Rich countries are not sufficiently cutting their greenhouse gas pollution nor helping developing nations adapt to and survive the impacts of a crisis they did virtually nothing to cause, multiple analyses confirm. Almost none of the most-polluting nations have updated or strengthened their emissions reductions targets since agreeing to do so last year at COP26. According to Climate Action Tracker, just 21 of 193 countries have updated their goals, of which Australia was the only major emitter. Rich nations are failing to fund developing nations’ climate adaptation efforts by an order of magnitude, a UN Environment Program report released this morning finds.
“The idea that you can have a wall around your state and somehow protect yourself, so that you can adapt while everybody else will sink, or burn, or die in droughts, is simply unrealistic,” UNEP head Inger Andersen told the New York Times. “People are not moving because they want to when they are climate refugees. … They are moving because they have to.” Rich countries are also failing to sufficiently invest in low-carbon technologies in developing nations, with investments lower than ever in the past four years, according to a BlooombergNEF analysis released Tuesday.
Relatedly, a Sierra Club report released Wednesday, found major U.S. banks — including Wells Fargo, Citigroup, Morgan Stanley, JPMorgan Chase, Bank of America, and Goldman Sachs — are “severe laggards” in terms of both their decarbonization targets and plans to achieve them. (Pledge updates: Washington Post $; UNEP: New York Times $; BNEF: Reuters; Banks: E&E $)