New One Planet Summit initiatives to strengthen Paris Agreement
The One Planet Summit, launched in Paris in December 2017, has gathered for a second meeting in New York, reporting on initiatives to accelerate the implementation of the Paris Agreement and speed up the global transition to a low carbon and resilient economy, and releasing a review of 12 founding commitments.
Amongst a suite of new announcements made at the meeting were:
Google, together with Bloomberg Philanthropies and the Global Covenant of Mayors, will provide nearly 10,000 cities worldwide with new online data to help them create and implement ambitious climate action plans. Google will develop tools and insights, providing cities with information around areas such as transportation, buildings, air quality. The Global Covenant of Mayors will establish a research and innovation agenda for cities called “Innovate4Cities” to build on this support for local-level climate action.
Steered by the French Government, a high level advisory group called The One Planet Lab will gather influential people from the business, international financial institutions and academia, to fuel future One Planet Summits with innovative proposals for international cooperation. The Lab, will make specific recommendations on global challenges related to climate change (peace/security, environment, health etc.).
The World Bank Group committed to invest $1 billion to accelerate the deployment of battery storage in developing countries. The initiative is expected to leverage another $4 billion in concessional funding and private sector investments, and result in 17.5 gigawatt-hours of new battery storage capacity by 2025
The European Commission proposed to dedicate 25% of the next European Union budget (2021-2027), i.e. EUR 320 billion to climate objectives and foresees a dedicated financial support for sustainable infrastructure investments through the “InvestEU” programme, expected to leverage more than EUR 150 billion.
Michael Bloomberg announced that he will help convene a Wall Street Network on Sustainable Finance to encourage more climate-friendly and sustainable finance innovation across the U.S. capital markets.
The European Union, France, and New Zealand launched the Joint Pacific Initiative for Biodiversity, Climate Change and Resilience with an initial amount of EUR 20 million.
About 30 presidents, prime ministers and ministers attended, including from Spain, Denmark, Norway, China, New Zealand and Pacific island nations. The Australian Government was not represented.
The One Planet Summit is organized by the Government of France jointly with the UN, the World Bank Group and Bloomberg Philanthropies.
More information is here