Tag: CLIMATE

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‘Climate change is an existential risk’

U.S. Federal Reserve Chair Janet Yellen

“The Biden administration adapted a whole-of-government approach to aggressively tackle climate change, said US Treasury Secretary Janet Yellen…reports Asian Lite News

US Treasury Secretary Janet Yellen said that her Department will take a “whole-of-economy” approach to tackle the “existential risk” of climate change.

“The Biden administration is taking a whole-of-government approach to aggressively tackle climate change. My goal, at Treasury, is to support this work with a whole-of-economy approach,” Yellen said in remarks to the Institute of International Finance on Wednesday.

“Specifically, we are committed to directing public investment to areas that can facilitate our transition to net-zero and strengthen the functioning of our financial system so that workers, investors, and businesses can seize the opportunity that tackling climate change presents,” she said.

President Joe Biden at Pentagon.(photoInstagram)

Noting that climate change is an “existential risk” to the future economy and way of life, Yellen said that massive investments are needed over the next 10 years to facilitate the transition to net-zero carbon emissions.

“One estimate placed the needed incremental investments at over $2.5 trillion for the US alone. Private capital will need to fill most of that gap,” she said.

“We also recognise the financial sector has an opportunity to play an important role in financing and leading the transition of the global economy to a net-zero economy,” added the Treasury Secretary.

Yellen’s remarks came after the Treasury Department announced on Monday that it was creating a new “Climate Hub” in the department to help coordinate economic policies that address climate change.

“With a view of all Treasury climate initiatives, the Hub will enable Treasury to move nimbly and efficiently in prioritizing climate action,” the Department said.

Also read:EU reaches deal on first climate law

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-Top News EU News Europe

EU reaches deal on first climate law

The deal came on the eve of a US-initiated virtual summit on climate change scheduled for Thursday and Friday…reports Asian Lite News

The European Parliament and the Council of the European Union (EU) reached a provisional agreement on the first-ever EU climate law, which “enshrines the EU’s commitment to reaching climate neutrality by 2050”.

The deal came on the eve of a US-initiated virtual summit on climate change scheduled for Thursday and Friday, Xinhua news agency reported on Wednesday.

The EU climate law increases the bloc’s 2030 net greenhouse gas emissions reduction target from 40 per cent to at least 55 per cent. The European Parliament had wanted to make the cut more ambitious, proposing to cut emissions by 60 per cent in the next decade.

According to a statement by Portuguese Minister of Environment Joao Pedro Matos Fernandes, who chaired the negotiations in the last hours, “this agreement sends a strong message to the world” ahead of the US-initiated climate summit, and “paves the way for the Commission to move forward, in June, with the climate package proposal”.

“The European climate law is ‘the law of laws’ that sets the frame for the EU’s climate-related legislation for the 30 years to come,” added Fernandes, whose country holds the rotating Council presidency.

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The climate law is a key milestone for the European Commission led by Ursula von der Leyen, delivering on one of the commitments she announced in her political guidelines in July 2019, said a Commission press release on Wednesday.

Welcoming the deal, von der Leyen said: “Our political commitment to becoming the first climate-neutral continent by 2050 is now also a legal commitment. The Climate Law sets the EU on a green path for a generation. It is our binding pledge to our children and grandchildren.”

If adopted globally, the net-zero by 2050 pathway would limit global temperature increases to 1.5 degrees above pre-industrial levels and avoid the worst impacts of climate change.

Another element of the provisional agreement includes the establishment of a European Scientific Advisory Board on Climate Change, composed of 15 senior scientific experts of different nationalities.

This independent board will be tasked, among other things, with providing scientific advice and reporting on EU measures, climate targets and indicative greenhouse gas budgets and their coherence with the European climate law and the EU’s international commitments under the Paris Agreement.

The provisional agreement is subject to approval by the Council and the European Parliament, before going through the formal steps of the adoption procedure.

Also read:Layoffs in EU reach record high

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-Top News USA

Putin to speak at Biden’s climate summit

Russian President Vladimir Putin

US President Joe Biden has invited Putin among other world leaders to the event scheduled for Thursday and Friday…reports Asian Lite News

Russian President Vladimir Putin will deliver a speech at a US-initiated summit on climate change via video link on Thursday, the Kremlin said.

“Putin will outline Russia’s approaches to establishing broad international cooperation aimed at overcoming the negative consequences of global climate change,” the Kremlin said in a statement on Monday.

