PwC sets goals for advancement of COP26

Oredola Adeola

Global consultancy firm, PriceWaterHouseCoopers (PwC) has highlighted specific goals that must be agreed by the participating countries and other non-state actors at the ongoing COP26, in Glasgow, Scotland, so that the conference can achieve target of serving as an opportunity for a last chance to forestall a global environmental catastrophe.

The firm in a document released on Monday, said four specific goals which includes, mitigation, adaption, finance and collaboration, must be addressed to ensure the full attainment of the issues discussed at the conference.

The report obtained by EnergyDay says mitigation will help to halve greenhouse gas (GHG) emissions by 2030 and keep global warming way below 2 degrees Celsius, aiming for 1.5 degrees Celsius.

It said, “A case of mitigation effort is to finalize the Paris rulebook so that negotiators would conclude the only outstanding part of the Paris Agreement: Article 6.
“This would create a global carbon market wherein a country or business could pay for projects that reduces GHG emissions elsewhere while counting those reductions as part of their own targets – known as offsetting.

“Having a carbon market would hopefully drive funds to places where emissions can be lessened most efficiently, making it more viable to achieve global climate goals.

On adaptation, PwC noted that there is need for the global community to strengthen the resilience of people, ecosystems, and economies in the face of climate change.

It said, “A main highlight of adaptation strategy may well mean the expansion of electric vehicles adoption. As electric vehicles are becoming more common around the world, they are still not taking over from the fossil fuel powered vehicles fast enough.

“The world has about 10 million electric vehicles as of the end of 2020 and the International Energy Agency predicts that the next 10 years will see an enormous expansion to 145 million zero emission vehicles, accounting for 7 percent of the world’s market by 2030.

“This is achievable partly due to falling costs and improved charging infrastructure. But to meet the goals of the Paris Agreement, the world would need about 230 million electric vehicles, accounting for 12 percent of cars and trucks in 2030.

The PwC’s report revealed that COP26 will focus on finance, adding that there is need for the advanced countries to mobilize funds and provide $100 billion to developing countries from 2021 to 2025.

“It is well known that renewable energy costs have also fallen dramatically in the past several years, making wind or solar infrastructure cheaper than fossil fuel-based energy. However, renewable energy power plants are not being built at a rate that is fast enough to cut down GHG emissions according to the Paris Agreement, especially in developing countries where the cost of project financing can be many times more expensive than in the developed countries.

Speaking on collaboration, the report charged governments to enhance international cooperation with non-state actors.

It said, “As a basis for enhancing collaboration, governments understand that policy alone cannot solve the problems associated with climate change, thus, weaning the global economy off the dependence on fossil fuel-based energy would be impossible without a collaboration with the private sector, i.e., businesses and civil society.

“The COP26 would then encourage more climate action from the public and critically from the private sector. It is important to state that there are already promising signs as a fifth of the world’s 2000 major businesses have committed to net zero targets.

“It is also likely that business leaders would push for governments to introduce incentive-based policies e.g., investments and subsidies for clean energy technologies or carbon pricing systems that compensates those who cut down GHG emissions faster than others.

The PwC’s report further disclosed that setting and achieving those goals will help to limit global warming to well below 2 degrees Celsius and preferably to 1.5 degrees Celsius.

The report further suggested that it is important that the subsequent Nationally Determined Contributions (NDCs) for all countries must show increasing efforts compared to the preceding one, plus evidence that the country is committed to bold climate targets.

On its part, PwC said in September 2020, it made a global science-based commitment to realize net zero GHG emissions by 2030. The organisation said its commitment to the ESG (environmental, social and governance) agenda embraces supporting clients to lessen their GHG emissions and cutting down those from the PwC network’s operations and suppliers.

PwC however pledged to decarbonizing procedures consistent with independently authenticated science-based targets – plus travel footprint – and neutralising the outstanding climate impact through carbon-removal plans.