US Summit Delivers GHG Reduction Pledges

The first day of US President Joe Biden's much-anticipated climate summit resulted in several commitments to accelerate greenhouse gas (GHG) reductions, but many world leaders emphasized that carbon pricing will be critical to turning goals into results. Most countries reiterated previous pledges, including China and India, but Biden called the pledges and the conference an “encouraging start.” Biden has vowed that the US will slash its greenhouse gas (GHG) emissions by 50%-52% by 2030 versus 2005 levels. Japan, Brazil and Canada also brought updated offerings to the table: • Japanese Prime Minister Yoshihide Suga committed his country to a 46% GHG cut by 2030 versus 2013 levels -- a big hike from its earlier goal of 26%. • Brazilian President Jair Bolsonaro vowed carbon neutrality in 2050, a decade earlier than previously announced. This marks a shift from the conservative president's earlier views on climate action. • Canadian Prime Minister Justin Trudeau pledged a 2030 GHG cut of 40%-45% versus 2005 levels. He said the country is “on track to blow past” its previous 30% target. These come on top of upgraded pledges made recently by the EU, the UK, South Africa and others (OD Apr.20'21). The Price Is Right