Environmental News from the UN:
- ‘Race to Zero’ campaign lays out new net-zero criteria
- Calls to restrict the development of new fossil fuel projects
- Requires lobbying efforts to be aligned with the net-zero plan
- GFANZ also releases a draft framework for net-zero planning
A U.N.-backed campaign to drive faster climate action is toughening the minimum standards for companies pledging to cut greenhouse gas emissions, including a requirement for businesses and banks to curb new fossil fuel projects.
The updated criteria issued on Wednesday by the ‘Race to Zero’ campaign are important as they will be reflected in the obligations of a range of partner organizations marshaling the climate efforts of various sectors, from banks to insurers and asset managers.
The new rules follow a period of consultation between more than 200 independent experts and will affect many of the world’s biggest companies that have already joined such initiatives and publicly committed to reaching net-zero emissions.
Under the rules, all members would be explicitly required to phase down and then phase out all unabated fossil fuels, and to do so in a way that ensures a so-called ‘Just Transition,’ where the social impacts of the low-energy transition are mitigated.
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