, China’s carbon emissions have
in US industry. Beyond this, the United States does not include been steadily increasing since 1990, especially from coal-fired
carbon emissions by the US military in their reporting, even power plants and emissions intensive industries like steel,
though military emissions are greater than the annual carbon aluminium and cement. To meet President Xi’s “Made in China
production of 140 countries in the world. 2025” plan for increased development and high-technology
The widely welcomed pledges by President Biden rely on his capacity, China is committed to greater investment in coal.
Democratic Party maintaining control of the US House of Rep- The Climate Action Tracker website notes that China’s post-
resentatives and Senate in midterm elections in 2022. With COVID recovery remain carbon-intensive: “Most worryingly,
the ongoing crisis of democracy in Washington, the US politi- China remains committed to supporting the coal industry
cal system has a poor track record in implementing its climate while the rest of the world experiences a decline, and is now
pledges: President Clinton failed to win Senate support to home to half of the world’s coal capacity.”
ratify the Kyoto Protocol, and President Trump withdrew Time is short. Carbon budgets proposed by the Intergovern-
from the Paris Agreement and Green Climate Fund in 2017. mental Panel on Climate Change (IPCC) underestimate current
A conservative Congress after 2022 could roll back Biden’s and future warming, omit important climate system feedback
executive orders, revoking initiatives such as fuel efficiency mechanisms, and make dangerous assumptions about risk-
guidelines for vehicles or restrictions on fossil fuel projects in management. The current level of greenhouse gases is enough
federal parks. for around 2°C of warming or more, and 1.5°C of warming is
This gap between pledges and results is also evident with likely by 2030 or earlier, a product of past emissions.
China, which is the largest source of carbon emissions in the There’s still a long way to go despite recent pledges.
world today (though its share of the historic carbon dioxide Climate analyst Liane Schalatek has argued that COP26 must
accumulated in the atmosphere is small compared to the address longstanding Pacific concerns “linking concessional
United States and Europe). finance to climate vulnerability (especially for Small Island
At the Biden Summit, President Xi Jinping reaffirmed his Developing States) instead of country incomes, a surge in new
commitment that China will reach net zero emissions by 2060. commitments for adaptation finance, and last but not least,
President Xi has stated that China is also on track to reach its progress in discussions on paying for climate-related loss and
2030 goal, which requires a 60 to 65% drop in the economy’s damage.”
carbon intensity compared to 2005. China is the world’s larg-
est producer of PV solar panels and wind turbines, and leads nicmac3056@gmail.com
the world in installed capacity of these renewable technolo-

Islands Business, May 2021 19