Standards proposed to measure and analyse industry net zero commitments

Could UN secretary general's launch of a group of experts to propose clear standards to measure and analyse net zero commitments throw a spanner in the works for shipping?

Talking in Glasgow during COP 26 Antonio Guterres, UN Secretary General spoke to world leaders about the challenges being faced by society as it sees the 1.5 degree target slip away as the nationally determined contributions from nations equate to a 2.7 degree rise.

 

In a warning laden speech Guterres drilled down on announcements by various industries that have made commitments to achieve some form of net zero, some of which include suggestions of offsets.

 

“There is a deficit of credibility and a surplus of confusion over emissions reductions and net zero targets, with different meanings and different metrics,” said Guterres. ”That is why – beyond the mechanisms already established in the Paris Agreement – I am announcing today that I will establish a Group of Experts to propose clear standards to measure and analyze net zero commitments from non-state actors.”

 

His announcement comes as activists were critical of an announcement by the banking sector to use offsets in its accounting mechanisms.

 

Michael Bloomberg and Mark Carney, former Bank of England director announced the launch of GFANZ, the Glasgow Financial Alliance for Net Zero on November 3rd, with a large array of financial institutions putting their names behind it. However, it was immediately criticised as greenwash by environmental lobbyists attending COP 26 in Glasgow as offsets simply allow large companies an ability to pay their way out of investing in more costly direct, tier one or two,  emission reduction.

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