Investment in clean energy must increase by up to 50 percent in some economies to limit global temperatures to 1.5 degrees Celsius.
This is one of the findings from a new scientific study on the financial requirements of the Paris climate agreement.
Researchers from the Austria-based International Institute for Applied Systems Analysis (IIASA) used six different modelling techniques to calculate the costs and consequences of meeting the world’s climate goals.
They found that the overall level of energy investment only needs to modestly increase under their scenarios, but, crucially, financial flows have to radically shift away from fossil fuels and into clean technologies.
Investments in low-carbon and energy efficiency will have to quickly surpass those of fossil fuels by 2025. After this date, investment will need to climb exponentially, by $130 billion a year just to meet the existing Nationally Determined Contributions (NDCs) under the Paris deal. These national efforts, however, will still mean global temperatures will reach over 3 degrees before the end of the century.
To meet the 2 degrees scenario, investments will have to grow to $320 billion a year and $480 billion for 1.5 degrees. These figures are more than 25 percent of total energy investments, but increases to over half in major economies, such as China and India.
“We know that limiting global temperatures to well below 2 degrees demands that renewables and efficiency scale up rapidly, but few studies have calculated the energy investment needs for a fundamental system transformation, at least not with an eye toward 1.5 degrees and using multiple scientific modelling frameworks running side-by-side,” says IIASA researcher and lead author of the study David McCollum.
“It’s important for professionals in the finance sector to be aware how much more investment in low carbon solutions is needed if the world is to meet the Paris targets. The NDC pledges are a step in the right direction, though much deeper changes in the energy investment portfolio are clearly necessary,” says Elmar Kriegler, a co-author and vice-chair at the Potsdam Institute for Climate Impact Research.
Published on Climate Action on June 20, 2018
Human rights and environment
In recent years, the recognition of the links between human rights and the environment has greatly increased. The number and scope of international and domestic laws, judicial decisions, and academic studies on the relationship between human rights and the environment have grown rapidly.
Many States now incorporate a right to a healthy environment in their constitutions. Many questions about the relationship of human rights and the environment remain unresolved, however, and require further examination.
As a result, in March 2012 the Human Rights Council decided to establish a mandate on human rights and the environment, which will (among other tasks) study the human rights obligations relating to the enjoyment of a safe, clean, healthy and sustainable environment, and promote best practices relating to the use of human rights in environmental policymaking.
Mr. John Knox was appointed in August 2012 to a three-year term as the first Independent Expert on human rights obligations relating to the enjoyment of a safe, clean, healthy and sustainable environment. His mandate was further extended in March 2015 for another three years as a Special Rapporteur.
The resolution 16/11 adopted by the Human Rights Council on 12th of April 2011 entitled “Human Rights and the environment” requested the Office of the High Commissioner “in consultation with and taking into account the views of States Members of the United Nations, relevant international organizations and intergovernmental bodies, including the United Nations Environment Programme and relevant multilateral environmental agreements, special procedures, treaty bodies and other stakeholders, to conduct, within existing resources, a detailed analytical study on the relationship between human rights and the environment” (para.1).
See also the Special Rapporteur on the implications for human rights of the environmentally sound management and disposal of hazardous substances and wastes
Human rights and climate change
In its 5th Assessment Report (2014), the Intergovernmental Panel on Climate Change (IPCC) unequivocally confirmed that climate change is real and that human-made greenhouse gas emissions are its primary cause. The report identified the increasing frequency of extreme weather events and natural disasters, rising sea-levels, floods, heat waves, droughts, desertification, water shortages, and the spread of tropical and vector-borne diseases as some of the adverse impacts of climate change. These phenomena directly and indirectly threaten the full and effective enjoyment of a range of human rights by people throughout the world, including the rights to life, water and sanitation, food, health, housing, self-determination, culture and development.