Chris Kaminker, Group Head, Sustainable Investment Research, Strategy & Stewardship, Lombard Odier:
- The cumulative pledges that have been announced, if fully implemented, would be sufficient to limit warming to 1.8C. This is the first time that we’ve moved the dial sufficiently to bring these pledges in line with the objectives of the Paris Agreement, keeping warming below 2C. The ultimate objective is to keep warming below 1.5C. A further ramp-up of ambition is still needed to achieve that, and the gap is significant. To achieve this, the draft agreement calls on countries to announce even stronger pledges before the end of 2022, to align national plans to keeping warming to 1.5C. Crucially, this will require not only net zero targets for 2050, but stronger interim targets.