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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As December’s UN climate summit in Poland rapidly approaches, it is shaping up to be a race against time to prepare the so-called Paris rulebook, which will govern how the landmark climate agreement will actually be implemented.
Members of the European Parliament voted on Wednesday (10 October) in favour of increasing the EU’s Paris Agreement emissions pledge by 2020. They also urged the European Commission to make sure its long-term climate strategy models net-zero emissions for 2050 “at the latest”.
A new USAID report focuses on the intersection of climate exposure and state fragility worldwide. It finds that the factors that make a country vulberable to large-scale conflict are similar to those that make it vulnerable to climate change. The report thus offers a way for global audiences with an interest in climate and security to identify places of high concern.
A big difference. That was the conclusion the Intergovernmental Panel on Climate Change (IPCC) came to when it assessed the differences between a 1.5°C and a 2°C warmer world in a landmark special report published in early October. The leading scientific authority on climate change found that the world is likely to pass the 1.5 °C mark between 2030 and 2052 if current emission trends are not interrupted.