Financial Mirror (Cyprus)

The G20 and the means to climate safety

- By Jeffrey D. Sachs Jeffrey D. Sachs, University Professor at Columbia University, is Director of the Center for Sustainabl­e Developmen­t at Columbia University and President of the UN Sustainabl­e Developmen­t Solutions Network.

The philosophe­r Immanuel Kant famously said that, “Whoever wills the end also wills…the indispensa­bly necessary means to it that is in his control.” Put simply, when we set a goal, we ought to take the actions needed to achieve it. This is an essential maxim for our government­s, and it should guide G20 leaders when they meet in Rome at the end of October to confront the climate crisis.

The world set a goal in the Paris climate agreement: to keep global warming within 1.5 Celsius of pre-industrial levels. The Intergover­nmental Panel on Climate Change has explained why this is a valid goal. To go higher than 1.5C would jeopardize life on the planet with a potential multimeter rise of sea level, the collapse of critical ecosystems, and the release of methane from thawing permafrost, possibly triggering runaway warming. Yet the world’s current trajectory implies a catastroph­ic 2.7C increase in global temperatur­e.

Earlier this year, the Internatio­nal Energy Agency showed the technologi­cal pathway to achieve the 1.5C target. We must decarboniz­e the world’s energy system by mid-century. This is feasible, by shifting from fossil fuels to renewable energy and green fuels in power generation, transport, buildings, and industry. Beyond that, we also need to stop deforestat­ion and restore degraded land on a massive scale.

So far, government­s are failing miserably to do their part. In the inimitable words of Greta Thunberg, they need to move beyond “Blah, blah, blah.” They must will the means to decarboniz­ation.

First, government­s need to plan the energy system and land-use changes to mid-century. With just 28 years left to 2050, and facing the need for a massive overhaul of energy systems and land-use practices, government­s must plan the necessary public investment­s and policies. And they must gain acceptance and support for those plans by subjecting them to public scrutiny, debate, and revision.

Second, government­s must regulate. As the IEA wrote clearly in its report, there is no need or justificat­ion for new fossil-fuel investment­s. Period. We have enough proven fossil-fuel reserves. No country should get a pass on ending new exploratio­n and developmen­t of fossil fuels.

Third, government­s must finance – at scale – zero-carbon infrastruc­ture, such as national and regional renewablee­nergy power grids (for example, linking the European Union, North Africa, the Eastern Mediterran­ean, and the Middle East), as well as electrific­ation of transport and buildings.

Fourth, rich-country government­s must help finance poorer countries’ efforts to make the needed investment­s. Rich countries have long promised to do this, but have failed to mobilize even the rather pitiful $100 billion a year – a mere 0.1% of world output – they first pledged in 2009.

Fifth, developed countries should compensate the developing world for the climate damages they have already wrought and which will intensify in the future. The United States has emitted 25% of carbon-dioxide emissions dating back to 1751, despite having less than 5% of the global population. Countries all over the world are suffering massive climate disasters as a result of US energy malfeasanc­e. Yet the US and other major historical emitters have offered nothing in compensati­on for the damages they are causing.

Lastly, the world’s rich people, responsibl­e for the prepondera­nce of fossil-fuel use in their own countries and on a global scale, need to pay their fair share of the costs of climate adjustment. Yet, by and large, the richest people escape fair taxation, as shown once again in the Pandora Papers and a ProPublica report on tax avoidance.

There is some good news. Many government­s are taking some steps in the right direction. The EU is in the lead, with the European Green Deal, which pledges the EU to achieve net-zero emissions by 2050. Japan and South Korea have also pledged to reach net zero by 2050, and President Joe Biden is trying to bring the US in line. China, Indonesia, and Russia have set a net-zero target of 2060, which is heartening but can and should be accelerate­d.

Yet major emitters such as Australia, India, and Saudi

Arabia have not made any such pledge, and the US is showing signs of another massive political failure to tackle climate change, despite Biden’s efforts. Since ratifying the UN Framework Convention on Climate Change in 1992, the US Senate has blocked any action to implement the treaty and the Paris climate agreement.

This track record of world-threatenin­g inaction now looks set to continue. In the past few days, the US Senate has been busy gutting Biden’s signature budget legislatio­n of its most important climate policies. All 50 Republican Senators and a handful of Democrats led by Joe Manchin of West Virginia are opposing Biden’s “clean-power plan” to decarboniz­e the US energy sector.

The remarkable thing about American corruption is how blatant it is. The oil and gas industry spent $140.7 million on the 2020 elections (donating 84% to Republican­s) and $112 million on lobbying last year. An ExxonMobil lobbyist was recorded confiding that Manchin is the industry’s “kingmaker” in Congress. Biden’s hold on power is so weak, and the corruption of the US Congress so entrenched, that the president cannot even face down a small-state senator from his own party, who should be shamed and derided for his devotion to Big Oil.

The G20 government­s have a moral imperative to adopt the means to achieve the globally agreed goal of climate safety. Their countries account for roughly 80% of global output and CO2 emissions. An agreement among these government­s – followed by specific actions, including facing down the corruption in their own countries – can change the global trajectory on climate change.

Many G20 government­s are ready to act, and they should call out the laggards. The US should be put on notice that America’s failed response is intolerabl­e to the rest of the world. And the same message should be conveyed to Australia, India, and Saudi Arabia. There can be no tolerance for climate corruption and impunity in a world on fire.

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