Global Climate Action Surpasses Emissions of Iron and Steel Sector

As the world converges at the United Nations Climate Change Conference (COP21) in Paris, a new report by Yale University highlights the unprecedented scale of climate action taken by cities, regions, companies, and investors. Despite not yet meeting the goal of limiting global warming to 2 degrees Celsius, the collective efforts of these actors have led to commitments that surpass the greenhouse gas emissions of the iron and steel sector. Banks, governments, and civic actors are joining forces to combat climate change, with significant investments in green bonds and a growing number of national climate action plans submitted.

Key Takeaways:

• Over 10,000 climate commitments have been made by cities, regions, businesses, and investors, involving cooperation with national governments and formal recording in the Non-State Actor Zone for Climate Action (NAZCA) and the Lima to Paris Action Agenda (LPAA).
• The combined greenhouse gas emission reduction commitments from these platforms surpass the global emissions of the iron and steel sector.
• 15 of the world's 20 largest banks have made commitments to act, totaling close to $2 trillion in market value, and green bonds worth close to $50 billion are financing climate projects.
• The French Foreign Minister, Laurent Fabius, and the UNFCCC Executive Secretary, Christiana Figueres, emphasize the significance of these commitments and the need for governments to agree on a climate change agreement that enables further progress.
• Almost 95% of global greenhouse gases are represented by 185 developed and developing countries that have submitted national climate action plans as their contribution to the new agreement.

Statistics:

• 10,000+ climate commitments made by cities, regions, businesses, and investors
• Combined greenhouse gas emission reduction commitments surpass the global emissions of the iron and steel sector
• 15 of 20 largest banks have made commitments to act, totaling $2.0 trillion in market value
• Green bonds worth $50 billion finance climate projects
• 185 developed and developing countries, representing 95% of global greenhouse gases, have submitted national climate action plans

Sources:

• Yale University
• United Nations Framework Convention on Climate Change (UNFCCC)
• "Action Day" press release by UNFCCC
• United Nations News Service
• Laurent Fabius, French Foreign Minister and President of COP21
• Christiana Figueres, UNFCCC Executive Secretary
• AllAfrica Global Media