UN Climate Summit on September 23 at UN Headquarters in New York City and and Prior Investor Request for Stable Carbon Price and International Energy Agency’s Estimate of Clean Trillion Annual Investment

By Magdalena A K Muir

More than 120 Heads of State and Government will be attending the one-day Summit hosted by UN Secretary-General Ban Ki-moon to generate political will toward a meaningful universal climate agreement in 2015, and advance action on the ground that will reduce emissions and build resilience to the impacts of climate change. A list of the extensive leaders who have asked to speak at the Summit can be found here . The Summit will mark the first time in five years that world leaders will get together to chart a course of action on climate change. The Secretary-General has asked leaders to announce significant and substantial initiatives to help move the world toward a path that will limit global warming. Announcements at the Summit will focus on mobilizing finance for climate action, increasing the use of renewable energy, increasing energy efficiency, reducing deforestation, promoting climate smart agriculture, building resilience, reducing pollutants, and promoting climate action in the world’s cities.In addition to the leaders from governments, there will also be strong participation from leaders from business, finance and civil society.

The Summit will consist of an opening ceremony, announcements by Heads of State and Governments, announcements by the private sector, the launch of new initiatives that address key action areas by coalitions of governments, businesses and civil society organizations. There will also be sessions that focus on critical aspects of climate change, including science, people living on the frontlines of climate change, the societal benefits of action, and the economic case for action on climate change. The Secretary-General will summarise the outcome of the day at the closing ceremony.

The Climate Summit will be broadcast live on UN Web TV .  Many press and news releases are also likely  during and after the event. Expectations are mixed for the Summit, as significant differences between developed and developing countries and no clear movement as of yet under the United Nations Framework Convention for Climate Change.

In tandem with the September 23 UN Climate Summit, other parties such as global institutional investors have issued a statement found here  that calls on states assembling there to provide stable carbon pricing that allows investment to address climate change,and also to phase out subsidies for fossil fuels.  The statement was coordinated by the four investor groups on climate change – Ceres’ Investor Network on Climate Risk (INCR) in the United States, the European Institutional Investors Group on Climate Change (IIGCC), the Investors Group on Climate Change (IGCC) in Australia and New Zealand, and the Asia Investor Group on Climate Change (AIGCC) – with the United Nations Environment Programme Finance Initiative (UNEP FI) and Principles for Responsible Investment (PRI).

CleanTrillionCharts

 According to the International Energy Agency http://insideclimatenews.org/news/20140915/only-1-trillion-annual-investment-goal-puts-climate-solutions-within-reach, the world must invest at least an additional $1 trillion per year – a Clean Trillion  – into clean energy by 2050 if we have any hope of limiting global warming to 2 degrees Celsius and avoiding the worst impacts of climate change on our environment, health and the global economy. Yet global investment in clean energy was just $254 billion in 2013.

Further information

UN Climate Summit available here

The Climate Summit will be webcast live on UN Web TV. More information on global institutional investors include a report found here

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