BSavior Olaf Schulz promoted his idea of the Global Climate Club at the World Climate Conference in Egypt. All countries around the world are invited, the SPD politician said on Tuesday at a discussion event with other heads of state and government. Many branches of industry urgently need to be transformed to be climate friendly, such as cement and steel production. The idea is to agree the rules and standards together so that the competition is not distorted due to the high level of investment.
The chancellor emphasized that time is running out in light of the additional increase in greenhouse gas emissions. What we need now is the next „industrial revolution”. He wants to lay the foundations for the climate club this year. Cooperation will increase the prosperity of the participating countries and create sustainable job opportunities. At the end of June, the Group of Democratic Economic Forces (G7) endorsed Schultz’s idea.
According to a concept paper that became known at the G7 summit in Elmau, Bavaria, the goal of the Climate Club is to reduce greenhouse gas emissions, including their measurement and recording. They also want to counter moving production to other countries with more lax climate requirements. Another goal should be to turn the industry green. Through energy partnerships, the G7 countries that are economically powerful want to help poor countries transition to a more climate-friendly economy.
Developing countries need $2.4 trillion
According to a report at COP 27, developing countries will need about $2.4 trillion annually to protect the climate by 2030. „Unlocking massive amounts of climate finance is key to solving current development challenges,” Vera Songwe, one of the report’s authors, said Monday. .
According to the report, which was commissioned by Egypt and Britain – hosts of the current and previous climate summits – one trillion dollars of total annual investment needs must come from external funds, and the rest comes from public and private funds of the two countries. .
„The world needs a breakthrough and a new climate finance roadmap that can mobilize the $1 trillion in external financing needed by 2030 for emerging and developing economies other than China,” the report said. Funding is needed to reduce emissions, increase resilience, address the damages of climate change, and restore nature and land.
The largest increase should come from the private sector, both domestic and foreign, while annual inflows from development banks should triple.
Delegates at the Egypt Climate Summit are expected to focus on funding issues on Wednesday.
„Kick-off Politics” is WELT’s daily news podcast. The hottest topic analyzed by the WELT editors and today’s dates. Subscribe to the podcast at spotifyAnd the Apple PodcastAnd the amazon music Or directly via RSS feed.
