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4 questions, 4 answers. What’s next after the Paris agreement?

John Roome's picture



Today, April 22, 2016, marks a key moment for the world with the signing of the historic Paris climate change agreement. A record number of world leaders are expected in New York at the United Nations Headquarters for the high-level signing ceremony.

It’s a clear sign that people recognize that the changing climate is impacting us now – the recent record-breaking temperature, spread of infectious diseases, and climatic conditions, are increasingly alarming and must be dealt with before it’s too late. Now is the time for action and for countries and governments to deliver on their promises made in Paris.

I’ve answered some questions that will better help explain why the signing of the Paris Agreement is critical and how we in the World Bank Group are stepping up our efforts to help countries deliver on their pledges.

Stirred, not shaken: blended finance for climate action

Kruskaia Sierra-Escalante's picture
 Ivelina Taushanova / World Bank Group
Photo: Ivelina Taushanova / World Bank Group


Today, over 80 million tons of CO2 will be emitted from economies around the world. Tomorrow will be the same, as will the day after that. The emitted amounts of CO2 will likely stay in the atmosphere for hundreds, if not thousands of years, further compounding the challenges in reversing the current and expected effects of climate change.

This past December, in Paris, leaders of 195 nations of the world agreed that this trend must be reversed, signaling a historic turning point in the global fight against climate change. The Paris Agreement ratified a global consensus to limit the global average temperature rise to ‘well below 2°C above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5°C above pre-industrial levels.’ Developing nations were at the forefront of this agreement, with almost every one of them setting carbon reduction goals. While the public sector will play a major role in helping achieve the ambitious targets, the sheer volume of investment required to support low-carbon energy, transportation, and agriculture projects throughout the developing world leaves a gap of hundreds of billions of dollars that only the private sector is in a position to fill.

Empowering a greener future

Mafalda Duarte's picture
CIF launches annual report that marks 2015 as year of achievements
 CIF
Photo: World Bank Group


This is Morocco’s Noor 1 concentrated solar power plant, the first phase of what will eventually be the largest concentrated solar power plant in the world. It is an impressive sight—visible even from space–and it holds the promise of supplying over 500 megawatts of power to over a million Moroccans by 2018. It also embodies the power of well-placed concessional financing to stimulate climate action. Low cost, long term financing totaling $435 million provided by the Climate Investment Funds (CIF) has served as a spark to attract the public and private investments needed to build this massive facility, and it is just one example of how the CIF is empowering a greener, more resilient future.

PAF first auction named carbon deal of the year

Scott Cantor's picture
Results of the first auction of the Pilot Auction Facility. Photo: PAF


When you think of online auctions, what products come to mind? Perhaps electronics, collectibles or concert tickets, but it’s unlikely that you think of climate finance. However, the Pilot Auction Facility for Methane and Climate Change Mitigation (PAF) recently combined the two, and for this, we are thrilled to be awarded Environmental Finance’s Carbon Deal of the Year 2016.

Delivering on the Paris agreement: Is there a carbon pricing opportunity for India?

Thomas Kerr's picture
Photo: Simone D. McCourtie / World Bank


Negotiators in Paris last December achieved a previously unattainable consensus among all countries — large and small, industrialized and developing — on a target for minimizing climate change.
 
They agreed to hold planetary warming to below 2 degrees Celsius, which can only happen by drastically cutting the greenhouse gas emissions that cause climate change.
 
Adhering to the target requires a de facto energy revolution that transforms economies and societies by weaning the world from dependence on fossil fuels. The magnitude of the task means strategies and spending on a scale far exceeding previous efforts. 

10 practical steps to create an Emissions Trading System

Pierre Guigon's picture
 
10 steps to create an Emissions Trading System. Photo: ICAP

Carbon pricing is increasingly being used by governments and companies around the world as a key strategy to drive climate action while maintaining competitiveness, creating jobs and encouraging innovation. The importance of carbon pricing was amplified in the run up to the global climate change agreement in Paris last December.

As countries move towards the implementation of the Agreement, it is the focus of a World Bank conference in Zurich this week which brings together over 30 developed and developing countries to discuss opportunities and challenges related to the role of carbon pricing in meeting their mitigation ambitions.

Climate change: from negotiations to action

John Roome's picture
Photo: UNFCCC


It has been nearly three months since 195 nations reached a historic agreement at COP21 in Paris to combat climate change and set the world on a path to a low carbon and more resilient future.

