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.
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Climate and security were the focus of a high-level foreign policy conference held in Berlin in early June. At the core of the conference was the “Berlin Call for Action”, which sets out three concrete action areas for tackling the threats posed by climate change to peace and security, namely risk-informed planning, enhanced capacity for action and improved operational response. But what if the world doesn’t listen?
From contentious rules on carbon trading, through efforts to raise ambition to who will host next year’s summit, negotiators have a full agenda this fortnight. Climate talks resume this week in Bonn, Germany, with negotiators working to finalise the last contentious points of the rulebook for the Paris Agreement.
Germany, Greece, Italy and Slovenia have added their names to a growing list of EU countries supporting a carbon neutrality objective for 2050, increasing the chances that a deal will be struck at an EU summit later this week, according to documents seen by EURACTIV.
Costs, emissions and safety are at stake as Argentina and China look set to seal a nuclear power deal. In the midst of economic and political uncertainty, Argentina has doubled down on a major Chinese nuclear power deal. The new nuclear plant in Buenos Aires province will help meet Argentina’s energy needs with the support of Chinese technology and finance.