Socio-environmental institutions will work together at an event taking place in Salvador between August 19 and 23, in preparation for COP25 in Chile
Salvador will be at the epicenter of discussions on combating climate change, with the holding of Latin America and Caribbean Climate Week (LACCW), from August 19 to 23. Climate Week precedes the highly anticipated UN climate meeting, COP 25, which will take place in December in Chile. Intense debates are expected around energy transition, carbon pricing, urban mobility, sustainable cities, among others. Eight non-governmental institutions have come together to explain everything you need to know about climate week.
The current climate crisis is the main driver of risks and opportunities for the economy and society. This assessment is confirmed by the World Economic Forum’s Annual Global Risks Report, based on a survey of political and business leaders from around the world, which indicates that climate risk is at the top of the concerns of investors, researchers and decision-makers. In addition, 24 million new jobs could be created globally by 2030 if the right policies are implemented to promote a greener economy, according to a report by the International Labour Organization (ILO).
In 2019, impacts caused by extreme weather events, natural disasters and failures to adopt mitigation and adaptation measures were among the ten biggest risks identified. Estimates indicate that the total assets at risk worldwide due to climate change could reach US$1.4 trillion by the end of the century. Risks include increased production costs, consumer preference for less carbon-intensive products and increased competitiveness due to the adoption of technological alternatives in production processes.
Why is this event so important?
The effects of human action on climate change and the threat to the planet are a consensus among more than 971 scientists and are evidenced by extreme storms and droughts in all parts of the world. Countries, NGOs and companies are mobilizing to react and prevent an irreversible deterioration of the thermal balance. Therefore, the Paris Agreement, at COP21, established a target (1.5ºC) to limit the increase in global temperature in relation to pre-industrial era levels. It was a great step forward for the planet. COP24, last year, we made progress in formalizing the rules for implementing the agreement that will come into force in 2020. However, there are still open points that depend on Brazilian definition. And the discussions in Salvador may provide guidelines for the position that will be taken to the next COP25, which takes place in Chile in December.
Climate change is a real and material challenge for everyone, including businesses. The global economy is already moving the world towards a low-carbon future, and Brazil is one of the countries with the greatest potential to become a leader in this new economy. A balanced climate means economic growth and stability – access to clean energy, sustainable transport, health, etc. Therefore, CDP, Arapyaú Institute, Climate Forest and Society Coalition, IEMA, iCS, WRI Brazil, WWF-Brazil and CEBDS actively work to implement the Paris Agreement and the 17 UN Sustainable Development Goals (SDGs).
CEBDS and the climate in Brazil
For the Brazilian Business Council for Sustainable Development (CEBDS), the impact of climate change on business has been demanding concrete actions from companies, which are investing in new technologies and energy efficiency to mitigate greenhouse gases. In a study released at COP 24 (which is being updated this year in partnership with WWF), CEBDS – which represents 60 large companies, with revenues equivalent to 45% of the country's GDP – indicated that companies invested US$$ 85 billion between 2015 and 2017 to reduce their emissions, with projects such as energy efficiency, for example.
In the publication “CEBDS Agenda for a Sustainable Country”, the Council presents 10 proposals to the new Brazilian government to accelerate the pace of the transition to a low-carbon economy, six of which are related to energy. One of them includes a study for the implementation of the carbon market in the country. During Climate Week, the Council will effectively discuss the implementation of this market, as well as advances in internal carbon pricing in companies in workshop about the article on Monday (19), a panel on carbon pricing on the same day, and another on climate change on Tuesday (20).
The main international journals are keeping an eye on what is being discussed around the Amazon, yes, but that is not all. CEOs, CFOs, and directors of large companies, public and private institutions will be in Salvador, as well as authorities not only linked to the environment, but also to the Ministries of Economy and Agriculture of several Latin American countries, in addition to Brazil, of course.
The full CEBDS schedule for Climate Week, you find here.
