Linking climate science and climate action: An equitable way to raise climate finance

Energy for sustainable development requires replacing fossil fuel use by renewables. Such substitution is the kingpin of climate action. As per IPCC AR6 WG I latest report "limiting human-induced global warming requires limiting cumulative CO2 emissions" and "every tonne of CO2 emissions adds to global warming". In other words, climate action should focus on cumulative emissions and not on annual emissions. We need to shift the discourse from annual emissions to cumulated emissions. For example, in the Paris Agreement instead of the final level of emissions in 2030 as goals emphasis should have been on the cumulated emissions of the pathways till 2030. Responsibility for finance needs to be in that proportion. Moreover, an annual fee of even US$1 per ton from all countries big and small on their cumulated emissions from 1990 onwards incentivises them to reduce and postpone their emissions. Such a fee can currently raise annually at least US$ 733 billion for climate finance. Moreover, focusing on annual emissions can lead to a false sense of comfort that climate change is under control, whereas warming will continue even after net-zero is attained. (C) 2021 Published by Elsevier Inc. on behalf of International Energy Initiative.