Today, our Scientific Director Célia Julia Sapart was invited by the Permanent Mission of Switzerland to the UN to participate in the panel: “Geneva Day – Time for sustainable finance to accelerate the decarbonization of the economy” at Davos2023.
The panel discussed the role of the finance and political sectors in the transition towards climate neutrality.
After clarifying the main differences between decarbonisation and defossilisation, Célia introduced the concept of Carbon Capture and Utilisation (CCU) and presented in detail the most pressing measures that are needed to limit the global temperature increase to 1.5C.
Our colleague highlighted that:
- Limiting the global temperature increase to 1.5C is the only way to ensure that humanity will have access to essential commodities such as water, food, housing and basic energy needs over the coming decades.
- Current political and economical engagements are as of today very far to bring us on the 1.5C track.
- Policy measures should support and force the transition in all sectors to drastically decrease greenhouse emissions (GHG) and move away from fossil fuels. Solutions and capitals are there, but the money flow towards the transition should be multiplied by 3 to 6 (IPCC AR6 WG3).
- To ensure a fair and just transition, sober and efficient solutions in terms of energy and raw material use should be incentivised and made accessible to all.
- Decarbonising emissions alone will not solve the climate crisis. The only way to reach climate targets is to move away from fossil fuels. We thus need to massively develop low-carbon energy solutions, but also non-fossil carbon feedstock.
- Creating a circular carbon economy, wherein CO2 is converted into renewable fuels, chemicals and materials is essential for the transitions of our economy dependent on fossil fuel revenue.
Towards the end of her intervention, Célia pointed out that the challenges ahead of us are enormous, and it is now time to innovate and work together to create a new economy articulated within the planetary limits.