For China, the "father of climate economics" praises "carbon"

　　Liu Liang

　　At present, extreme weather phenomena are frequent around the world. The latest report of the IPCC (United Nations Intergovernmental Panel on Climate Change) shows that it is urgent to take climate action; the impact of the new crown epidemic has made it more difficult for low- and middle-income countries to respond to climate change.

Faced with the increasingly urgent issue of climate change, how can global climate governance be broken?

How can developed and developing countries enhance trust and dispel doubts and work together better?

Why is it said that the proposal of the "Dual Carbon Goals" further demonstrates China's responsibility in the field of global climate governance?

　　China News Agency's "East-West Question, China Dialogue" recently invited Lord Nicholas Stern, Director of the Grantham Institute for Climate Change and Environment at the London School of Economics and Political Science, and China News Agency reporter Liu Liang to discuss global climate governance. Conversation on related topics.

Pictured is Lord Nicholas Stern, director of the Grantham Institute for Climate Change and the Environment at the London School of Economics.

Photo provided by myself

　　Nicholas Stern is the first person to "look at climate change from an economic point of view" and is known as the "father of climate economics".

　　Stern pointed out that the new crown epidemic shows that every country faces global threats such as infectious diseases, biodiversity loss and climate change, and every country should recognize the risks faced by mankind.

In order to better cope with climate change, developed and developing countries need to increase cooperation and action.

At the same time, developed countries must fulfill their commitments on climate finance as soon as possible.

　　Talking about China's climate governance actions in recent years, Stern believes that China is continuing to increase its efforts to address climate change.

The proposal of the "dual carbon" goal brings China a good opportunity to further demonstrate its responsibility for climate governance.

An excerpt from the conversation follows:

Liu Liang: According to the United Nations Framework Convention on Climate Change (UNFCCC), "common but differentiated responsibilities" is an important cornerstone of global climate governance.

In your opinion, how important is it for Parties to follow this principle on climate governance?

Stern:

In response to the principle of "common but differentiated responsibilities", the 1992 United Nations Framework Convention on Climate Change clearly stated that developed countries should play a leading role in addressing climate change.

Because they are historically responsible for a significant portion of the cumulative emissions of greenhouse gases since the Industrial Revolution, and also have funds available for climate change mitigation and adaptation.

We should realize that to achieve net zero emissions and prevent further global warming, all countries, rich and poor, need strong action.

　　It is important to note that all countries will benefit from a process of economic transformation that is sustainable, inclusive and resilient.

Although in the original framework green development was seen as a more expensive development model, today the situation has clearly improved.

Liu Liang: Climate funding is the "hard bone" for the international response to climate change.

Previously, developed countries pledged to provide developing countries with $100 billion a year in climate finance by 2020.

But there is still a big gap from the first climate funding.

How do you see this situation?

How to better improve the climate finance financing mechanism between developed and developing countries?

Stern:

The failure of rich countries to meet their collective commitment to increase financial support to developing countries to $100 billion by 2020 is a breach of trust and should be corrected as soon as possible.

Delivery plans by the governments of Canada and Germany ahead of COP26 (the Conference of the Parties to the United Nations Framework Convention on Climate Change, or COP) suggest that the $100 billion target should be achieved by 2022 or 2023.

But it is equally important that richer countries now work with poorer countries to significantly increase their level of investment in sustainable development.

To do this, all parties need to pay more attention to the structure of financing and create an environment for investment, which will help the developed countries to better meet their commitments in the coming years.

Liu Liang: The Paris Agreement requires the establishment of an Nationally Determined Contribution (INDC) mechanism.

But bridging the gap between INDC and temperature control targets is still a difficult point in negotiations.

Will INDC shake the cornerstone of UNFCCC's "common but differentiated responsibilities"?

In your opinion, how to better bridge the gap between the two?

Stern:

The Paris Agreement commits all countries to jointly limit the global temperature rise to less than 2 degrees Celsius, strive to limit warming to 1.5 degrees Celsius, and achieve net-zero global emissions in the second half of this century.

At the same time, scientific research has also shown that keeping the temperature control target within 1.5 degrees Celsius is critical to the climate problem.

But current INDCs are not aligned with these goals, and all countries need to work together to further demonstrate the ambition of their commitments.

Liu Liang: From the "Kyoto Protocol" to the "Paris Agreement", a milestone breakthrough has been made in global climate governance.

China has also played an important role in this process.

In your opinion, what is the difference between China's past and present performance on climate governance?

What does this shift in identity mean?

Stern:

China continues to step up its efforts to address climate change, especially in the past few years, China has made many commitments.

Such as pledge to achieve carbon neutrality by 2060 and stop funding coal-fired power stations in other countries.

At the same time, China's role as an example to other developing countries is also crucial.

　　At present, China has ushered in a good time to further demonstrate its responsibility for climate governance.

If China can achieve its carbon peak by 2030, it will make it easier to achieve the goal of carbon neutrality by 2060, and it will bring benefits to both China and the world.

Data map: Photovoltaic panels

Liu Liang: With the proposal of China's "dual carbon" goal, there are voices in the outside world who worry that local governments will take radical measures such as limiting production in order to reduce energy consumption, which will affect the stable economic growth.

What do you think about this?

Stern:

The "dual carbon" goal will help China achieve sustainable, inclusive and resilient economic growth.

　　Low-carbon development and economic development are not contradictory.

Pursuing low-carbon goals can drive economic development in stronger and better ways.

However, the transition to a zero-carbon and climate-resilient economy does require good management, ensuring that the transition is more equitable between the rich and the poor, between consumers, businesses and governments.

For example, workers in high-carbon enterprises need to be retrained and reassigned to new institutions or units.

　　The energy transition can drive economic development and growth, as well as provide new development opportunities and jobs.

At the same time, investment in clean technology and the acceleration of the zero-carbon transition have brought huge economic opportunities to China, which will further enhance China's competitiveness in the world economy.

Liu Liang: It has been five years since the Paris Agreement was signed.

In the face of the outbreak of the epidemic, do you have different views on climate change?

In the post-pandemic era, what issues should be paid attention to in climate governance?

Stern:

Over the past six years, climate change has had an increasing impact and is increasingly affecting the environment around us.

　　I think many countries can now see the appeal of a more sustainable, inclusive and resilient model of economic development and growth.

The pandemic has shown that every country faces global threats such as infectious diseases, biodiversity loss and climate change.

Every country should be aware of the risks we face and the urgent need to scale up investment in these areas in order to embark on a more sustainable economic path.

　　From an investment perspective, at present, investment in post-pandemic economic recovery is the investment direction we need to achieve sustainable, resilient and inclusive growth.

Liu Liang: Last year, COP26 came to an end in Glasgow, UK.

How would you rate the progress made at this conference?

What does this mean for this year's COP27 conference?

Stern:

COP26 has seen many major developments, including a joint statement by China and the United States on climate action cooperation.

　　But we also know that the revised Nationally Determined Contributions submitted to COP26 still fall short of the Paris Agreement goals, and that rich countries have fallen short of their pledge to raise $100 billion a year to support climate action in developing countries by 2020.

　　Progress at COP26 should prompt countries to submit stronger emission reduction pledges by the end of 2022 and to work together on a new climate finance plan to provide more financial support for developing countries in the future.