COP26 is merely the start of our transformation to a 21st century sustainable economy. As it stands now we have non-binding commitments to cut GHG emissions 50% by 2030.
Here is what we need:
Binding commitments to tie net zero transition to a peak global average surface temperature increase of 1.5°C.
Graduated carbon pricing of $100 per ton by 2025, $125 by 2030, and $150 by 2035 & thereafter.
Acknowledgement of the carbon budget from 1850 to peak temperature increase of 1.5°C.
Retroactive carbon price of $50 per ton charged to the wealthy nations who benefitted most from the 2,400 GtCO2 of carbon pollution emitted since 1850. This $120T will initially capitalize the Global Net Zero Transition Fund. Future carbon pricing proceeds will be injected directly into the Fund.
Establish a fossil fuel stranded assets regime that will tie future subsidies and stranded assets compensation to investment in scaling up sustainable energy power generation including new sources such as green hydrogen, and ammonia.
Establish a Leap Frog power generation program for India, China and the emerging world funded by the Global Net Zero Transition Fund. Leap Frog means increasing energy production from carbon-free, sustainable energy sources.
Require all businesses to disclose a decarbonization transition plan tied to the peak temperature increase of 1.5°C and inclusive of 95% of scope 1, scope 2, and scope 3 emissions by 2025 or face 2030 carbon pricing fees.
Establish a global anti-profiteering regime capping Return on Investment for Net Zero Transition activities. We will not succeed if investors can impose economic rents at every stress point.
Can we do it?
Yes…
If enough of us convince the wealthy elites they will not escape the price of inaction.