World Economic Forum Session Focuses on Short Lived Climate Pollutants
24 January 2014: During the World Economic Forum in Davos, Switzerland, leaders from business, government, civil society and the UN met to discuss short-lived climate pollutants and how to work together to reduce their emissions, including through the Climate and Clean Air Coalition to Reduce Short Lived Climate Pollutants (CCAC).
According to the UN Environment Programme (UNEP), a group of investors, including the Institutional Investors Group on Climate Change, the Investor Network on Climate Risk and the Investors Group on Climate Change encourage industry collaboration with the CCAC and its Oil and Gas Methane Partnership. This group of investors represent over 200 institutional investors, who believe climate change negatively impacts the global economy and investment performance.
The CCAC's Methane Partnership, in particular, fosters support for decreasing the oil and gas industry's methane emissions, one of the most significant drivers of climate change. Methane, a short-lived climate pollutant: lives in the atmosphere for approximately 12 years; is at least 84 times more potent than carbon dioxide; is responsible for more than 15% of global emissions; and could make up nearly 20% of the emission reductions necessary to limit temperature increase to below 2°C.
The CCAC is government-led, but represents a partnership of governments, intergovernmental organizations, the private sector, the environmental community and other civil society groups. The CCAC was launched by UNEP and a number of countries in 2012, with the goal of catalyzing rapid reductions in short-lived climate pollutants, including black carbon or soot, methane, tropospheric ozone and some hydrofluorocarbons (HFCs). UNEP hosts the CCAC Secretariat. [UNEP Press Release] [CCAC Website]