Carbon neutrality by 2050: the world&39;s most urgent mission

As the world celebrates the fifth anniversary of the passage of the historic Paris Agreement on climate change, a promising movement for carbon neutrality is building. By next month, countries that account for more than 65% of harmful greenhouse gases and more than 70% of the global economy will have committed to achieving net zero emissions by mid-century. At the same time, the main climatic indicators are getting worse. Although the COVID-19 pandemic has temporarily reduced emissions, carbon dioxide levels continue to hit record highs and are on the rise. The last decade was the warmest ever on record; Arctic sea ice in October reached its lowest level in its history, and apocalyptic fires, floods, droughts and storms are becoming more common. Biodiversity is collapsing, deserts are spreading, and oceans are heating up and choking on plastic waste. Science tells us that unless we reduce fossil fuel production by 6% each year between now and 2030, things will get worse. Instead, the world is heading for a 2% annual increase. Recovering from the pandemic gives us an unexpected but vital opportunity to tackle climate change, fix our global environment, redesign economies, and reimagine our future. This is what we should do: First, we must build a true global coalition for carbon neutrality by 2050. The European Union has committed to doing so, as have the United Kingdom, Japan, the Republic of Korea and more than 110 countries. Also the incoming government of the United States. China is committed to reaching that goal by 2060. Every country, city, financial institution and company must adopt plans to transition to net zero emissions, and act now to move towards that goal, which means reducing global emissions by 2030 by 45% compared to 2010 levels. In preparation for the United Nations Climate Conference to be held in Glasgow next November, governments are obliged under the Paris Agreement to set more ambitious targets every five years and present reinforced commitments, known as Nationally determined contributions, and those contributions must demonstrate a true ambition to achieve carbon neutrality. Technology works in our favor. Today it costs more to run most coal-fired power plants than to build new renewable energy plants from scratch. The economic analysis confirms that this is the right direction. According to the International Labor Organization, despite the inevitable job losses, the transition to clean energy will result in the net creation of 18 million jobs by 2030. However, we must recognize the human costs of decarbonization, and helping the workforce with social protection, and equipping it with new and better skills so that the transition is just. Second, we must align global finance with the Paris Agreement and the Sustainable Development Goals, the global blueprint for a better future. It is time to set a price on carbon; end fossil fuel subsidies and their financing; stop building new coal-fired power plants; shift the tax burden from revenue to carbon, and from taxpayers to polluters; make disclosure of climate-related financial risks mandatory; and integrate the goal of carbon neutrality into all economic and fiscal decisions. Banks must align their loans with the goal of zero net emissions, and asset owners and managers must decarbonize their portfolios. Third, we must make decisive progress on adaptation and resilience to help those already facing the severe effects of climate change.