Jurisdictions with Net Zero Plans or Aspirations Now Produce 40% of Global GDP
About 40% of the world’s economic activity, totalling US$34.6 trillion, now takes place in jurisdictions that have adopted or proposed plans to bring their carbon emissions to net zero by 2050 or before, according to analysis released last week by the UK’s Energy & Climate Intelligence Unit (ECIU).
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“The majority of these cities, regions, and countries have neither a legally-binding commitment nor a mechanism to achieve their targets, so for the most part these are as yet only aspirations,” acknowledged ECIU Director Richard Black. “Nevertheless, it’s startling that little more than a year after science showed the rationale for reaching global net zero by 2050, national and local governments covering two-fifths of the world’s GDP have said publicly that their locality should step up.”
The list includes “net zero targets at various levels of development: where the target is under active political discussion, where leaders have made a political declaration, where legislation is under development, and where it has been enacted—and from two countries that are already carbon-negative,” the ECIU explains in a release.
Highlights of the list include:
• German Chancellor Angela Merkel setting a 2050 deadline for her country to reach carbon neutrality ($3.7 trillion);
• Then-California governor Jerry Brown’s 2018 executive order mandating carbon neutrality by 2045 ($2.8 trillion);
• UK legislation in June, 2019 establishing a net zero target by 2050 ($2.6 trillion);
• Tokyo’s Metropolitan Government declaring net zero target earlier this year ($1.9 trillion).
“The apparent appetite for carbon neutrality presents a tremendous opportunity for the UK, as host of next year’s pivotal UN climate summit, to lead a meaningful global effort on net zero,” Black said in the release. “If the UK can work with a significant number of countries and regions to turn their net zero aspirations into concrete plans with means of delivery attached, including enhanced 2030 targets, using the [UK] Climate Change Act and net zero methodology as a basis, that will be a material step forward to delivering a real outcome at the Glasgow climate summit.”