The spiritual grandchild of the Rio Earth Summit agreement of 23 years ago, the universal climate agreement (UCA), is the world's best chance to limit global temperature increase to two degrees Celsius. The universal hope is that it will be adopted at the global climate change summit in Paris, France, in December 2015. The UCA is important because it will record different countries’ commitments to reduce their carbon dioxide emissions, and, this time around, developing countries, too, will make commitments to reduce their emissions—and they are looking for how to fund the actions they will need to take.
How much money is needed by developing countries? Estimates are around US$ 450 billion per year from 2020 on: US$ 350 billion for reduced emissions and US$ 100 billion for adapting to the impacts of climate change. Some of this money will be provided by countries themselves. But to reach their emission reduction targets, a significant fraction will also need to come from developed countries in the form of official climate finance (OCF). These numbers may sound overwhelming, but context is paramount—they should be compared to net inflows of debt and equity into developing countries, which are estimated to be above US$ 1.2 trillion per year.
For the complete article, please see Daily Development.
Even as the US officially pulled out of the Paris Agreement earlier this week, it might be too soon to lose hope on the country's long-term commitments to climate action. If a Democrat wins the upcoming presidential elections, which are set for November 2020, a reaccession process could begin shortly after the withdrawal is complete. In the meantime, however, the effect on trade policy could be significant.
European peatlands could turn from carbon sinks to sources as a quarter have reached levels of dryness unsurpassed in a record stretching back 2,000 years, according to a new study. This trend of “widespread” and “substantial” drying corresponds to recent climate change, both natural and human-caused, but may also be exacerbated by the peatlands being used for agriculture and fuel.
The Kingdom of the Netherlands has contributed $28 million to back FAO's work to boost the resilience of food systems in Somalia, Sudan, and South Sudan - part of a new initiative to scale-up resilience-based development work in countries affected by protracted crises.
A group of five small countries have announced that they will launch negotiations on a new Agreement on Climate Change, Trade and Sustainability, which, if successful, would constitute the first international trade agreement focused solely on climate change and sustainable development. The initiative also breaks new ground by aiming to simultaneously remove barriers for trade in environmental goods and services and crafting binding rules to eliminate fossil fuel subsidies. Small countries can pioneer the development of new trade rules that can help achieve climate goals, but making credible commitments, attracting additional participants, and ensuring transparency will be essential ingredients for long-term success.