And in a little over a month, heads of state and governments will gather in New York to sign the Paris Agreement. Countries will then have one year to ratify the agreement, which will enter into force after it is ratified by at least 55 countries, representing at least 55 percent of global greenhouse gas emissions.

As we approach the signing of the agreement, it's time for countries and companies to seize the momentum from Paris and move from celebration of a landmark deal to action.

So what needs to happen?

Carbon markets in the Paris Agreement - an early holiday gift

Vikram Widge's picture
 Max Edkins / World Bank
COP21 conference center at Le Bourget, near Paris. Photo: Max Edkins / World Bank


Last Saturday, UN climate negotiators from 195 countries agreed on a historic climate change accord in Paris after two weeks of intense negotiations. While many of us were hoping for a hook that would support the use of markets, we were happily surprised to see the extent and detail on carbon markets that was ultimately included in the Paris Agreement.

Weekly wire: The global forum

Roxanne Bauer's picture

World of NewsThese are some of the views and reports relevant to our readers that caught our attention this week.

Corruption Is Just a Symptom, Not the Disease
Wall Street Journal
If you ask development experts, Western politicians and pundits how to end global poverty, you’ll hear one answer more than any other: Fight corruption. Even the Catholic Church agrees. In Nairobi last week, Pope Francis urged young Kenyans, “Please, don’t develop that taste for that sugar which is called corruption.” In a packed stadium in the same city in July, President Barack Obama was even more emphatic: “Corruption holds back every aspect of economic and civil life,” he said. “It’s an anchor that weighs you down and prevents you from achieving what you could.” In Addis Ababa, Ethiopia, two days later, he told the African Union, “Nothing will unlock Africa’s economic potential more than ending the cancer of corruption.”  But this conventional wisdom has it backward. For all its crippling costs, corruption is a symptom, not the disease. To get rid of corruption (and, for that matter, global poverty), we must build and strengthen institutions that work for the people of the developing world, rather than tolerate existing structures that typically serve the narrow, graft-addicted elites that often suck poor nations dry.

Global Media Monitoring Project 2015
Who makes the news?
Every five years since 1995 a growing number of scholars, activists, media professionals and policy-makers around the world has looked forward with intense anticipation to the results from the Global Media Monitoring Project. The 2015 edition, spanning a record number of 114 countries, has been awaited with particular intentness. This 20th anniversary year of the Beijing Platform for Action (BPfA) has catalysed much reflection. Two decades after the BPfA identified the media as one of the ‘areas of particular urgency that stand out as priorities for action’ in advancing gender equality and women’s human rights, where do things stand? The GMMP findings provide some answers.

It is time to be climate operational

Anita Marangoly George's picture
 
 Max Edkins / World Bank

The world forged a historic climate deal in Paris on Saturday, cheered on and celebrated by people around the world. Getting to that agreement has involved years of work and collaboration that resulted in what many of us thought we would not witness in our life time. The agreement is innow it's time for us to help the countries we work with to put their Intended Nationally Determined Contributions (INDCs) into action. 

Being in Paris was exhilarating. The World Bank Group team was active on many frontsthe support for carbon prices, the Africa Climate Business Plan, our work on renewable energy, energy efficiency and contribution to energy access. How do we waste less, pollute less and do more to promote energy access?  

One such initiative that was strongly supported at COP21 was the “Zero Routine Flaring by 2030” Initiative. The one-page text that took almost a year of negotiations and discussion commits endorsers to end routine gas flaring in new oil fields and eliminate ongoing “legacy” gas flaring as soon as possible and no later than 2030. If all oil-producing countries and companies endorse the Initiative, it will make available approximately 140 billion cubic meters of gas each year. If used to generate electricity, this amount of gas could power all of Africa. The Initiative was initially supported by 25 endorsers—pioneers—who recognized ending routine gas flaring as an industry practice is a no brainer and an important contribution that oil and gas companies can make towards addressing climate change. Twenty-two more endorsers have joined since the Initiative was launched to take the total to 47 endorsers representing 100 million tons of CO2 emission reduction each year and more than 40 percent of gas that will no longer be flared. At COP21, Nigeria’s Minister of Environment Amina Mohammed, announced that Nigeria will endorse the Initiative—great news for the people of Nigeria, especially those who live near flare sites.

(See an inspiring video featuring Faith Nwadishi from Nigeria.)

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