Climate commitments at the 'One Planet Summit' in Paris

A series of initiatives were unveiled at the "One Planet Summit" held in Paris
A series of initiatives were unveiled at the "One Planet Summit" held in Paris

Moving away from using fossil fuels and leaning heavily on businesses to green up their act, the "One Planet Summit" in Paris on Tuesday set out a raft of wide-ranging commitments to turn the tables on climate change.

Here are five of the major areas covered during the summit:

Oil and gas

The World Bank said it would stop financing oil and gas exploration and extraction—representing about two percent of its current portfolio—from 2019, becoming the first multilateral bank to take such a step.

From next year the bank will publish a yearly index of greenhouse gas-related projects it provides funding for and will price in carbon costs when it comes to assessing future investments.

Coal

Insurance giant Axa announced it will cease investing in any company involved in the construction of coal plants and will withdraw about 2.5 billion euros ($2.9 billion) from the sector.

The French firm also said it will pull 700 million euros from projects linked to tar sands pipeline projects, and put nine billion euros into "green" infrastructural investment through 2020.

Investors

More than 200 large-scale investors, including HSBC and the major US pension fund CalPERS, have agreed to put pressure on the world's 100 most polluting companies to persuade them to reduce emissions.

Rich nations, who have polluted more for longer, pledged in 2009 to muster $100 billion per year in climate finance from 2020
Rich nations, who have polluted more for longer, pledged in 2009 to muster $100 billion per year in climate finance from 2020

The "Climate Action 100+" initiative will target oil giants such as BP and Chevron as well as transport behemoths Airbus and Ford and mining groups ArcelorMittal, BHP Billiton and Glencore.

Aid

The French Development Agency (AFD) signed agreements with a clutch of African states including Niger and Tunisia to help them in their fight against , including countering the effects of erosion.

Under the agreements, 30 million euros will be set aside for 15 developing counties over four years.

Farming

The Bill & Melinda Gates Foundation and the European Commission promised to earmark more than $600 million for agricultural research to combat the effects of change.

The Gates Foundation itself pledged $315 million to help the poorest players in the sector, notably in Africa, adapt to global warming, while the European Commission pledged $318 million.


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© 2017 AFP

Citation: Climate commitments at the 'One Planet Summit' in Paris (2017, December 12) retrieved 21 May 2019 from https://phys.org/news/2017-12-climate-commitments-planet-summit-paris.html
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Dec 12, 2017
All hail the central powers.

Dec 13, 2017
This summit in Paris is beneficial to mankind because it wants to reduce the pollution of the atmosphere on our planet, but this does not in any way mean that this way will change the nature of the earth's flare where climate change takes place, not only on Earth, but also all other planets. Such an attempt will help to have cleaner air and nothing more.
It's just wondering, or is it politics, that so many scientists and countries do not understand and do not know who is the main cause of climate change and "global warming" of our planet.

Dec 13, 2017
President Tramp is a true connoisseur and cause of all this, and most of all he recognized that it was about some companies and countries wanting to get everything down to the consumption of natural gas in order to continue the exploitation of humanity, and with no guarantee what kind of climate on earth will be in future times.
These participants at the Summit are "experimental rabbits", whose consent to such a field corresponds to "tycoon climatologists"

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