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.
Scientists across the globe are developing live dashboards to study the natural world in unprecedented detail - ushering in a new age of opportunities and ethical dilemmas.
Jair Bolsonaro, Brasil’s current de facto presidential frontrunner, says he would withdraw Brazil from the Paris Agreement if he wins the October election. The withdrawal of such an important developing country, home to the world’s largest rainforest, would deal a blow to international climate cooperation. Bolsorano’s opposition to the international pact has drawn criticism from the UN’s environment chief.
Until now, no one had seriously doubted that relations between the US and Europe, for all the difficulties and conflicts they have gone through, would continue safe and sound. Since Trump was elected as US President however, the atmosphere has changed. The re-nationalisation of the world order has gained speed and is making clear how far advanced global interdependencies have become. With global multilateralism in crisis, climate diplomacy could act as a new driving force.
There are only a few weeks to go before international and local leaders from states, regions, cities, businesses, investors and civil society travel to the Global Climate Action Summit in San Francisco to create a new wave of mobilization. As Earth is at risk of entering a situation of extreme conditions, those going must bring along more than just flowers in their hair.