LONDON — It’s making a “huge difference” to have the U.S. back in the struggle for a extra sustainable world, the EU’s climate chief advised CNBC Friday as President Joe Biden gears up for the second day of his climate summit.
Biden’s stance on climate change has signaled considerably of a U-turn for American politics after the presidency of Donald Trump. One of the first acts of the Biden presidency was to join to the Paris climate accord, after Trump determined to exit the settlement throughout his time period. Trump additionally reportedly rolled back more than 100 environmental rules during his tenure.
“It’s good news that the U.S. is back, that’s a huge difference. I also think it is good news that all of these leaders turned up for this meeting and made their pledges. But now we have to translate that into concrete measures,” Frans Timmermans, the government vice chairman for the European Commission, stated on CNBC’s “Street Signs Europe.”
On Thursday, the U.S. pledged to reduce greenhouse fuel emissions by at the least half by 2030, greater than doubling prior commitments made throughout the Obama presidency.
In addition, during the virtual event, Brazil, Canada and Japan also announced their plans to cut back greenhouse fuel emissions in the coming years. China, India and Russia additionally participated in the summit and outlined plans to turn into greener.
The European Union has been engaged on reducing carbon emissions by at the least 55% by 2030.
A process that is “bloody hard,” however not unattainable, Timmermans stated.
“We need to step up our game also in the European Union, but we’ve also shown in our analysis that it can be done,” he stated.
“If we don’t do it and the temperature rises above 1.5 degrees (Celsius), the consequences for our societies will be tremendously negative.”
However, one among the points with making climate pledges is the lack of oversight and enforcement.
When requested if some kind of punishment ought to be launched to preserve nations in verify, Timmermans stated: “There is already disciplinary action going on because investors are turning away from coal, very rapidly. Investors are investing massively in renewable energy.”
More and extra buyers are pilling into greener belongings, notably in the wake of the coronavirus pandemic. However, buyers have additionally requested for extra transparency from companies to allow them to higher assess the place “green” efforts are being made.
In this context, the EU offered on Wednesday a new set of rules that intention to make clear what will be classed as a inexperienced funding and what cannot be.
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