In news- The virtual summit of Climate Breakthroughs Summit, 2021 took place recently.
About the summit-
- It is a collaboration between the World Economic Forum, Mission Possible Partnership, the United Nations Climate Champions, and the United Kingdom Climate Change Conference (COP26) Presidency.
- Climate leaders at the summit discussed progress in critical sectors of the global economy, including steel, shipping, green hydrogen and nature.
- One of its key campaigns is the ‘Race to Zero’ campaign that mobilises support of 708 cities, 24 regions, 2,360 businesses, 163 investors, and 624 higher education institutions to move towards zero-carbon recovery for a sustainable future.
- It is committing to halving their emissions by 2030 in line with achieving the long-term goal of full decarbonization under the Paris Agreement.
- Maersk, the world’s largest container shipping line and vessel operator was among the major new joiners of the campaign.
- The announcement came in the backdrop of the World Meteorological Organization report that there is about a 40% chance of the annual average global temperature temporarily reaching 1.5°C in at least one of the next five years.
- There is a 90% likelihood of at least one year between 2021-2025 becoming the warmest on record.
- The event coincided with the publication of a report ‘Nature and Net Zero’ which reveals that natural climate solutions have the potential to provide one-third of the climate mitigation to reach a 1.5- or 2-degree pathway by 2030.
- The report is written by the World Economic Forum, in collaboration with McKinsey & Company and it sets out six actions to accelerate the scale-up of high-quality implementation of natural climate solutions.