World leaders announced plans to cut carbon emissions by 2030 at the Leaders’ Summit on Climate. Here are the top lines from the first day:
America is back. While the new US climate plan is not enough, 50-52% GHG cuts by 2030 is a huge step forward.
The US committed to a politically feasible NDC to cut emissions up to 52% by 2030 (on 2005 levels), which reduces the 2030 global emissions gap by 5-10%. The US will also its double climate finance contributions by 2024. Eyes will now turn to how else the Biden administration will meet its present and historical responsibility on fossil fuel support and delivering on this target.
China plans to limit coal consumption in the next five years.
One of the last countries to RSVP to the Summit, China was the first of the country leaders after the US to speak. No new formal targets, but Xi said China would cut coal consumption through the 2026-2030 15th 5-Year-Plan, which experts understand is new.
China will peak coal consumption by 2025. Xi’s speech at the #LeadersClimateSummit brough an eventual farewell to coal closer. But more actions are needed. The domestic conditions for faster emission cut are there. It’s in China’s interest to announce further plans before #COP26
— Li Shuo_Greenpeace (@LiShuo_GP) April 22, 2021
Japan pledgesto cut GHG emissions 46-50 % by 2030.
Japan has raised its 2030 climate target to 46-50% from 2013 levels. Now all eyes are on the implementation of Japan’s energy transition from coal to renewable energy. Nothing new on climate finance or coal financing.
Canada’s new 40-45% GHG cut target is an improvement but not enough.
New target: 40-45% cuts on 2005 levels by 2030 / no new climate finance. This is an increase from Canada’s current weak target of 30% below 2005 levels by 2030. And it’s higher than the target of 36% below 2005 levels, which was mentioned in Canada’s federal budget on Monday.
Indonesia’s vague net zero commitment.
Indonesia indicated a vague commitment to net-zero emissions if more financial support is forthcoming. Just a few days ago Minister of Planning presented new modelling for net-zero by 2045. According to the Minister’s numbers, a 2045 carbon neutrality target would benefit the Indonesian economy more than 2070. However, the vague statements of Jokowi will need to be backed up by a new NDC, which is expected to be submitted anytime soon.
South Korea will stop funding coal-powered projects overseas.
South Korea will halt state-backed financing of coal-fired power plants overseas. President Moon reaffirmed plans to submit a more ambitious climate target this year.
South Korea has a significant role in financing fossil fuels globally. In 2019, it was the third biggest public investor in overseas coal-fired power plant projects among the G20 countries.