The group of the seven richest countries in the world, the G7, met in June to discuss important issues such as vaccines, pandemic control and the climate emergency. The meeting resulted in a joint declaration that reinforced the commitment to zero greenhouse gas emissions by 2050, but with a collective reduction in half by 2030 – a goal previously assumed by Joe Biden's United States at the Climate Leaders' Summit, in April. Together, G7 member countries – the US, UK, Canada, Japan, France, Germany and Italy – are responsible for 20% of global carbon emissions.
Countries highlighted the need for international cooperation to reduce emissions, with financing for cleaner technologies in developing countries: the idea is to mobilize US$ 100 billion per year by 2025 to help poor countries reduce emissions. They also emphasized the urgency of eliminating financing for coal-fired power generation projects that do not have carbon capture and storage technologies. Another topic discussed at the meeting was the need for the post-pandemic economic recovery to be guided by green reconstruction and a radical change in the approach to infrastructure, in addition to enabling the protection and conservation of at least 30% of land and oceans by 2030. The commitments assumed at the Biden summit and reinforced at the G7 meeting will pave the way for COP26, in Glasgow, Scotland.
The world is already experiencing the adverse effects of climate change: the Northern Hemisphere is now facing an extreme summer, with temperatures reaching 46º C in Canada. In 2020, the UN recognized, for the first time, the existence of climate refugees and estimates that in the last ten years, 21.5 million people had to leave their places due to extreme climate events – climate-related displacements are more than double those caused by conflicts, according to UNHCR, the UN Refugee Agency.
This makes it clear that governmental and non-governmental efforts to comply with the Paris Agreement and prevent global temperatures from rising above 1.5ºC are the major task ahead, along with recovery from the Covid-19 pandemic. This agenda is dear to CEBDS: 31% of our members are committed to emissions neutrality by 2050, and the fight against illegal deforestation is a flag: if the country reduces it to zero, we will fulfill 80% of our commitment under the Paris Agreement, with a 43% reduction in greenhouse gas emissions.
At CEBDS, we have also reinforced the potential of nature-based solutions (SBN) and carbon pricing. The adoption of both solutions would bring great competitive advantages to Brazil: SBN can deliver 37% of the emissions reduction needed by 2030 to avoid global warming of 2ºC, but solutions need to be implemented in the next 10 to 15 years and Brazil, alone, has 20% of opportunities in NBS and climate, especially in reforestation, soil management and agriculture.
Since 2017, CEBDS has worked on structuring the domestic carbon market, and this year we engaged our members in a proposal for PL No. 528/21, which establishes the Brazilian Emissions Reduction Market (MBRE) and regulates the carbon credits market in Brazil. Brazil – 47 member companies received consideration from our Carbon Market Task Force, with ten companies returning to us with suggestions incorporated into our final consolidation. We believe that carbon pricing will be one of the major themes in Glasgow and the Brazilian private sector wants to make its effective contribution so that this soon becomes a reality in the country, putting Brazil on the path to a circular, low-carbon, regenerative and inclusive.
