COPENHAGEN, Denmark, Oct. 14, 2022 – To announce net-zero targets is one thing, to implement them is another. One tool that supports implementation that aligns with the goals of the Paris Agreement to limit global warming to maximum 1.5°C is the One Earth Climate Model (OECM), commissioned by the UN-convened Net-Zero Asset Owner Alliance and other entities. It explores and provides open data sets for energy-related carbon budgets for 12 main industry and service sectors, on scope 1, 2 and 3 emissions and in line with a maximum temperature rise of 1.5°C above pre-industrial temperatures on a no/limited overshoot path.
Last year’s long-awaited COP26 in Glasgow kept the goals of the Paris Agreement just within reach and provided a strong push – in particular from the private and finance sector, whose participation included the US$130 billion total collective commitment from the Climate Investment Coalition, towards effective climate solution investments by 2030.
To keep the momentum up for COP27 in 2022, businesses, investors and governments that are serious about fulfilling net-zero emissions pledges before 2050, must design and enact transition plans that are legitimate, robust, and scientifically sound backed by global reporting and tracking framework on 1.5°C no/low overshoot as outlined in the goals of the Paris Agreement on Climate Change.
The OECM datasets provide open datasets for download not only for the financial sector to align their investment, insurance, lending and underwriting activities, but to everyone; for businesses, policymakers, and other scientists to have access to powerful tools that allow them to advance towards a true net zero economy around the world.
Investors from all parts of the globe can utilise the OECM framework to ensure their net-zero transition plans are in line with Paris Agreement 1.5°C no/low overshoot targets.
“OECM is an extremely valuable basis for asset managers, especially smaller ones like us, in setting portfolio carbon reduction targets as it provides essential sector level granularity for evaluating the decarbonisation efforts of investee companies. As it stands, we are likely to make use of it in our portfolio decarbonisation efforts,” says Valdur Jaht, Partner & Investment Manager at Avaron Asset Management.
“The Climate Investment Coalition understands that beyond new net-zero commitments, short-term, actionable targets must be set and implemented in order to achieve transition plans that are in line with Paris Agreement 1.5°C targets. OECM framework provides a tool that will support investors in their net-zero target-setting and portfolio steering for real world impact” says Peter Damgaard Jensen, Co-Chair, Climate Investment Coalition
Find the data sets and more information here:
https://www.uts.edu.au/isf/news/how-limit-global-warming-1.5degc-guidance-sectors
https://www.uts.edu.au/news/social-justice-sustainability/we-can-budget-carbon-cap-global-warming-1.5deg-c
https://link.springer.com/content/pdf/10.1007/978-3-030-99177-7.pdf
The Climate Investment Coalition continues its investment roadmap to COP27 and COP28 in support of the OECM and are engaging with global organisations, initiatives and stakeholders leading the change in catalysing the net-zero economy.
The World Climate Foundation is proud to act as Secretariat to the Climate Investment Coalition. Connect with us to engage on a journey towards a better future together at [email protected]
For more information:
Pauline Ledermann, Project Manager, World Climate Foundation
[email protected], +4540830497
The following files are available for download:
https://mb.cision.com/Main/21920/3648057/1638411.pdf
Press Release (PDF)
SOURCE World Climate Foundation