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Europe Insights

Monthly update on European markets
31 October 2019
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    • The 2015 Paris agreement was a major breakthrough compared to previous United Nations (UN) coordinated agreements such as Kyoto (1992) or Sweden (1972): but its actions plans need to shift into higher gear. Just ahead of the UN Secretary-General’s Climate Action Summit on 23 September, the World Meteorological Organization came out with a shocking finding: the country pledges made in Paris would need to be increased by a factor of five to be aligned with the +1.5°C limit goal. Scientists have already revealed how bad just an extra 0.5°C would be: but the current projection of a 3°C rise by 2100, is downright apocalyptic
    • The US has clearly lost its political leadership on climate issues after having created the world’s first nationwide Environmental Protection Agency in 1970; that said, individual states are sticking to their commitments. US coal production has declined by 30 per cent  since 2014. And coal states such as Wyoming are looking for renewable alternatives such as wind. At the same time, the US private sector will be at the forefront of climate transition technology thanks mainly to Silicon Valley billion investors / philanthropists and corporates
    • At the political level, the European Union (EU) is genuinely getting serious about the Carbon emissions goals. At the centerpiece of its 10-point action plan is the recently created Taxonomy of Environmentally Sustainable Activities. It enabled the President of the European Commission (EC) to confidently announce a European Green Deal, committing the EU to becoming the world’s first climate-neutral continent. It also proposes a “European Climate Law” by 2021 along with a comprehensive plan to increase the EU’s reduction target for 2030 to 55 per cent from 40 per cent currently


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