Sustainability

Takeaways from Biden’s climate summit

World leaders have outlined more ambitious climate policy, but what should we make of it?

21 May 2021 . 1 min read

When around 40 world leaders joined the recent US-hosted (virtual) Leaders Summit on Climate, delegates witnessed the Biden administration bringing back a level of continuity on environmental issues, according to Paul Molander, emerging markets strategy analyst at NatWest Markets.

“Though not perfectly aligned – there are differences of opinion about how climate change and biodiversity loss should be addressed – there is clearly strong consensus among world leaders on the threat present, the need for a global response, and the realisation of the incredible economic opportunity at hand as funding targets are raised, transition timelines accelerated, and new technologies developed” says Molander.

With low-carbon technologies expected to drive economic development, however, the world faces several challenges, including improving climate equity between developed and developing nations, and filling the climate financing gap in pandemic-hit lower income countries. But with the tenor of the summit being a clear sign of positive action before the United Nations Climate Change Conference, COP26, in November 2021, Molander suggests climate may become the “triumph of the commons” that the world needs.

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