The evidence from the world's scientists shows clearly that immediate action is needed on climate change -- something that affects our daily realities, everywhere. In Paris, five years ago, the international community finally agreed to embark upon an ambitious journey: to limit global warming to well below 2°C and pursue efforts to reach 1.5°C. While such levels of warming might seem manageable, the difference could be existential. For the human body the difference between 40 and 42°C is the difference between life and death. Containing the temperature increase means limiting climate disruption and reducing the chance of natural disasters.
However, science also tells us that a zero-carbon society is possible -- a society of new green jobs and growth that can limit warming to 1.5°C. The European Union has already shown that it is feasible to decouple growth from CO2 emissions (since 1990, our GDP has grown by over 60% while net greenhouse gas emissions have fallen by a quarter). In July we released our legislative package to implement the European Green Deal and deliver a 55% net reduction in greenhouse gas emissions by 2030 on the path to climate neutrality by 2050. This transition of how we generate and use energy, move around, build and heat houses and use the land is designed in the fairest way possible, ensuring no one is left behind. Otherwise, it won't work.
But obviously, the EU cannot manage alone as we only emit 8% of global CO2 emissions. When the EU committed to climate neutrality by 2050 two years ago, few believed Japan, the US, South Korea and even China would follow. When we launched the EU Green Deal, few imagined the EU would borrow for a green recovery to finance the most ambitious climate neutrality plan in the world. We set up the first Green Alliance for climate neutrality, starting with Japan on May 27, and we pushed for the G7 to commit to climate neutrality in June. Now we are pushing the G20 to follow suit.
The COP26 in Glasgow will be a moment of truth for the global community. Every country has a responsibility.
We invite all partners to strengthen their climate mitigation and adaptation plans. We are ready to offer technical and financial support, and are walking the talk with our own climate law, 2030 package and adaptation strategy. We are among the world's biggest providers of climate finance, releasing €22 billion (867 billion baht) in 2019 representing more than a third of the total effort by developed countries.
And we are committed to scaling up this amount further in the years to come; European Commission President Ursula von der Leyen announced a 4 billion top-up under the EU's core budget over the 2021-2027 period.
But we need others to do more also to meet the commitment by developed countries to provide $100 billion per year for climate action in developing countries. Mobilising more private finance will also be important.
The EU has fought hard to keep the Paris Agreement alive. After the negotiation, the time for climate action is now. Each state must increase its ambition to cut global emissions. Under current commitments, global temperatures would rise by an unacceptable 2.7°C by 2100. We have proposed a flexible carbon border adjustment mechanism to use only if partners are not ambitious enough on climate action. Putting a price on carbon is essential either way to trigger change. We want to lead by example and engage with partners, but we are prepared to take more action if necessary.
If we close the gaps in financing and ambition, if all countries commit to doing more, we can still keep the climate crisis under control. Based on science, realists today know the cost of inaction is immeasurable. We now need a systemic and exponential change away from fossil fuels. It is good for our health, our households, our crops, our water, our jobs and our economies. This will require the support of world leaders and pressure from citizens. Every action counts: how we vote, what we eat, how we travel. Just how damaging climate change will be is in our hands.
The EU strives to take a leading role in climate action, but we want to work hand-in-hand with our partners around the world, in particular with Thailand and, at the regional level, Asean. The current floods in Thailand, and the floods or wildfires in Europe this summer, are powerful reminders that we need to act without delay to avoid that such extreme phenomena keep repeating themselves. The EU stands ready to support Thailand in its ongoing and future efforts; and the EU is also ready to learn from other countries' experience and engagement, including from Thailand. Climate action is needed everywhere and at all levels; the time for practical solutions is now, from the most basic to the most innovative.
David Daly is the European Union ambassador. Ambassadors of the EU Member States in Thailand also signed this letter.