Submitted by H. Hutton on Tue, 21/03/2023 - 13:42
21 March 2023 - Cambridge Institute for Sustainability Leadership (CISL) and its associated leadership groups, the European and UK Corporate Leaders Groups, respond to the final instalment of the sixth assessment report (AR6) from the Intergovernmental Panel on Climate Change (IPCC).
Clare Shine, CEO and Director, CISL said:“The IPCC’s sixth assessment report tells a grave story about the situation facing our climate, driven by the emissions generated by our economy. At CISL we have long known that the climate crisis is fundamental, but also critically interconnected with other key challenges such as the wider impacts on nature and the growing levels of inequality. In response to this report, we look to redouble our work with others to unlock the needed transformational change in our economy, working with equity and ambition for a better future.”
Eliot Whittington, Chief Systems Change Officer, CISL said: “Once again, the world’s scientists have come together to set out the story of our increasingly chaotic climate, the scale of the impacts it is and will have on our society and the real, yet narrow routes back to stability, safety and future wellbeing. This report, alongside other scientific accounts of the environmental collapse we’re facing, tell us possibly the most critical story ever about our future and their implications should make them required reading for government and business leaders everywhere.
“The IPCC’s latest work clearly shows an expanding set of actions to limit and adapt to climate change. Unfortunately, it also shows those actions fall short of what is needed and that as our understanding of the future impacts of climate change grows, they look worse than was previously thought. To preserve our safety and security, restore our planet and deliver future wellbeing we need to embark on wholesale change of our economic system at a speed and scale never before seen, and business, government and finance will all need to come together in delivering this.”
Nina Seega, Director, Centre for Sustainable Finance, CISL said: “The IPCC report leaves no doubt that climate change is impacting our daily lives. Unless urgent action is taken now, these impacts will become significantly more severe. However, the last 10 years have demonstrated it is possible to drastically reduce cost and increase deployment of feasible, socially acceptable, effective and low-cost options for mitigation and adaptation by more than 100 times.
“Finance is a critical enabler for such action. There is enough capital in the system to close investment gaps, but to access it we must bring climate into every financial decision. This means adequately pricing climate-related financial risks. It also means multiplying our investments in and providing insurance for viable climate resilient solutions for mitigation and adaptation across the world. To attract such quantities of private finance, public finance as well as regulatory and policy action is required to demolish real and perceived investment barriers. Against the backdrop of a brewing banking crisis, there is an opportunity for all financial actors to work together to better align the financial system to a net zero, nature positive and equitable economy.”
Beverley Cornaby, Director, CLG UK said: “The IPCC has provided yet another wake-up call that climate action is not only increasingly urgent to avoid worsening impacts, but the speed of implementation increasingly insufficient. Leadership is vital from both governments and the wider economy that supports accelerated implementation of ambitious climate targets.
“For the UK, there is an immediate opportunity to demonstrate leadership and acknowledge the urgent need for more ambitious action. Next week, through publishing a refreshed Net Zero Strategy and responding to both the Climate Change Committee progress report and Chris Skidmore’s Net Zero Review, the Government can fast-track climate action and provide the clarity, consistency and stable transition plan the wider economy is calling for. To support this, businesses can review their own levels of ambition and set out clear transition plans for how they will implement emissions reductions both in their direct operations and services and across their supply chains.
“As the UK government also looks to publish its third National Adaptation Programme in the Summer, it is vital in doing so that action to reduce emissions it put in the context of the urgent need to build resilience and adapt to climate impacts. It is clear we’re not acting fast enough to address the risks and the risks are getting greater, but the awareness to act on these is low. A comprehensive five-year plan needs to set out a clear investment strategy and engagement plan that protects the most vulnerable in society and enables the UK to maintain a strong economy.
“Not taking these opportunities and acting immediately, risks the UK not only missing its climate targets, but also contributing to worsening climate impacts, with the cost of inaction becoming increasingly greater than the cost of acting now.”
Ursula Woodburn, Director, CLG Europe said: “The IPCC’s report is a stark reminder of the risks of exceeding 1.5C for our collective future, the planet and the economy. It demonstrates the huge benefits of near-term actions on mitigation and adaptation and the critical need to reach net zero emissions as early as possible. It has reminded us in the EU in the strongest terms possible that we must now double down on delivering ambitious and robust climate, energy and nature policies under the European Green Deal. Leading businesses understand this and what this means for their future competitiveness - they are working hard to drive the solutions necessary at both innovation and policy levels.
“However, in the last couple of weeks, we have seen some hesitation from EU leaders on delivering strong legislation regarding some of the ongoing Fit for 55 files, such as the revision of CO₂ emission performance standards for cars and vans. This IPCC report shows us that any step back from Green Deal ambitions would have severe impacts on our lives, biodiversity and the economy. We call on this generation of EU decision makers to walk the talk regarding their climate objectives for the sustainability of European businesses, the sake of our economy, planet and our people.”
