The United Nations Climate Change Conference is an annual event. It takes place as part of the United Nations Framework Convention on Climate Change. The goal of the conferences is to find ways to curb climate change, and to achieve the goals of the Convention. Climate action is a hot topic for discussion at these conferences, and the demands for action are higher than ever.
Finance issues at Climate Change Conference
While the world is wrangling over commitments to reduce carbon emissions, the private sector is putting in its own legwork to tackle the issue. The Glasgow group includes banks, insurance companies, investors, stock exchanges, rating agencies, index providers and more. The group has made pledges to fund the shift to a low carbon economy and encourage the development of climate-friendly industries. At the same time, it’s working to develop rules to oversee this transition.
However, it’s unclear how much of this funding will be available for adaptation and mitigation. Mitigation projects can be measured by avoided carbon emissions, while adaptation projects are harder to quantify. In addition, human beings never fully adapt to climate change and new risks arise over time. In addition, the private sector doesn’t always provide the money that is needed. For example, some farmers may need help switching from at-risk practices to more resilient ones.
The African continent has enormous development needs. Millions of people in the continent live without access to energy, which hinders their health care and economic development. Many African countries are aware of the disproportionate impacts of climate change on the continent, but they have contributed little to the cause and receive the least international funding. Therefore, they are among the countries with the greatest need for climate finance.
While the climate community has already agreed to allocate $100 billion per year to developing countries, recent figures have revealed that the gap is $16 billion. This will be a hot topic during the negotiations. The developing world does not trust developed countries to meet their promises, so the amount of climate finance committed will be a key point of contention.
Demands for climate action are stronger than ever
At the United Nations climate change conference, the demands for action are as strong as ever. Thousands of delegates from over 200 nations will gather to discuss how to tackle dangerous climate change. There are a number of issues that will be discussed, including climate finance, carbon emissions, adaptation, water, and new technologies. The conference is also an opportunity for world leaders to express their concerns, and make progress on their climate change policies.
Despite the high-level stakes, there is hope that the talks will eventually reach an agreement. However, the negotiations are stuck in a logjam, and the future of climate action depends on what is agreed upon. Some experts predict that the most meaningful climate action will come outside the Paris Agreement. Yale University economist William Nordhaus is pushing for the creation of a climate club with strict penalties for countries that do not meet their obligations. Others propose creating new treaties to complement the Paris Agreement.
While the United States and European Union have produced the most greenhouse gases over the last century, developing countries argue that they should bear more of the burden. China and India are now the world’s top emitters. Those countries should do more to address climate change, but many developed countries are reluctant to do so.
Negotiations on extending the Kyoto Protocol
The Kyoto Protocol will expire on December 31. The agreement requires industrialised nations to reduce greenhouse gas emissions by a minimum of 5.2 percent compared to 1990. It also mandates a progress review every five years and the establishment of a $100 billion climate fund by 2020. However, critics say that the reductions are too modest to have any impact on global temperatures. In response, advocates say that reducing emissions is not the only important aspect of combating global warming.
The Kyoto Protocol is a landmark environmental treaty that was adopted in 1997 at the COP 3 conference in Japan. It represents the first time that nations have agreed to legally mandated emissions reduction targets. Although the protocol did not go into effect until 2005, it was an important step towards global climate action and helped to prevent the onset of climate change. The protocol set binding emission reduction targets only for developed countries, which were regarded as responsible for most of the planet’s high greenhouse gas emissions. While the United States initially signed the accord, it never ratified it, arguing that it would hurt the economy.
The negotiations on extending the Kyoto Protocol began in 2007 in Kyoto and were expected to conclude by December 2009. The UNFCCC has two subsidiary bodies, the Ad Hoc Working Group on Long-term Cooperative Action under the Convention and the Ad Hoc Working Group on Further Commitments for Annex I Parties under the Kyoto Protocol. The negotiations were supported by regional meetings and the G8 process. In March 2009, US President Barack Obama launched the Major Economies Forum on Energy and Climate.
Paris rulebook
The Paris Rulebook for climate change conference sets forth the process for the countries to review their efforts to curb climate change and the results of their efforts individually and collectively. It provides guidance for these processes, including how to ensure quality of data and review progress against targets. The global stocktake will assess collective progress toward long-term goals, identifying gaps and challenges, and opportunities for enhanced action. The expert committee will oversee the processes and help countries comply with the rules.
The Paris Rulebook for climate change conference is currently incomplete, with several key points lacking. Most importantly, the rulebook does not address the creation of an international carbon market, which could have further accelerated emissions reductions under Article 6 of the Paris Climate Agreement. While the rulebook does not mention the word “markets,” it does contain provisions to encourage the development of national carbon markets to reduce emissions faster and more efficiently than otherwise.
The Paris Rulebook also includes the “action mechanism” and “feedback mechanism” processes that are intended to encourage Parties to implement the Agreement. These mechanisms, if implemented properly, would encourage Parties to follow their obligations and eventually achieve the goal of the Paris Agreement. However, they are not foolproof and Parties may not fulfill their obligations in good faith.
Global Methane Pledge
The Global Methane Pledge, which was first announced in 2009, requires participating countries to cut their emissions of methane in the atmosphere by 30 percent by 2030. This target can lead to a reduction of more than 0.2 degrees Celsius in global warming by 2050. Other pledge commitments include improved national greenhouse gas inventory reporting and greater transparency in key sectors.
The Global Methane Pledge is an important step in mitigating the effects of climate change and provides a solid foundation for global climate mitigation efforts. A global commitment to cut emissions by 30 percent by 2030 would reduce the amount of warming by 0.2 degrees Celsius and prevent more than 200,000 premature deaths and hundreds of thousands of asthma-related emergency room visits. The pledges would also prevent the loss of 20 million tons of crops.
The Global Methane Pledge is a significant step in the fight against climate change, but more action is needed. The United States is leading the way by calling on countries to reduce methane emissions and urging them to join the effort. Several countries have already signaled their intention to sign on.
Humans are responsible for about two-thirds of methane emissions. These emissions are driving up methane concentrations faster than ever before. The oil and gas industry is a major source. According to one study, leakages in pipelines have risen 40 percent from 2010 to 2020. Similarly, recent research suggests that emissions from urban distribution networks could be higher than previously thought.
