120 DAYS FOR USA’s NET-ZERO EMISSIONS ECONOMIC STRATEGY – as President Biden’s Executive Order to urgently address climate change is signed, SA must look to cut its own emissions and sink the fossil-fuel powerships deal.
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Statement by Mark Rountree
GOOD’s National Policy Officer
24 May 2021
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GOOD wholeheartedly welcomes USA President Biden’s Executive Order on Climate-Related Financial Risk signed on Thursday.
Climate change is negatively impacting weather patterns, biodiversity and food production.
South Africa should heed the speed and clarity of the direction being taken by the USA and elsewhere in addressing climate change.
As the world takes real steps to mitigate climate risk, South Africa’s powerships are a step in the fundamentally wrong direction. More fossil fuel-generated electricity is bad for our country and the world. Aside from increasing emissions, each year more than 2000 people already die from fossil-fuel related air pollution in South Africa.
The USA’s President Biden has signed an Executive Order that clearly and unambiguously recognizes that climate change also risks disrupting the economy as a whole. Biden confirms that climate change presents a “physical risk to assets, publicly traded securities, private investments, and companies.”
The Order aims to ensure the disclosure of reliable climate-related financial risk; promote action to mitigate that risk and its drivers; importantly seeks to address differential impacts on disadvantaged communities and communities of colour; and recognizes that climate change risks threaten the US economy and threatens savings and pensions of workers.
Importantly, the Executive Order sets a target of a net-zero emissions economy for 2050 and requires that the plans and financing strategy required to meet this target must be developed within 120 days.
GOOD reiterates it’s calls for more solar and wind generated renewable energy to be brought in to the regional grid. The plans for fossil-fuel fired powerships should be sunk.
Renewable energy is the cheapest for our pockets and also the best for our health and the planet. It is always a GOOD time to do the right thing. Do it now Mr Mantashe.