Advertisement

Private sector can contribute to cooling global temperature

Tuesday October 26 2021
Global warming

People have been degrading the planet’s most precious asset, nature, at rates far greater than ever seen before. PHOTO | FILE

By NANCY MARANGU

As the curtains rise for the global Climate Change Conference (COP26) in Glasgow, Scotland, the private sector remains a key player in the implementation of the Paris Agreement.

The conference will be held between October 31 and November 12.

According to Article 2 of the Paris Agreement, the sector is capable to enhance the implementation of the convention, including its objective, which aims to strengthen the global response to the threat of climate change.

This is in the context of sustainable development and efforts to eradicate poverty by ensuring that all industry stakeholders hold the increase in the global average temperature to below 2C above pre-industrial levels and pursue efforts to limit the temperature increase to 1.5C above pre-industrial levels — recognising this would significantly reduce the risks and impacts of climate change.

Consequently, as underlined by Article 4, to achieve the set long-term 1.5C temperature goal, the private sector ought to rethink and re-engineer their production value chains aimed at reducing greenhouse gas emissions to enhance sustainable development and promote the eradication of poverty. To this effect, the private sector has to, of necessity, support their respective governments to prepare, communicate and maintain successive nationally determined contributions (NDCs) that it intends to achieve.

Besides collaborating with jurisdictional governments to represent a progression report on NDCs that indicates its highest possible ambition, the sector should reflect on its common but differentiated responsibilities and respective capabilities, in the light of the different national social-economic environments.

Advertisement

To realise this, the private sector has to undertake the lead of investing in green economy initiatives that go well with absolute emission reduction targets.

What is more, the sector has to be deliberate to invest in sustainable consumption patterns through a multi-sectoral approach.

More so, as envisaged in Article 5, the private sector has the autonomy to implement and support, green finance initiatives, policy approaches, and positive incentives for activities relating to reducing emissions from deforestation and forest degradation.

This goes hand in hand with championing and advocating for the role of conservation, sustainable management of forests, and enhancement of forest carbon stocks.

What is more, the private sector needs to take lead during policy reviews and spearhead the uptake of alternative policy approaches, such as joint mitigation and adaptation approaches for the integral and sustainable management of forests, while reaffirming the importance of incentivising and non-carbon benefits.

Importantly, Article 6 emphasises voluntarily co-operative approaches that involve the use of internationally transferred mitigation outcomes towards NDCs to ensure environmental integrity and transparency, including in corporate governance.

Nancy Marangu is a communication and public policy analyst

Advertisement