Sharm el-Sheikh (Egypt): The High Level Expert Group on Net Zero Emissions Commitments of Non-State Entities released its report to the UN Secretary-General on Tuesday at the UN climate talks, COP27, here.
The report cracks down on “greenwashing” and weak net-zero pledges that threaten to undermine global efforts to reduce greenhouse gas emissions in line with limiting warming to 1.5 degrees.
Catherine McKenna, chair of the UN-appointed expert group and former Canadian Minister of Environment and Climate Change as well as Minister of Infrastructure, said the report provides a crucial roadmap to bring integrity to net-zero commitments by industry, financial institutions, cities and regions and to support a global, equitable transition to a sustainable future.
The report is the result of intense work and consultations over seven months and reflects the best advice of 17 experts appointed by the UN Secretary General. It sets out 10 practical recommendations to bring integrity, transparency and accountability to net zero by establishing clear standards and criteria.
“After consulting with hundreds of individuals and organisations and incorporating the latest research and science, we have a roadmap to ensure that net-zero commitments by industry, financial institutions, cities and regions are ambitious, transparent and credible,” McKenna said.
“This is about cutting emissions, not corners. Our roadmap provides clear standards and criteria that must be followed when developing net-zero commitments. Right now, the planet cannot afford delays, excuses, or more greenwashing.”
The key recommendations build on credible initiatives like Race to Zero and the Science Based Targets initiative.
The report calls on these non-state actors to commit to immediate reductions in absolute emissions across its value chain with short, medium and long-term science-based targets.
Detailed transition plans must show immediate emissions reductions and capital expenditures must be aligned with these targets and the non-state actor’s net-zero pathway.
To prevent dishonest climate accounting and other actions designed to circumvent the need for deep decarbonisation, non-state actors must report publicly on their progress with verified information that can be compared with peers.
The report also put down new redlines that are intended to prevent greenwashing. It recommends that non-state actors can no longer claim to be net zero while continuing to build or invest in new fossil fuel supply.
Similarly, deforestation and other environmentally destructive activities are disqualifying.
The report also recommends that to effectively tackle greenwashing and ensure a level-playing field, non-state actors need to move from voluntary initiatives to regulated requirements for net zero.
The report suggests starting with large corporate emitters, including requiring that their pledges are assured and that they report annually on their progress.
The report comes in a year in which the world was beset by an energy crisis triggered by Russia’s invasion of Ukraine and devastating climate impacts like the flooding in Pakistan and drought in the US.
–IANS