Page 42 - SB volume 12 for web

SUPERBRAND ACADEMY

CLIMATE CHANGE

WHY IT MATTERS Governments around the world have set goals of becoming
The Philippines is no foreigner to powerful cyclones and net zero between 2050 and 2060.
destructive floods, but climate change can worsen possibilities.
It is fourth on the list of countries most impacted by climate Achieving net-zero emissions by 2050 will demand
change. Filipinos are thus likely to bear the brunt of unsustainable approximately 7.6 gigatons of carbon dioxide offsets or
practices and environmental abuse of wealthier nations. This removal. That would be as much as a fiftyfold increase in the
makes concessions made at the highest levels of leadership a offset market, it said. The low end of the growth in demand
“matter of life and death,” especially for poorer Filipinos. for carbon offsets would be at least quadrupling.

KEY POINTS Nations are not likely to meet their 2050 goals. “Current
• The carbon offset market may need to grow by as much policies remain insufficient to adequately incentivize the
as 50 times if companies are going to meet 2050 net- changes necessary to reach these lofty goals, whether
zero greenhouse gas emissions goals, a research note through carbon pricing or other means.” Many companies
from Bank of America said. are voluntarily setting their own emissions targets, and
• Offsets issued in 2020 were equivalent to 210 million those stated goals will increase demand for carbon offsets.
metric tons of carbon dioxide emissions, which is 0.4%
of total global emissions, the note said. Early in the carbon offset markets, projects included chemical
• Achieving net-zero energy emissions by 2050 will processing and industrial and manufacturing projects. Now
demand approximately 7.6 gigatons of carbon dioxide forestry, land use and renewable energy projects are about
offsets or removal, it said. 80% of carbon offset projects, the note said. This “may be due
• The carbon offset market may need to grow by as much to growing interest in nature based solutions,” it said, and to
as 50 times if companies are going to meet 2050 net- falling prices of renewable energy, such as wind and solar.
zero greenhouse gas emissions goals, according to a new
research note from Bank of America Global Research. The Philippines is the country most at risk from the climate
• Net-zero, also known as carbon neutrality, is achieved crisis according to a report published in 2019 by the Institute
when an entity removes as much carbon dioxide and other for Economics and Peace.
greenhouse gases from the atmosphere as it releases into it,
a nonprofit global research organization. Removal methods The Philippines is made up of about 7,641 islands off the
include restoring forests — because trees remove carbon southeast coast of China. Its geography is one of the main factors
dioxide from the air during photosynthesis — or more for being most at risk from the effects of the climate crisis.
technical means, such as direct carbon capture technology.
So what are the main risks to the people of the Philippines,
and what can we do to help?

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