32


EMISSIONS GAP REPORT 2018 – BRIDGING THE GAP: THE ROLE OF NON-STATE AND SUBNATIONAL ACTORS


Figure 5.1: Regional distribution of NSA city participants in carbonn, C40 Cities, CDP Cities, Global Covenant of Mayors for Climate & Energy, and Climate Mayors


Europe 83%


7% North America


no initiatives 1 - 3


3 - 10 10 - 30 30 - 100 100 - 330 330 - 1,000 1,000 - 3,000


%


Share of actors worldwide


Source: Data-Driven Yale, NewClimate Institute and PBL Netherlands (2018). 3%


Latin America and the Caribbean


0.3% 2% Africa West Asia 5%


Asia and the Pacific


Subnational governments – cities, states and regions


There are several networks connecting city, state and regional action on climate change. Figure 5.1 illustrates the number of NSA city participants and their geographical distribution in some networks., including the Global Covenant of Mayors for Climate & Energy, signed by 9,149 cities representing 780.8 million people worldwide or just over 10 percent of the global population (Global Covenant of Mayors for Climate & Energy, 2018). The Global Covenant of Mayors for Climate & Energy includes the EU Covenant of Mayors for Climate & Energy that reports 7,755 signatories with 252.6 million inhabitants within the EU (EU Covenant, 2018). All of these members commit to either submitting individual Sustainable Energy and Climate Action Plans or pledging a 40 percent reduction in carbon dioxide emissions by 2030. ICLEI, a global network of subnational governments, has developed the carbonn Climate Registry that includes more than 1,000 cities, towns and regions, drawn from 89 countries and accounting for 9 percent of the world’s total population (ICLEI, 2018a).


In terms of state and regional governments taking action, the Compact of States and Regions (2017) includes 110 regional governments from 36 countries, representing 658 million people and 18 percent of the world economy and baseline emissions of 3.9 GtCO2


e. These


governments have committed to 290 climate actions focused on emissions reductions, renewable energy and energy effi ciency that are estimated to result in total (cumulative) emissions reductions of 21.9 GtCO2


e


between 2010 and 2050, if climate targets are reached on time (The Climate Group, 2017).


Companies and investors


CDP reports that over 6,300 companies representing a combined purchasing power of over US$3 trillion responded to their climate change questionnaire, and that over 650 investors with assets of US$87 trillion participate (CDP, 2018). In 2017, CDP recorded primary data from over 4,800 companies, of which 47 percent noted an emissions reduction or renewable energy target (CDP, 2018).


A few reports detail fi nancial investors’ actions on climate change. The Climate Bonds Initiative’s 2018 Green Bonds Summary found that US$74.6 billion in green bonds were issued during the fi rst half of 2018, by 156 issuers from 31 countries (Climate Bonds Initiative, 2018). The United States of America and China topped the list of countries where the most bonds were issued, and most proceeds support projects in the energy, buildings, and land-use sectors (Climate Bonds Initiative, 2018). The Low Carbon Investment Registry currently includes 53 investors from 21 countries, with US$50 billion in low-carbon assets (Global Investor Coalition on Climate Change, 2018) – a slight increase on the 2014 assessment, which found 45 investors reporting investments valued at US$24 billion, most of which (44 percent) focused on renewable energy (Global Investor Coalition on Climate Change, 2014).


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