Very quickly, we’re seeing major advances in tackling the climate crisis.
By the end of last year, nearly half of the 167 largest corporate emitters in the world had adopted net-zero commitments. Wider swaths of the financial system are adopting decarbonization goals for their portfolios, from banking giants Bank of America, Morgan Stanley and JPMorgan Chase to asset managers including BlackRock, the largest global asset manager. During the past year, some of the world’s biggest economies—China, the EU, and Japan—stepped up their climate commitments. With the U.S. about to rejoin the Paris Agreement, more than two thirds of the world’s economy and 50% of global greenhouse gas emissions will have net zero goals by 2050.
This ramp up is impressive. But it is also a recognition of how far behind we are. The tragedy unfolding in Texas right now underscores the consequences of the everyday infrastructure we rely on—electricity and water—being caught unprepared for the extreme events climate change is unleashing more often and with increasing ferocity.
KEYWORDS: Paris Agreement, Biden, biden administration, Paris Accord