US President Joe Biden has invited Putin among other world leaders to the event scheduled for Thursday and Friday, Xinhua news agency reported.

US President Joe Biden

The summit comes at a critical juncture, with the latest UNFCCC report stating that the collective climate action pledges according to the Nationally Determined Contributions (NDCs) are far off track from the goals envisaged in the Paris Agreement, most notably to pursue efforts to limit global warming to 1.5 degrees Celsius above pre-industrial levels.

There are also increasing calls to developed countries to step up financial support for climate action in developing countries, in particular for adaptation.

Also read:India needs to re-bond with Russia and Iran

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-Top News UAE News USA

UAE, US commit to jointly tackle climate challenge

UAE and US have announced cooperation to make investments in financing decarbonisation across Middle East and North Africa (MENA) and beyond, reports Asian Lite News

The United Arab Emirates and the United States have announced their joint commitment to tackle the climate challenge stressing the importance and urgency of raising global climate ambition.

Both countries announced their intent to cooperate on new investments in financing decarbonisation across the MENA region and beyond, and to focus on assisting the most vulnerable adapt to the effects of climate change.

“Together with the U.S., the UAE has affirmed that decisive, proactive climate action can be an engine for economic growth and sustainable development,” said Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and the UAE’s Special Envoy for Climate Change.

“Building on the legacy and experience of the UAE, which has demonstrated a longstanding commitment to sustainable development and today operates three of the world’s largest solar facilities, we will focus, together with the U.S., on joint efforts on renewable energy, hydrogen, industrial decarbonisation, carbon capture and storage, nature-based solutions, and low-carbon urban design.”

He said that UAE is rich in opportunities with the world’s lowest solar power costs, and significant carbon capture investments. “We look forward to sharing our experience with the international community to turn climate action into economic opportunity,” he added.

Noting the progress made by many leading companies, both countries also agreed to work closely with the private sector to mobilise the necessary investment and technology resources needed to stem the climate crisis and support the economy.

Also read:US climate envoy Kerry to visit India

They also confirmed the intent to work towards decarbonising their economies according to their national circumstances and economic development plans, including reducing carbon emissions by 2030.

Both countries have stressed their commitment to the implementation of the Paris Agreement and promote the success of the 26th United Nations Climate Change Conference of the Parties (COP26) in Glasgow.

The UAE Regional Dialogue for Climate Action was held on April 4 that convened climate leaders from across the MENA region and unveiled a new era of cooperation in the region for a future focused on prosperity through climate policy, investment, innovation, and sustainable economic growth.

The Dialogue drew the participation of high-level dignitaries from across the region as well as critical global partners and organisations.

Participants included COP26 President-Designate Alok Sharma, US Special Envoy for Climate John Kerry, together with Ministers and high level representatives from the UAE, Oman, Kuwait, Bahrain, Qatar, Egypt, Jordan, Morocco, Iraq, Sudan and the International Renewable Energy Agency (IRENA).

The event further reinforced the UAE’s regional climate leadership, providing a common ground for participating nations to build a shared vision for climate action ahead of COP26.

Also read:Yellen slams Trump on climate responses

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Yellen slams Trump on climate responses

U.S. Federal Reserve Chair Janet Yellen

“We are seeking to increase the scale of climate finance and use these tools to leverage additional private investment,” said Yellen…reports Asian Lite News

The US is seeking to increase the scale of climate finance and working with the international community to tackle climate change, US Treasury Secretary Janet Yellen said on Tuesday.

“Climate, by its very nature, requires strong global cooperation. We lost four important years, and we recognize that many of you around the room have been leading change in your own countries,” Yellen said at her first meeting with the Coalition of Finance Ministers for Climate Action, adding that the US was pleased to join the coalition last week, the Xinhua news agency reported.

“Finance ministries have a vital role to play, and there is much that we can learn from each other about how to integrate climate into our financial planning and decision-making,” she said.

Yellen said that the US Treasury is working through the US Financial Stability Oversight Council and participating in international forums to understand and mitigate the risks that climate change poses to the stability of the financial system and macroeconomy in the US and across jurisdictions.

Former US President Donald Trump(IANS)

“We are also supporting international efforts to better identify climate-aligned investments and encourage financial institutions to credibly align their portfolios and strategies with the objectives of the Paris Agreement,” she said.

Also read:Biden’s boost for infra, jobs

Meanwhile, the US Treasury is working with the White House, Congress and others to ensure that domestic economic programs and tax policies support US climate goals, including building climate-resilient infrastructure and facilitating a transition to a decarbonised economy, according to Yellen.

