Under the Paris Agreement, countries are expected to submit new, and ideally more ambitious, climate action plans every five years. The next presentations are due in 2020
Millions of people in 170 countries took to the streets to protest. World leaders lined up at the United Nations to pledge action. A 16-year-old girl, close to tears, shamed them for robbing her of a future.
The pressure to act on climate change is mounting. Titans of global business and politics gathered in New York this week for a series of events, including the Bloomberg Global Business Forum in New York, to acknowledge that more must be done — but fell short of saying exactly what will be done.
“Time is running out in the court of public opinion, because time is running out to address climate change,” New Zealand Prime Minister Jacinda Ardern told heads of state and business chiefs at the Global Business Forum on Wednesday. “It’s right for them to hold our feet to the fire.”
The stakes have indeed never been higher. Temperatures have already risen 1 degree Celsius (2 degrees Fahrenheit) since the 1880s. The world must limit that warming to no more than 2 degrees above Industrial Revolution levels, the UN has warned, to avoid the most catastrophic of droughts, floods, mass migrations and conflicts. “You can just feel the groundswell of popular sentiment, that the urgency of this is elevated,” Goldman Sachs Group Inc. Chief Executive David Solomon said during the forum.
When asked whether there’s enough information out there to determine his own bank’s exposure to climate change, Solomon said, “We’re working on it. The answer is we’re working on it.” It was a response that underscored both the heightened awareness among leaders that they will be held responsible for global warming and the work that still lays ahead of them…
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