The Global Climate Action Summit 2018 was held during September 12-14, 2018 at San Francisco, California, United States.
Over 4000 businesses, cities, states and civil society delegates attended the summit and showed their commitments to achieve the goals set by the Paris Agreement.
The co-chairs of the Summit, Governor of California Edmund G. Brown Jr. and UN’s Special Envoy for Climate Action Michael R Bloomberg, unveiled a new report demonstrating how cities, states, and businesses can help the US in achieving its 2025 emissions reduction target.
| Indian cities, states step up climate action plans | ||||
| At the 2018 Global Climate Action Summit, mayors and government functionaries of Indian cities announced to scale up their actions to combat climate change and to protect people from hazardous climate impacts.
At the high-level ‘Forum on India Climate Actions’, convened by US-based Natural Resources Defense Council (NRDC) and partners, the officials, mayors and leaders detailed their plans ranging from heat action to cool roofs and building codes.
Maharashtra Principal Secretary for Financial Reforms, Sujata Saunik announced that six more states would adopt heat action plans. In 2018, based on guidance provided by the central government, 13 states and over 30 cities adopted or are developing Heat Action Plans. These 13 states are Andhra Pradesh, Bihar, Delhi, Gujarat, Haryana, Jharkhand, Karnataka, Maharashtra, Odisha, Rajasthan, Tamil Nadu, Telangana and Uttar Pradesh. Soon all 17 Indian States, prone to extreme heat, will have plans in place to protect communities from deadly temperatures. Key elements of effective Heat Action Plans
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Launch of the Global Green Bond Partnership
• At the Global Climate Action Summit (GCAS), the Global Green Bond Partnership (GGBP) was launched. This new partnership will support efforts of cities, states, regions, corporations, private companies, and financial institutions to accelerate the issuance of green bonds.
• The founding members of the Global Green Bond Partnership GGBP include - World Bank, IFC – a member of the World Bank Group, Amundi of European Investment Bank, Climate Bonds Initiative of Ceres, and ICLEI-Local Governments for Sustainability of GCoM and the Low Emissions Development Strategies Global Partnership (LEDS GP).
• The members of the Global Green Bond Partnership (GGBP) will work together to scale green bond issuance primarily by sub-national entities and corporations.
• The Partnership will coordinate with efforts such as IFC’s Green Cornerstone Bond Fund Support Program to compliment the Amundi Planet Emerging Green One Fund and other targeted efforts.
Mahindra & Mahindra to go Carbon Neutral by 2040
• Speaking at the Global Climate Action Summit 2018, Anand Mahindra, Chairman of Mahindra Group announced that Mahindra will leverage the latest technological advances and will work towards being carbon neutral by 2040.
• Mahindra & Mahindra (M&M), India’s leading manufacturer of utility vehicles and part of the USD 20.7 billion Mahindra Group, will venture to become a carbon neutral company by 2040.
• The residual emissions will be addressed through carbon sinks. The company has more than 10 years of experience in creating carbon sinks.
• M&M was the first company in the world to commit to double energy productivity by signing The Climate Group’s program ‘EP100’. The company was also the first Indian company to announce its internal Carbon Price of USD 10 per ton of carbon emitted to fund investments required for carbon neutrality.
• The company will be working on its carbon neutrality commitment with the international non-profit organisation, Environmental Defense Fund (EDF).
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