During a virtual climate summit held on the fifth anniversary of the signing of the Paris Agreement on climate change, dozens of governments including China and the U.K. announced new targets and initiatives aimed at ratcheting up efforts to achieve the goals of the accord.
In a Dec. 12 speech, Chinese President Xi Jinping announced the country increased its goal of reducing carbon dioxide emissions per unit of GDP to more than 65% by 2030 from 2005 levels, which is 5% higher than the prior target. The president also said that by 2030, China will increase its share of non-fossil fuels in primary energy consumption to 25%, increase its forest stock volume by 6 billion cubic meters from 2005 levels, and bring its installed capacity for wind and solar generation to 1,200 GW.
"Guided by our new development philosophy, we will promote greener economic and social development in all respects while pursuing high-quality development," Xi said, according to a transcript of the speech. The president also reiterated the country's commitment to achieving net-zero emissions by 2060.
Scientists have found that the current decarbonization commitments of the countries party to the Paris accord fall short of the goal of limiting global warming to 2 degrees C, although recent formal and informal net-zero emissions targets of some countries could put the world within striking distance of the target.
A number of other countries announced more ambitious nationally determined contributions, or NDCs, which are national climate targets, at the event. Among the announcements were Argentine President Alberto Fernandez's indication that Argentina will reduce its emissions by 25.7% from 2005 levels by 2030, a bigger decrease than the 18% target it submitted in 2016. Also, Peruvian President Francisco Sagasti increased the country's target by 10% to 40%.
"The leadership and strengthened nationally determined contributions NDCs delivered at the Summit mean we are now on track to have more than 50 NDCs officially submitted by the end of 2020, boosting momentum and forging a pathway forward for others to follow in the months ahead," the U.K. government said in a news release. The Climate Ambition summit was co-convened by the United Nations, the U.K. and France and in partnership with Italy and Chile.
A number of climate-related announcements were made in the days ahead of the climate summit including an agreement by EU leaders to collectively cut greenhouse gas emissions by at least 55% by 2030, up from a prior target of 40%.
Also, a couple of countries announced plans related to fossil fuel development or funding. U.K. Prime Minister Boris Johnson announced that the U.K. will end direct government support for the fossil fuel energy sector overseas. And Denmark committed to stop issuing new oil and gas exploration licenses and phase out fossil fuel production by 2050.
In announcing the new plan, Johnson argued that cutting off funding for international fossil fuel development was good for the global economy. "We're doing this not because we are hair shirt-wearing, tree-hugging, mung bean-munching eco freaks — though I’ve got nothing against any of those categories, mung beans are probably delicious," he said. "We're doing it because we know that scientific advances will allow us collectively as humanity to save our planet and create millions of high skilled jobs as we recover from COVID-19."
Parties to the Paris accord are slated to gather again at COP26 in Glaglow in November 2021. President Donald Trump pulled the U.S. from the agreement but President-elect Joe Biden has pledged to rejoin it.