Debating immediate action: Cutting back the promotion of fossil fuel investment
Apr 11, 2023 | 2:30 PM CEST - 3:50 PM CESTCC1
Apr 11, 2023 | 2:30 PM CEST - 3:50 PM CEST
CC1
Description
Climate action following Paris or net zero commitments by public and private financial actors includes immediate action in the short-term, normally focused on reducing the provision of services or support to high-carbon activities. Climate action today rather than tomorrow has major long-term climate benefits; delay is correspondingly harmful. The existence of easily-identified unaligned activities can facilitate immediate action, and the need for results by 2030 adds urgency.
Track 1 discussions have taken note of the proposed climate-based sectoral carve-outs and climate-based withdrawal from a major investment treaty due to continued excessive coverage and promotion of fossil fuels. This session considered policy issues and proposals relating to climate-based carve-outs of fossil fuels.
