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.
More than 180 countries have submitted their intended national climate plans to get on a low-carbon development pathway ahead of COP21 climate talks, now underway in Paris.
Called the Intended Nationally Determined Contributions (INDCs), most include mitigation targets to be implemented by 2025 or 2030. But these plans are not just about numbers. Many of them, particularly those put forward by developing countries, also propose climate actions within the countries’ overall development framework, including adaptation. Hardly surprising, as after all, tackling climate change is about effectively managing a country’s economy.
This certainly seems to be the case for China.
Today at the COP21 climate talks in Paris, people will gather and pay tribute to the life, vision and accomplishments of Maurice Strong who passed away November 27, 2015 on the eve of COP 21.
When he died in Ottawa at the age of 86, the world lost a crucial voice on the global environment and the urgent need for climate action. Ironically, Strong died on the eve of the Paris climate conference - for which he had laid the foundation over the last 45 years.
According to the International Energy Agency (IEA), full implementation of countries’ submitted pledges for low-carbon development will require USD 13.5 trillion in investments in energy efficiency and low-carbon technologies from 2015 to 2030. That’s almost USD 1 trillion every year. This means all hands need to be on the deck if the global community is to address one of the biggest development challenges of our times.
Today, a group of 26 financial institutions from across the globe, including the World Bank Group, launched five voluntary Principles for Mainstreaming Climate Action within Financial Institution. The Principles are meant to support and guide financial institutions moving forward in adapting to and promoting climate-smart development, and have been developed based on practices implemented by financial institutions worldwide over the last two decades.
On December 3, 2015, hundreds of young people gathered at the United Nations Conference on Climate Change (COP21) to join leaders and share their voices on climate change. The day was marked as the ‘Young and Future Generations Day,’ a chance for young people to have a seat at the table and share how they would define our future. Young people today are growing up with effects of climate challenge and this immediate threat makes them more leaders of today rather than tomorrow.
Climate change is affecting us all, but its impacts are hitting the poorest and those in poor countries hardest. That means developing countries vulnerable to sudden and slow-onset impacts of climate change need reliable and accurate weather and climate data and information to help them know when and how to protect their economies and communities.
The investment needs for low-carbon, climate-resilience growth are substantial. Public resources can bridge viability gaps and cover risks that private actors are unable or unwilling to bear, while the private sector can bring the financial flows and innovation required to sustain progress. For this partnership to reach its full potential, investors need to be provided with the necessary signals, enabling environments, and incentives to confidently invest in emerging economies.
The countdown is now well and truly onto to the Paris climate change talks in France.
A key factor in the talks will be the national plans, known as the INDCs - Intended Nationally Determined Contributions – submitted to the UN ahead of the Paris conference. They are important building blocks for reaching a final agreement.
Given that emissions from land use contribute significantly to climate change, it’s important to note many countries have included the land sector, which covers sustainable agriculture and forestry, as a key part of their approach to mitigating climate change.