World Climate: The European Parliament In search of a compromise to reduce CO2
California and nearly a dozen other states want companies to reveal the financial risks of the climate crisis
Corporate America must be compelled to fess up about the financial risks posed by the climate crisis, a coalition of state attorneys general told the Securities and Exchange Commission on Monday. © Justin Sullivan/Getty Images In an aerial view, trees burned by a recent wildfire line the steep banks of Lake Oroville on June 01, 2021 in Oroville, California. As severe drought takes hold in California, firefighters are on high alert with risk of wildfire increasing. According to the U.S. Drought Monitor, 16 percent of California is in exceptional drought, the most severe level of dryness.
European parliamentarians discuss this Thursday 24 June of the European Climate Law. It sets new CO2 emission reduction targets by 2030 that will make Europe the first climate neutral continent in 2050.
with our correspondent in Brussels, Joana Hostein
video: Climate priority for the Economic recovery of the EU (Euronews)
"It's time to take responsibility. It is therefore necessary to vote in favor of the compromise found by the Member States, "insists the rapporteur of the text.
Climate risk disclosures must be transparent
Climate-related financial regulation now seems like a matter of when, not if. © Getty Images Climate risk disclosures must be transparent While this will be an important milestone in the fight against climate change, it is also critical that any future regulations are implemented with scientific integrity at the forefront. If we want climate risk disclosures to be more than just symbolic gestures, financial institutions and regulators must require that the data, models and methodologies used to determine those risks be made public as well.
had proposed a goal of reducing CO2 emissions more ambitious: 60% for 2030 compared to 1990 emissions, compared with 55% today. This is a net reduction that therefore includes compensation for CO2 emissions by natural carbon sinks such as reforestation for example.
The real effort will therefore be less, regretted Caroline Roose, a French ecologist MEP, who will vote against the compromise: "Scientists tell us that we should lower our greenhouse gas emissions by at least 65% from here 2030 to achieve the objectives of the Paris Agreement. Today, these are some points that may seem loud. Tomorrow, it will be more flooding,, food insecurity, lost human lives.
"It's not the end but the beginning of the efforts", insists Frans Timmermans, the European Commissioner for Climate Action. The European Commission will indeed have to translate these binding objectives into concrete proposals. She will present a series of reforms on July 14th.
Amid extreme weather, city and company climate action is more important than ever .
Residents of Portland, Oregon saw temperatures exceed 116 degrees on Monday — an all-time high.June's G7 meeting was criticized for failing to produce substantial coordination on climate policy, where leaders largely repeated their previous climate commitments. Only a few short months are left until leaders will pick up on international negotiations in Scotland at the UN COP-26 negotiations to further the ambition of the Paris Agreement.