Neil Yeoh completed his Oxford MBA in 2016 and now works at Echoing Green as a Portfolio Manager to their Climate Change Fellows. He is an advocate for climate change and was recently awarded the title of World Economic Forum Global Shaper at the NYC Hub. Here, Neil shares his perspective as an attendee at the latest UN General Assembly Climate Change event in March.
‘There is the natural tendency that all of us are vulnerable to, to deny unpleasant realities and to look for any excuse to push them away and resolve to think about them another day long in the future’ – Al Gore on climate change.
This statement is true in my life. At the age of 16 as an Australian-born Asian I travelled to Xi’an China in search of my ethnic and cultural identity. Instead I found the thick dark smog that covers and chokes a lot of east China today. At the time I selfishly assured myself that Australia far away from air pollution was home, but in time realised that the world air pollution impacts our shared home. I denied the problem for many years but eventually acted knowing the type of ancestor I wanted to be – one who fought the good fight in tackling air pollution and, more prominently, climate change for our future generations.
So when I got the opportunity to attend the UN General Assembly’s action event on climate change and the Sustainable Development agenda on Thursday, 23rd March 2017, I was eager to hear about the progress towards realising the 2016 UNFCCC Paris Climate Treaty, and how I could play a better part. Overall progress has been made, but not enough to ensure a less than 2 degree rise in average global temperature to avoid the most serious impacts of global warming – where island nations are submerged, extreme weather becomes more frequent, and plants and animals risk extinction.
Here are three takeaways from the event we need to save our world from climate change:
1. More money and smart investments
Solutions exist – but we need more money to invest into renewables. It’s no secret that renewable energies like solar and wind are now cost-competitive with conventional energy production, reaching prices as low as 3 cents per kWh in some markets. Global renewable investments grew almost 700 percent from 2004 to 2015 reaching a record USD 348 billion. It’s a start, but this is still less than half of the funds required to double the share of renewable energy (currently only ~18%) in total global energy consumption by 2030.
To get on track with the money we have, it’s critical that we make smart investments. The UNFCCC, which has USD 10 billion is working to structure current and future deals to scale the impact of renewables. According to Ambassador Howard Bamsey, Executive Director of the Green Climate Fund and custodian of the UNFCCC funds, mixing debt and equity helps to achieve healthy leverage rates, stretching existing money while also funding solutions that can scale impact beyond the money available.
2. More adaptation and localised solutions
We need adaptation solutions as much as mitigation solutions to climate change. Many scalable solutions are focused on restraining the production of greenhouse gases, but it’s important to also support solutions that help people and environments adapt to an imminent future where the damage is already done. Start-up Coral Vita embraces this approach, aiming to grow climate-resilient coral to sustain ocean ecosystems with rising temperatures and water acidification.
The most effective solutions will be designed to meet local country needs. When I spent time in rural Kenya with M-KOPA Solar, off-grid solar devices were combined with innovative financing to bypass the lack of infrastructure to achieve local electrification. In Finland, the Bank of Aland is issuing a green credit card to tackle climate change in the Baltic Sea, where customers opt in to measuring and offsetting carbon emissions from their financial transactions.
3. Helping yourself whilst helping others
Countries must abandon isolated mindsets when it comes to battling climate change. Mr Xie Ji, Director General of NDRC’s Department of Climate Change took off his “climate negotiator hat” and reasoned that China needs to look outwards to provide capacity and technical support to neighbouring countries to help them build renewable capacity.
I agree with this philosophy as we cannot expect to reach climate targets at the rate we need without supporting one another through collaboration and shared technologies. To picture this – it’s like the oxygen masks on aircraft safety videos. The instruction to install your mask and masks of your children is applicable in addressing climate change since we are all effectively travelling on the same plane, or in our case, world. We’re all in it together, so if it begins to nosedive we might as have helped each other out in case we make it out alive!
So what can we do?
As custodians of the world today we need to lead by example with our wallets (buying into renewables and green solutions); our minds (enterprising new and scaling existing solutions); and our hearts (working on efforts as a community). Maybe then we’ll have a world our future generations can enjoy, as much as we do today.