Latin American VC

The COP27 has just finished, with disappointing results. On the positive side, for the first time, the concept of compensation for loss & damage for developing countries has been included. 

On the negative side, two big disappointments. First, there was no clear commitment to phase out all fossil fuels at some point in the future. Second, the gap between what is needed in greenhouse gas emission reductions to contain temperature increase to 1.5℃ – the level agreed upon by world governments in the Paris Agreement – and the current policies in place is huge. The planet needs a reduction of 45% in GHG emissions by 2030 compared to 2010 levels to maintain the temperature increase below 1.5°. However, as the chart below shows, with the current policies announced so far, the world is instead on a trajectory to increase GHG emissions by 11% compared to 2010.

On this trajectory, the world will end up with a temperature increase way higher than the critical but manageable 1.5° level, which would have dramatic consequences on climate and therefore on humanity. Scientists are certain that temperature increases higher than 1.5° would create an existential risk for humanity.

We all need to understand this reality and, individually and as a society, urgently pressure governments and corporations to accelerate the decarbonization of the economy that would reduce GHG emissions.