COP27 Side Event - Gearing towards carbon neutrality/net-zero in the Asia-Pacific Region (Hybrid)
11 November 2022,10:00—11:00 (GMT+2) 15:00-16:00 (GMT+5 Bangkok time) at the UNFCCC Pavilion
Organizers: The side event will be organized by the UNFCCC, UNESCAP and UNEP, and the UN Issue-Based Coalition (IBC) on Raising Ambitions on Climate Actions in Asia-Pacific
Overview
Nowhere is the urgency for climate action more apparent than in the Asia-Pacific region. In 2022, countries experienced unprecedented climate-induced disasters, such as dreadful typhoons and floods, as well as heatwaves and droughts, resulting in human and economic losses that are undermining hard-won development gains in developed and developing countries alike.
As the recently released UNESCAP, UNEP, and UNICEF joint assessment report 2022 Review of Climate Ambition in Asia and the Pacific reveals the Asia-Pacific region leads the race with 39 member states pledging to carbon neutrality and net-zero by 2050-2060. This creates unique opportunity to update current NDC commitments and update/develop Long-term Low Greenhouse Gas Emission Development Strategies (LT-LEDS) to achieve net zero by 2050-2060, which will encourage decisive steps towards decarbonization and accelerated climate action. A transition to a renewable energy pathway will improve regional energy security during the current energy market turmoil and will direct financial flows to the renewable energy sector in support of economic recovery and job creation. Furthermore, scaling up investments in nature-based solutions will bring triple dividends in terms of enhancing mitigation, and adaptation efforts and improving the livelihoods and climate resilience of local communities.
Objectives
The side event, with a focus on Asia-Pacific, will answer the following questions:
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What are the opportunities and barriers to aligning NDC commitments and update/develop Long-term Low Greenhouse Gas Emission Development Strategies (LT-LEDS) to support the implementation of carbon neutrality/net-zero pledges
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How to scale up the decarbonization of key sectors, including through the replication of success stories (engagement of local communities, and youth)? How can the UN and development partners support this process?
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What are the innovative financing opportunities to enhance and secure the share of natural climate solutions in emission reductions strategies to achieve carbon neutrality (debt swaps for climate/NbS, climate bonds, making citizens and youth shareholders)
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Showcasing best practices and examples of how nature-based solutions can have shared ownership among governments and their citizens with the engagement of youth
