Addressing over 500 global investors last week, Ban Ki-moon is encouraging the private sector to double clean energy investments to $660 billion by 2020, Climate Action reported.
Bank Ki-moon said: “Markets now have the clear signal they need to unleash the full force of human ingenuity and scale up investments that can generate low-emissions resilient growth.
“The world now counts on you to act at the speed and scale needed to transform the global economy. To keep global temperature rise well below 2 degrees, and even 1.5 degrees [celsius], we must begin the shift away from fossil fuels immediately. We need a massive scaling up of investments in clean energy and energy efficiency.”
[quote]This follows the UN Climate Summit in Paris last year, where delegations from across the globe entered into a pact, which brings both developed and developing nations to commit to reducing the amount of carbon levels, which aims to eventually eliminate net greenhouse gas emissions from human activity this century.
Private sector: driving climate change solutions
The Secretary General continued: “In 2015, clean energy investments stood at around $330 billion dollars, more than six times higher than in 2004. This is a good down-payment, but far less than the “clean trillion” needed annually throughout the coming decades to keep temperature rise to acceptable levels and limit the risks from climate change.”
“Investors and businesses that redirect resources to low-carbon, climate-resilient growth will be the economic powerhouses of the 21st century. Those that fail to do so will be on the losing side of history. Every decision on investment and resource allocation must be part of the solution. Every dollar must be invested in low-carbon goods and services.
He added: “The private sector is the engine that will drive the climate solutions we need to reduce climate risks, end energy poverty and create a safer, more prosperous future for this and future generations. Each of you has a major role to play.”
Educating the educated
According to Michael R. Bloomberg, three-term Mayor of New York City, and the UN Secretary General’s Special Envoy for Cities and Climate Change, if investors continue to receive credible information around climate change, they are more likely to make better informed decisions, Climate Action reported.
Bloomberg added that these decisions will in fact assist in driving additional financing for projects that reduce carbon pollution and promote sustainable economic growth.
Christiana Figueres, the Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), said at a press briefing that solutions to climate change are appearing to be more feasible and actionable
“There are more opportunities to do well, to do good, and to have a just transition that [ensures] the wellbeing of everyone.
“We have shifted to an understanding […] that it is not about quarterly results. It is about the long term stability of the economy and of industry as a whole.”