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One Planet Summit

Reengaging finance ministers in the fight against climate change

Miria Pigato's picture
Wind turbine farm. Tunisia. © Dana Smillie/World Bank


At the One Planet Summit in December 2017, French President Emanuel Macron cautioned that “we are losing the battle” on climate change and are “nowhere near” being able to contain rising temperatures to between 1.5°C to 2°C. Instead, Macron warned, temperatures could rise by 3.5°C or more by the end of this century.

Altering the trajectory of carbon emissions will require implementing the Nationally Determined Contributions (NDCs), the individual country commitments agreed in Paris. Fiscal policies have a key role to play in this process: about one third of the NDCs include references to specific fiscal incentives -clean-energy subsidies, energy taxes, carbon taxes, or a combination thereof - in their NDCs. However, the effectiveness of finance ministers in incorporating climate action into their work presents mixed results. Although explicit fossil-fuel subsidies have fallen, fiscal policies in most countries continue to favor fossil fuels over renewable energy. Consider these points uncovered by recent studies:

One Planet Summit: Three climate actions for a resilient urban future

Ede Ijjasz-Vasquez's picture
Two years ago, more than 180 countries gathered in Paris to sign a landmark climate agreement to keep global temperature rise well below 2 degrees Celsius.

Tomorrow, on December 12, 2017, exactly two years after the signing of the historic Paris Agreement, the government of France will be hosting the One Planet Summit in Paris to reaffirm the world’s commitment to the fight against climate change.
 


At the summit, mayors from cities around the world, big and small, will take center stage with heads of state, private sector CEOs, philanthropists, and civil society leaders to discuss how to mobilize the financing needed to accelerate climate action and meet the Paris Agreement goals.

Why must we bring city leaders to the table for climate discussions?

Let’s make a deal for resilient cities

Carina Lakovits's picture
Photo credit: humphery / Shutterstock.com
JIANGXI CHINA-July 1, 2017: In Eastern China, Jiujiang was hit by heavy rain, and many urban areas were flooded. The vehicles were flooded, and the citizens risked their passage on flooded roads.
Photo credit: humphery / Shutterstock.com
For the first time in history, more people live in cities than in rural areas. Although cities hold the promise of a better future, the reality is that many cities cannot live up to expectations. Too often, cities lack the resources to provide even the most basic services to their inhabitants, and cities all over the world fail to protect their people effectively against the onslaught of natural disasters or climate change.

Much of this has to do with the lack of adequate infrastructure that can defend against the impacts of floods, sea level rise, landslides or earthquakes. Most cities need better flood defenses, better constructed houses, and better land use planning. But even when cities know what it takes to become more resilient, most often they do not have access to the necessary funding to realize this vision.

It is estimated that worldwide, investments of more than $4 trillion per year in urban infrastructure will be needed merely to keep pace with expected economic growth, and an additional $1 trillion will be needed to make this urban infrastructure climate resilient.  It is clear that the public sector alone, including development finance institutions like the World Bank, will not be able to generate these amounts—not by a long stretch.