Paul Polman: The world needs a Marshall Plan to fight climate change

fortune.com/2022/11/24/world-needs-marshall-plan-climate-change-politicians-failing-business-leadership-paul-polman

The world needs a Marshall Plan to fight climate change–and politicians are failing to show ambition. Business can’t afford to wait

The COP27 climate talks in Sharm el-Sheikh were a missed opportunity. The pledge to keep global temperature rises under 1.5 degrees is just about alive, affirmed by G20 leaders in Bali–but there’s no clear plan to deliver it.

The Sharm deal doesn’t include a commitment to phase out all fossil fuels or any guarantee that emissions will peak by 2025. Current national carbon reduction targets get us closer to a devastating three-degree rise. A powerful group of blockers–mainly oil-rich governments and companies–were out in force.

There were bright spots. By creating a new fund for “loss and damage,” rich countries are finally taking some financial responsibility for producing most of the emissions already causing mayhem in poorer countries. This is a significant breakthrough for a multilateral system dangerously low on trust. Let’s hope the money…

This story appeared first on fortune.com, 2022-11-24.
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