PricewaterhouseCoopers LLP (PwC) has joined with the Copenhagen Climate Council and prominent CEOs to call for greater international collaboration, tougher standards and more investment in low carbon technologies.
In a recent paper co-authored by PwC, Duke Energy, DONG Energy and CLSA called ‘Tackling emissions growth: The Role of Markets and Government Regulation’, there are calls for a clear and real price on carbon dioxide emissions, and a cap on greenhouse gases.
The reaction to the credit crisis has shown that an internationally coordinated, bold response to a global challenge is possible.
Clive Birch, who is senior partner, PricewaterhouseCoopers Cambridge said: “World leaders will meet in Copenhagen at the end of this year where they will set out a new global climate treaty. In light of recent responses to the economic downturn there should be an air of positivity that the international community can work together to provide solutions.
“The international business community will be looking for a globally coordinated framework to emerge from the summit; a framework that will limit the impacts of climate change.” This is needed to allay a far greater crisis than the credit crunch according to the authors, and could steer choices for consumers, businesses and governments over the coming decades. It would also form the basis of a low carbon economy throughout the decades leading up to 2050.
The authors encouraged world leaders to put a price on greenhouse gas emissions and further call for:
• Well regulated carbon markets, to include more sectors and countries, better linked and more ambitious in terms of setting deeper, longer-term emissions cuts.
• Governments to complement market measures with non-market regulations, such as cost-effective standards on fuel and energy efficiency in transport and homes, and encourage more sustainable practices.
• More direct government investment through public-private partnerships to support the development and early stage demonstration and deployment of clean technology, such as carbon capture and storage.
The potential impacts of climate change could significantly reduce global consumption by 5-20% research shows. At the same time, addressing the issue early, with the expenditure of 1 per cent of GDP, could substantially reduce the risks of more serious impacts.
The acceleration in global warming and the associated economic costs call for global crisis action on par with the G20 Summit on Financial Markets and the World Economy in Washington held at the end of last year.
CEOs call for credit crunch-style action in response to climate change
Climate change campaigners create spoof Financial Times
Thousands of copies of a spoof version of the Financial Times were distributed this morning by climate change campaigners.
The fake edition of the paper, which had 12 pages and is also posted on the internet, was set in 2020 and largely focused on issues about capitalism, human rights and the environment.
The stunt comes as London, and in particular the City, gears up for a number of protests organised around this year’s G20 meeting of world leaders, which starts next week.
The paper was largely written by two people and funded by donations made online.
Its front page featured a story suggesting that civilisation had staved off collapse, “despite the inconvenience to companies from global carbon rationing”.
An advert also lampooned the FT’s own advertising campaign — which has the slogan "We live in Financial Times" — reading “We live off financial crimes”.
In an editorial, Raoul Djukanovic, who edited the spoof, called for journalists to take a more responsible approach to reporting.
Last year protesters handed out a similar send-up of The New York Times, which carried a story on the front page claiming the war in Iraq was over.
Climate change drought warning in Tonbridge
CLIMATE change will cause an increase in the occurrence of droughts as well as flooding, warns the Environment Agency.
Neil Gunn, a flood management engineer, said the agency was adopting Catchment Abstraction Management (CAM) strategies to look at how much water is available and reduce the number of licences handed out to water users accordingly.
With 90,958,515 cubic metres of ground water from underground wells being used in the Medway catchment area each year, 153,204,131 cubic metres of surface water from above- ground supplies are used. Of this 93 per cent of surface water is abstracted for public water supply.
"In the Medway catchment the majority of drinking water comes from surface water rather than ground water," said Mr Gunn.
He added water use had risen, with people buying more dishwashers and washing machines, for example.
He said simple measures such as placing a brick in the cistern of the toilet or turning off the tap while brushing your teeth could reduce the amount wasted.
