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Environmental finance is a field within finance that employs market-based environmental policy instruments to improve the ecological impact of investment strategies. The primary objective of environmental finance is to regress the negative impacts of climate change through pricing and trading schemes. The field of environmental finance was established in response to the poor management of economic crises by government bodies globally. Environmental finance aims to reallocate a businesses resources to improve the sustainability of investments whilst also retaining profit margins.
Carbon neutrality is a state of net zero carbon dioxide emissions. This can be achieved by reducing emissions, most of which come from the burning of fossil fuels, and by removing carbon dioxide from the atmosphere. The term is used in the context of carbon dioxide-releasing processes associated with transport, energy production, agriculture, and industry.
Energy conservation is the effort to reduce wasteful energy consumption by using fewer energy services. This can be done by using energy more effectively or changing one's behavior to use less service. Energy conservation can be achieved through efficient energy use, which has a number of advantages, including a reduction in greenhouse gas emissions and a smaller carbon footprint, as well as cost, water, and energy savings.
A green economy is an economy that aims at reducing environmental risks and ecological scarcities, and that aims for sustainable development without degrading the environment. It is closely related with ecological economics, but has a more politically applied focus. The 2011 UNEP Green Economy Report argues "that to be green, an economy must not only be efficient, but also fair. Fairness implies recognizing global and country level equity dimensions, particularly in assuring a Just Transition to an economy that is low-carbon, resource efficient, and socially inclusive."
Various energy conservation measures are taken in the United Kingdom.
The sustainable city, eco-city, or green city is a city designed with consideration for social, economic, environmental impact, and resilient habitat for existing populations, without compromising the ability of future generations to experience the same. The UN Sustainable Development Goal 11 defines sustainable cities as those that are dedicated to achieving green sustainability, social sustainability and economic sustainability. They are committed to doing so by enabling opportunities for all through a design focused on inclusivity as well as maintaining a sustainable economic growth. The focus also includes minimizing required inputs of energy, water, and food, and drastically reducing waste, output of heat, air pollution – CO2, methane, and water pollution. Richard Register, a visual artist, first coined the term ecocity in his 1987 book Ecocity Berkeley: Building Cities for a Healthy Future, where he offers innovative city planning solutions that would work anywhere. Other leading figures who envisioned sustainable cities are architect Paul F Downton, who later founded the company Ecopolis Pty Ltd, as well as authors Timothy Beatley and Steffen Lehmann, who have written extensively on the subject. The field of industrial ecology is sometimes used in planning these cities.
The energy policy of the European Union focuses on energy security, sustainability, and integrating the energy markets of member states. A key energy policy adopted in 2009 are the 20/20/20 objectives, binding for all EU Member States. The target involved increasing the share of renewable energy in its final energy use to 20%, reduce greenhouse gases by 20% and increase energy efficiency by 20%. After this target was met, new targets for 2030 were set at a 55% reduction of greenhouse gas emissions by 2030 as part of the European Green Deal. After the Russian invasion of Ukraine, the EU's energy policy turned more towards energy security in their REPowerEU policy package, which boosts both renewable deployment and fossil fuel infrastructure for alternative suppliers.
A low-carbon economy (LCE) or decarbonised economy is an economy based on energy sources that produce low levels of greenhouse gas (GHG) emissions. GHG emissions due to human activity are the dominant cause of observed climate change since the mid-20th century. Continued emission of greenhouse gases will cause long-lasting changes around the world, increasing the likelihood of severe, pervasive, and irreversible effects for people and ecosystems. Shifting to a low-carbon economy on a global scale could bring substantial benefits both for developed and developing countries. Many countries around the world are designing and implementing low-emission development strategies (LEDS). These strategies seek to achieve social, economic, and environmental development goals while reducing long-term greenhouse gas emissions and increasing resilience to the effects of climate change.
The Climate Change Committee (CCC), originally named the Committee on Climate Change, is an independent non-departmental public body, formed under the Climate Change Act (2008) to advise the United Kingdom and devolved Governments and Parliaments on tackling and preparing for climate change. The Committee provides advice on setting carbon budgets, and reports regularly to the Parliaments and Assemblies on the progress made in reducing greenhouse gas emissions. Notably, in 2019 the CCC recommended the adoption of a target of net zero greenhouse gas emissions by the United Kingdom by 2050. On 27 June 2019 the British Parliament amended the Climate Change Act (2008) to include a commitment to net zero emissions by 2050. The CCC also advises and comments on the UK's progress on Climate change adaptation through updates to Parliament.
The United States produced 5.2 billion metric tons of carbon dioxide equivalent greenhouse gas (GHG) emissions in 2020, the second largest in the world after greenhouse gas emissions by China and among the countries with the highest greenhouse gas emissions per person. In 2019 China is estimated to have emitted 27% of world GHG, followed by the United States with 11%, then India with 6.6%. In total the United States has emitted a quarter of world GHG, more than any other country. Annual emissions are over 15 tons per person and, amongst the top eight emitters, is the highest country by greenhouse gas emissions per person. However, the IEA estimates that the richest decile in the US emits over 55 tonnes of CO2 per capita each year. Because coal-fired power stations are gradually shutting down, in the 2010s emissions from electricity generation fell to second place behind transportation which is now the largest single source. In 2020, 27% of the GHG emissions of the United States were from transportation, 25% from electricity, 24% from industry, 13% from commercial and residential buildings and 11% from agriculture. In 2021, the electric power sector was the second largest source of U.S. greenhouse gas emissions, accounting for 25% of the U.S. total. These greenhouse gas emissions are contributing to climate change in the United States, as well as worldwide.
