22 May 2017: Recent developments have contributed to building momentum for a clean energy transition and the implementation of the Paris Agreement. Positive news on renewables have come from India, China and Switzerland, while a group of 282 investors have appealed to the Group of Seven (G7) to drive the implementation of their commitments under the Paris Agreement.

This update brings you news on these developments that contribute to achieving the Sustainable Development Goals (SDGs) 7 (clean and affordable energy) and 13 (climate action).

A total of 282 global investors, representing over US$17 trillion in assets, have signed a letter to the G7 Heads of State, underlining that climate change mitigation is “essential for the safeguarding” of their investments. Ahead of the G7 Summit scheduled to take place in Taormina, Italy, from 26-27 May 2017, the investors call on the G7 to “stand by their commitments” to the Paris Agreement and adopt domestic measures to achieve their nationally determined contributions (NDCs) “with the utmost urgency.”

In the letter, the investors also call on G7 leaders to: drive investment into the low-carbon transition, including by phasing-out fossil fuel subsidies and pricing carbon where appropriate; and implement climate-related financial reporting frameworks. [Global Investors’ Letter]

The Climate Action Tracker notes that the developments in China and India “significantly outweigh the potentially negative effects on emissions from the Trump Administration’s proposed rollbacks in the US.”

Making the transition to a low-carbon future will rely in great part on increasing the share of renewables in the energy mix. Several positive developments have been reported on this front.

The Climate Action Tracker (CAT) has released a brief that indicates that both China and India are set to overachieve their Paris Agreement climate pledges. These projections are based on a decline in coal in these two countries. According to CAT, China’s coal consumption has declined in the period 2013-2016, a trend that is projected to continue. CAT also reports that India may not need its planned coal-fired power plants, which would lead to a significant slowing in the growth of carbon dioxide (CO2) emissions over the next decade. CAT also notes that the developments in China and India “significantly outweigh the potentially negative effects on emissions from the Trump Administration’s proposed rollbacks in the US, estimated at around 0.4 GtCO₂ by 2030.” [CAT Brief on China, India, US] [CAT Press Release]

In another renewable-development news, in a referendum held on 21 May 2017, a majority of Swiss voters have indicated their support for the Government’s plan to provide billions of dollars in subsidies for renewables and to ban nuclear power. Critics of the revision of the Swiss Energy Act claimed it is too expensive. [Swiss Government Webpage on the Public Consultation on the Energy Act] [Results of the Public Consultation]