G20 confronts global climate issues in Indonesia

Aug. 31, 2022 5:07 AM ETPBW, ERTH, QCLN, SMOG, PBD, FAN, ICLN, CRAK, CNRG, ACESBy: Yoel Minkoff, SA News Editor51 Comments

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Sakorn Sukkasemsakorn

G20 climate ministers are meeting in Indonesia at a time that some say is more important than ever, while others consider it more of a reality check. Developed and developing nations have been upping their use of fossil fuels over the past year, given an energy crisis that was only exacerbated by the war in Ukraine. Environment representative are hoping to reverse that trend, with the G20 accounting for nearly 80% of the globe's economic output and greenhouse gas emissions, as well as two-thirds of the world's population. Worsening drought seen as next big threat of economic disruption

Quote: "It is our responsibility to the be part of the solution. We build bridges, not walls," Indonesia's Siti Nurbaya said before the gathering, warning that a failure to work together would push the planet toward "unchartered territory," or to a point "where no future will be sustainable."

Team USA is being represented by John Kerry, who is serving in the newly created role of Special Presidential Envoy for Climate. He'll be pushing for "enhanced cooperation on the climate crisis and highlight the positive climate impact of the Inflation Reduction Act." What companies are most exposed to the Inflation Reduction Act?

Go deeper: The media won't have any access to any of the closed-door meetings in Bali, but expect a joint communique later on Wednesday. Ministers will discuss ways to prevent a 1.5 degree Celsius rise in global temperatures in line with the Paris Agreement, with a specific focus on a sustainable recovery, resource mobilization, land-based and ocean-based climate action. They'll all search for ways that developed countries can maintain their own climate commitments, as well as climate financing for developing nations.

ETFs: ICLN, CRAK, PBW, QCLN, FAN, PBD, ACES, CNRG, SMOG, ERTH

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