“We are seeking to increase the scale of climate finance and use these tools to leverage additional private investment,” she said.

Yellen also said that she is pleased to co-chair the Group of 20’s newly re-established sustainable finance group, which provides an important venue to tackle these issues and promote finance that supports international climate and other sustainability goals.

“Financial market participants that do not put in place frameworks to assess and address climate-related risks could face significant losses on climate-sensitive assets caused by environmental shifts, by a disorderly transition, or both,” Fed governor Lael Brainard said last month.

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Environment Lite Blogs

Fake news: a barrier for climate fight

Social media and access to reliable knowledge is also highlighted as a barrier to progress…reports Asian Lite News.

While technologies such as Artificial Intelligence (AI) could help the world deal with dangerous climate and environmental change, fake news on social media about global warming and biodiversity loss has emerged as a barrier in the climate change mitigation efforts, a group of scientists has warned.

Indian Student activists carry posters and shout slogans as they participate in a protest march against climate change, in New Delhi on India. (Pallav Paliwal)

The report, published in Ambio, a journal of the Royal Swedish Academy of Sciences, concludes that inequality and environmental challenges are deeply linked. Reducing inequality will increase trust within societies.

Trust is essential for governments to make long-term decisions, the report argues.

Social media and access to reliable knowledge is also highlighted as a barrier to progress.

“As the pressure of human activities accelerates on Earth, so too does the hope that technologies such as artificial intelligence will be able to help us deal with dangerous climate and environmental change,” said Co-author Victor Galaz, Deputy Director of the Stockholm Resilience Centre.

“That will only happen however, if we act forcefully in ways that redirects the direction of technological change towards planetary stewardship and responsible innovation.”

Human actions are threatening the resilience and stability of Earth’s biosphere — the wafer-thin veil around Earth where life thrives, according to the report published for the first Nobel Prize Summit, a digital gathering to be held in April to discuss the state of the planet in the wake of the Covid-19 pandemic.

Indian Student activists carry posters and shout slogans as they participate in a protest march against climate change, in New Delhi on India, 19 March, 2021

“In a single human lifetime, largely since the 1950s, we have grossly simplified the biosphere, a system that has evolved over 3.8 billion years. Now just a few plants and animals dominate the land and oceans,” said lead author Carl Folke, Director of the Beijer Institute of Ecological Economics and Chair of the Stockholm Resilience Centre at Stockholm University.

“Our actions are making the biosphere more fragile, less resilient and more prone to shocks than before.”

Also Read-China, US join hands on climate change

Read More-UN Calls For Nations To Step Up Climate Actions

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-Top News China USA

China, US join hands on climate change

The high-level strategic dialogue marked the first face-to-face talks between the two sides since American President Joe Biden took office in January….reports Asian Lite News

China and the US have decided to establish a joint working group on climate change, according to a statement by the Chinese delegation which took part in high-level talks in Anchorage, Alaska.

In a statement on Saturday, the delegation said that both countries are committed to enhancing communication and cooperation on the issue, Xinhua news agency reported.

The high-level strategic dialogue marked the first face-to-face talks between the two sides since American President Joe Biden took office in January.

The two-day dialogue were also the first high-level contact between the two countries after their heads of state spoke on the phone on the eve of the Chinese Lunar New Year.

XI CHINA

The meeting was attended by Secretary of State Antony Blinken and National Security Advisor Jake Sullivan from the US side, while the Chinese side was represented by member of the Political Bureau of the Communist Party of China Yang Jiechi and Foreign Minister Wang Yi.

After the meeting ended on Friday, Yang said that although the dialogue was candid, constructive and helpful, some important differences still remained between the two sides.

Also read:No recent contact with US: Iran

Ahead of the meeting with the Chinese diplomats, Biden’s spokeswoman Jen Psaki had said the focus would be on “having a frank discussion, raising issues where we have concerns, and of course, looking for ways and places where we can work together”.

US President Joe Biden

Under former President Donald Trump’s administration, ties between China and the US reached their lowest level since diplomatic relations were established in 1979.

It had levied tariffs on billions of dollars’ worth of Chinese goods, to which Beijing also responded with duties of its own.

In January 2020, the countries reached a phase one agreement on trade that called for increased Chinese purchases of US goods and greater access to the Chinese financial market.

However, bilateral tensions again increased in the months since, amid the coronavirus pandemic after the Trump administration directly blamed China for the global crisis.

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