LONDON: Latest results from a survey of The Climate Group’s network of business and government leaders and global institutions show there is growing confidence that the global economy is moving to a low carbon footing.
The overall confidence level has risen to 44%, up from 33%, last month. The most recent analysis was undertaken after last month’s G7 Summit, in which global leaders committed to phase out fossil fuels by the end of the century, but before the INDC commitments from China and Brazil were announced.
Results are visualized in The Climate Group’s ‘Climate Barometer’, which asks a panel of around 50 leaders of major businesses, sub-national governments and international institutions to assess their confidence levels that the policies, technologies and finance mechanisms needed for a global transition to a high-value, low carbon economy are available and viable.
The barometer – first launched at Climate Week Paris, an international summit convened by The Climate Group – displays average confidence ratings ranging from 48.5% among businesses, 50% for governments and 34% for international institutions. Back in May, the equivalent confidence ratings were 33.2%, 38.7% and 27.2%.
Mark Kenber, CEO of The Climate Group, says: “This upswing in certainty is likely to reflect increasing momentum and specific announcements from leaders across the world recently; in particular news that for the first time, all G7 leaders support a long-term climate plan of cutting greenhouse gas emissions by 40-70% by 2050 from 2010 levels. The G7 also pledged to mobilize US$100 billion a year to help developing and emerging countries adapt to climate change.
“As we move toward COP21 in Paris, these rising confidence levels will increase pressure on leaders to deliver on their commitments, and help encourage further growth in the low carbon economy. A robust global climate deal will deliver a huge dividend to businesses and economies, creating the ideal conditions to encourage long-term low carbon investments and planning decisions. Our Climate Barometer suggests we are going in the right direction, but that more can and must be done to take us toward a tipping point that massively accelerates the innovation and investment in the renewables, clean tech and smart infrastructure needed to build a strong, clean economy.”
"But it’s not just world leaders whose actions impact the Climate Barometer. Non-state actors such as businesses and sub-national governments have a massively influential role which will be critical in delivering emissions reductions needed before 2020, when the COP agreement comes into force. Members of The Climate Group States & Regions Alliance are already playing a leading role in tackling climate by enacting innovative policy, and some of the world’s biggest brands are committing to be powered by 100% renewables as part of the RE100 initiative.”
Each month, reactions from The Climate Group’s network to actions and announced commitments will be converted into a percentage rating and published on The Climate Group’s website.