Efficient energy use, sometimes simply called energy efficiency, is the process of reducing the amount of energy required to provide products and services. For example, insulating a building allows it to use less heating and cooling energy to achieve and maintain a thermal comfort. Installing light-emitting diode bulbs, fluorescent lighting, or natural skylight windows reduces the amount of energy required to attain the same level of illumination compared to using traditional incandescent light bulbs. Improvements in energy efficiency are generally achieved by adopting a more efficient technology or production process or by application of commonly accepted methods to reduce energy losses.
Greenhouse gas emissions by Australia totalled 533 million tonnes CO2-equivalent based on greenhouse gas national inventory report data for 2019; representing per capita CO2e emissions of 21 tons, three times the global average. Coal was responsible for 30% of emissions. The national Greenhouse Gas Inventory estimates for the year to March 2021 were 494.2 million tonnes, which is 27.8 million tonnes, or 5.3%, lower than the previous year. It is 20.8% lower than in 2005. According to the government, the result reflects the decrease in transport emissions due to COVID-19 pandemic restrictions, reduced fugitive emissions, and reductions in emissions from electricity; however, there were increased greenhouse gas emissions from the land and agriculture sectors.
The climate change policy of the United States has major impacts on global climate change and global climate change mitigation. This is because the United States is the second largest emitter of greenhouse gasses in the world after China, and is among the countries with the highest greenhouse gas emissions per person in the world. In total, the United States has emitted over 400 billion metric tons of greenhouse gasses, more than any country in the world.
Climate change in Europe has resulted in an increase in temperature of 2.3 °C (2022) in Europe compared to pre-industrial levels. Europe is the fastest warming continent in the world. Europe's climate is getting warmer due to anthropogenic activity. According to international climate experts, global temperature rise should not exceed 2 °C to prevent the most dangerous consequences of climate change; without reduction in greenhouse gas emissions, this could happen before 2050. Climate change has implications for all regions of Europe, with the extent and nature of impacts varying across the continent.
The German Climate Action Plan 2050 is a climate protection policy document approved by the German government on 14 November 2016. The plan outlines measures by which Germany can meet its various national greenhouse gas emissions reduction goals through to 2050 and service its international commitments under the 2016 Paris Climate Agreement. The Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety (BMUB), under minister Barbara Hendricks, led the development of the plan. The plan was progressively watered down since a draft was first leaked in early May 2016. Projections from the environment ministry in September 2016 indicate that Germany will likely miss its 2020 climate target.
As the most populous state in the United States, California's climate policies influence both global climate change and federal climate policy. In line with the views of climate scientists, the state of California has progressively passed emission-reduction legislation.
Greenhouse gas emissions by China are the largest of any country in the world both in production and consumption terms, and stem mainly from coal burning in China, including coal-fired power stations, coal mining, and blast furnaces producing iron and steel. When measuring production-based emissions, China emitted over 14 gigatonnes (Gt) CO2eq of greenhouse gases in 2019, 27% of the world total. When measuring in consumption-based terms, which adds emissions associated with imported goods and extracts those associated with exported goods, China accounts for 13 gigatonnes (Gt) or 25% of global emissions.
The European Green Deal, approved in 2020, is a set of policy initiatives by the European Commission with the overarching aim of making the European Union (EU) climate neutral in 2050. The plan is to review each existing law on its climate merits, and also introduce new legislation on the circular economy, building renovation, biodiversity, farming and innovation.
The Climate Leadership and Community Protection Act (CLCPA) is a plan signed into law on July 18, 2019 to address climate change and reach net zero emissions in New York State. The Act sets the goals to reduce emissions to 40% below 1990 levels by 2030 and then to 85% below 1990 levels by 2050. The remaining 15% of emissions will be offset, such as by planting trees which take carbon dioxide out of the air, to reach net zero emissions.
TransformTO is a plan adopted by the City of Toronto to bring the city to carbon neutrality by 2040. The plan was adopted by city council unanimously in July 2017, and has components addressing buildings, transportation, waste, and natural systems. The plan initially started in response to the 2016 Paris Agreement, aiming to reach net-zero carbon emissions by 2050, but the timeline was accelerated following the council's 2019 declaration of a climate emergency by city council.
References
- 1 2 DiChristopher, Tom (2019-04-18). "New York City embraces pillar of AOC's Green New Deal, passing building emissions bill". CNBC. Retrieved 2020-05-18.
- 1 2 Domonoske, Camila (2019-04-23). "To Fight Climate Change, New York City Will Push Skyscrapers To Slash Emissions". NPR.org. Retrieved 2020-05-18.
- ↑ Nonko, Emily (2020-01-16). "NYC buildings prepare to drastically reduce emissions to avoid penalties". New York Post. Retrieved 2020-05-19.
- 1 2 Foderaro, Lisa W.; Flegenheimer, Matt (2014-12-19). "Building Toward a Goal of Reducing Emissions in New York City by 80 Percent". The New York Times. ISSN 0362-4331 . Retrieved 2020-05-18.
- ↑ "Climate Mobilization Act". Data Team. Retrieved 2020-05-18.