Australia Skirts Coal, Stresses Technology: Climate Update

(Bloomberg) -- President Joe Biden’s climate summit has drawn 40 heads of state including China’s Xi Jinping, Vladimir Putin of Russia and Boris Johnson from the U.K. The two-day virtual event kicks off Thursday and will also include corporate executives, union heads, Pope Francis and Bill Gates.

The stakes are high. While Biden is seeking to reestablish the U.S. as a major player on the climate stage, he’s facing skepticism from other nations after President Donald Trump reversed key environmental policies. Meanwhile, the world has dealt with widespread drought, extreme weather, record wildfires and other catastrophic events over the last several years.

“No nation can solve this crisis on our own,” Biden said Thursday from the White House. “All of us, and particularly those of us who represent the world’s largest economies, we have to step up.”

Click here to see schedule of events for two-day summit

Australia Skirts Coal, Stresses Technology (10:38 a.m.)

In remarks plagued by technical glitches at the start, Australia’s Prime Minister Scott Morrison appeared to skip over his country’s role as a major coal producer. Instead, Morrison focused on Australia’s efforts to produce new technologies to fight climate change and announced A$1.5 billion ($1.2 billion) in climate financing focusing on the Pacific region.

“We want to work with others on the how,” Morrison said. “You can always be sure that the commitments Australia makes to reduce greenhouse gas emissions are bankable.”

Poor Nations Call For More Climate Aid (10:19 a.m.)

While the U.S.’s re-entry into the Paris deal has been roundly welcomed by developing countries, those nations still face the same old problems. Leaders from developing countries and emerging economies have criticized rich nations’ failure to provide $100 billion of finance that they promised to deliver by 2020 to help them deal with the worst impacts of climate change.

Biden didn’t announce any new pledges to increase the amount the U.S. dedicates to climate finance today, despite promising to up his ambition on cutting emissions.

China’s Xi highlighted the importance of “common but differentiated responsibilities” -- which is a United Nations adage that means the biggest historical emitters should pay the most. Joko Widodo, Indonesia’s President, said developing countries could consider tougher climate targets like net zero, but only if they receive finance & capacity support.

Bangladesh Prime Minister Sheikh Hasina reiterated a call for rich countries to deliver the $100 billion goal, which she said should be balanced 50:50 between adaptation and mitigation efforts.

Technical Woes Dog Putin, Xi, Macron Speeches (9:45 a.m.)

Technical glitches marred the beginning of Biden’s virtual climate summit, proving even the U.S. government is not immune to the computer woes that have bedeviled teleconferences amid the pandemic.All time stamps are New York time.

The flubs started early with feedback on the audio feed, creating an echo as Vice President Kamala Harris kicked off the event. A few minutes later, Xi Jinping’s speech was broadcast in Mandarin, with an English translation starting late and without including the beginning of the first speech from an international leader.

Emmanuel Macron of France spoke in a pre-taped address in French, but there was no translation until the last part of his speech. Then Russia’s Vladimir Putin was introduced while Macron’s remarks were ongoing. A video display in the White House cut to a shot of Putin, who appeared to consult with aides off-screen and looked puzzled about when to begin speaking. Meanwhile, control-room chatter of technicians indicated a scramble behind the scenes to deal with the gaffe.

When Putin concluded, U.S. Secretary of State Antony Blinken recognized the “technical difficulties,” and returned the floor to Macron. But as the pre-taped speech was broadcast for a second time, the English translation again was delayed, cutting off his initial comments.

Canada’s Trudeau Pledges to Cut Emissions 40%-45% by 2030 (9:26 a.m.)

Canada’s Prime Minister Justin Trudeau pledged to strengthen his country’s climate ambitions by slashing 2005 emission levels by 40%-45% by 2030. Canada is the only Group of Seven nation to see emissions rise since the Paris Agreement was signed in 2015.

“Today, Canada is in a position to raise our climate ambition once again,” the Canadian leader said. “Our new climate target for 2030 is to reduce our 2005 emission levels by 40 to 45 % and we will continually strength our plan and take even more actions on our journey to net zero by 2050.”

Trudeau is trying to coordinate the northern nation’s climate policy with the U.S. to develop a cross-border approach to climate change. Biden’s increased ambitions put pressure on the prime minister to take a more aggressive approach to slash Canada’s carbon footprint.

Tackling Climate Change ‘Herculean Task,’ Merkel Says (9 a.m.)

German Chancellor Angela Merkel said she is delighted that the U.S. under President Biden is again helping with the “Herculean task” of tackling climate change.

“There can be no doubt that the world needs your contribution if we really want to fulfill our ambitious goals,” Merkel said. “This is a herculean task, because this is nothing short of a complete transformation, a complete change in the way we do business, the way we work.”

Merkel reaffirmed Germany’s climate goals, as well as her government’s decision to phase out coal power by 2038 at the latest and invest more in renewables.

No Major New Pledges From Xi, Modi at Climate Summit (8:45 a.m.)

China’s Xi Jinping and Narendra Modi of India led off the summit by stressing the urgent need for global collaboration to fight climate change, but without announcing any new major goals for curbing emissions.

Xi reiterated China’s plans to peak carbon emissions by 2030 and to attain net-zero status by 2060. He also pledged to reduce coal consumption between 2026 and 2030. “We must be committed to green development. Green mountains are gold mountains, to protect environment is o protect productivity,” Xi said.

Modi stressed India’s ongoing efforts to install 450 gigawatts of clean energy -- policies that the two nations already have in place.

Biden has said that a key goal of this summit is to encourage nations to increase their ambitions toward fighting climate change. The U.S. announced its new, bigger target for curbing emissions Thursday. Japan did as well, and Canada announced a new goal Monday.

But China, the world’s biggest emitter, and India, the third-largest source of greenhouse gases, are sticking with their current plans, even after visits in recent weeks from Biden’s climate envoy John Kerry, a development that climate advocates may see as a setback for Biden.

UN Chief Calls on Nations to Submit New, Ambitious Plans: 8:37 a.m.

United Nations Secretary-General Antonio Guterres called on countries, especially major emitters, to submit new and more ambitious plans laying out actions and policies that will align the next 10 years with a “2050 net-zero pathway.”

To build a truly global net zero coalition, Guterres said the world needs a breakthrough on finance and adaptation. He called on developed countries to deliver on their pledges to boost public climate finance by coming to the G7 in June with a plan to deliver on a $100 billion climate action fund for developing countries.

“Let us mobilize political leadership to move ahead together – to overcome climate change, end our war on nature and build lives of dignity and prosperity for all,” Guterres said.

Carbon Price Hits Record in EU Before Summit: 7:24 a.m.

A surge in the world’s largest carbon market reflects the cost of polluting for industry just as world leaders prepare for a crucial climate gathering hosted by U.S. President Joe Biden.

Prices in the European Union’s emissions trading system has broken records every day this week as European lawmakers reached a deal on stricter pollution targets and investors got a glimpse of how the bloc will set green standards in the future.

Japan Pledges Stricter Emissions Target: 5:49 a.m.

Japan will strengthen its 2030 emissions reduction commitments under the Paris Agreement, amid an effort to become carbon neutral by the middle of the century.

The country aims to reduce greenhouse gas emissions by 46% by 2030 compared with 2013, Prime Minister Yoshihide Suga said Thursday ahead of the global climate summit hosted by U.S. President Joe Biden. Japan had previously targeted a 26% reduction.

©2021 Bloomberg L.P.