In an article, Espinosa was convinced that the success of the agreements reached in Paris will depend on the political leadership and urged to urgently abandon any type of "unequal treatment that favors" those old models.
The agreements signed, he continued, require an unprecedented reduction of greenhouse gases in the next fifteen years and great efforts to support societies affected by climate change.
"The current rate of progression will not lead to success," he stressed after recalling that the goal set is for the increase in the global average temperature to be well below 2 degrees Celsius with respect to pre-industrial levels and move to limit it to 1 , 5 degrees.
In this transformation, the way in which national governments integrate climate action into their agenda will be key, but Espinosa recalled that it is also essential to "whet the appetite of the private sector to finance it."
In this context, he stressed the importance of offering banks and companies guarantees and incentives to mobilize the "tens of billions" that currently remain immobile on their balance sheets, with almost zero interest rates, waiting for projects that can be financed with returns concrete.
In his opinion, the current generation is at a unique crossroads: "we are the first that can end poverty, but the last that can act to avoid dangerous climate change that would put universal well-being at risk."
The Energy Newspaper