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U.S. Oil And Gas Dealmaking Slows Down In Q3

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Mergers and acquisitions in the…

Global Leaders Discuss Clean Energy At UN Summit

World leaders are meeting at the United Nations on Friday to announce commitments to put the world on track to achieve clean energy for all by 2030 and net-zero emissions by 2050.

More than 100 countries, organizations, and businesses are discussing how the world can come together to radically change the way it produces and uses energy as part of efforts to hold back climate change and to ultimately give humanity a more secure future on planet earth, the UN says.

World leaders are taking part in the High-level Dialogue on Energy at the UN, the first meeting of its kind in 40 years. 

“The commitments are expected to drive even greater actions to close the huge gaps in ambition and financing required to meet the energy needs of all people while reducing greenhouse gas emissions that are causing climate change,” the UN said earlier this week.

“[G]overnments, businesses, foundations, cities, and international, civil society and youth organizations were urged to present voluntary commitments in the form of “Energy Compacts” to help achieve clean, affordable energy for all by 2030 and net-zero emissions by 2050, targets set out in Sustainable Development Goal 7 and in line with the Paris Agreement on Climate Change,” the UN said.

The UN also urges actions to accelerate the energy transition “by tripling investments for renewable energy and quadrupling the rate of energy efficiency improvement, and shifting fossil fuel subsidies to renewable energy, while creating new green jobs and ensuring a just, inclusive transition.”

Last month, the Intergovernmental Panel on Climate Change (IPCC), the UN body for assessing the science related to climate change, said in a new climate report that the much-publicized goal of limiting global warming to 2 degrees Celsius above pre-industrial levels will be beyond reach unless the world makes immediate, rapid, and large-scale reductions in greenhouse gas emissions.  

The UN panel’s report is “a code red for humanity,” UN Secretary-General António Guterres said.

By Charles Kennedy for Oilprice.com

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