Five topics on Climate Finance to pay attention to in COP22
Fund is usually a strong issue during climate negotiations, and 2016 is no exception. The Paris Agreement is clear that all fund streams — both private and public — must get to be steady with a low-emission and climate-resilient development pathway.
A few new studies clarify that meeting the Paris agreement’s main objective of holding temperature ascend to well beneath 3.6 degrees F, going for 2.7 degrees, requires rapidly shifting ventures from fossil fuels and other high-discharges activities towards clean energy, green technology and climate resilience.
At COP22, work to build up the guidelines that convey on this objective continues. Here are 5 key climate fund issues to watch:
1. Way to $100 billion
December 2015 in Paris, developed nations were requested a solid guide (PDF) for assembling $100 billion in climate fund for developing nations by the year 2020. This guide — which can put up trust that developing nations will be assisted in making pressing climate move — is being settled, with the point of exhibiting it at a “pre-COP” social event of ministers in the coming week.
It’s not clear whether present pledges will be suffice to reach the $100 billion target. Developed nations need to reckon and pitch their commitments in solid and transparent way. A few developed nations still have not declared commitments for 2020, and others have made declarations relating just to subsidizing in specific areas. It is aspired that these power countries present with much clarity on what they can give by 2020.
The most recent report from banks exhibits a drop in climate fund from 2014 to 2015. They assume an imperative part in attaining the $100 billion objective, and must accomplish more to move their portfolios to meet the target climate fund they set a year ago.
2. What matters?
Realizing progress towards the $100 billion objective is difficult, as nations never have concurred on what considers climate fund. Taking into account this issue at recent negotiations, nations consented to hold a workshop in Marrakech to improve progress on the Paris Agreement to create modalities for bookkeeping of fund.
3. Rules on Finance Reporting
Countries additionally will create formats on proper finance reporting, in view of the following mandates:
Developed nations must report fund they will give to developing nations. Other nations giving funds are urged to voluntarily report.
Developed nations must inform the financial aid they have given to developing nations. Countries giving money ought to likewise report this.
Developing nations ought to give a finance report both needed and received.
These prerequisites based on earlier rules, however can possibly be more orderly and comprehensive. Nations need to guarantee the reports give helpful data to the worldwide stock take that will review progress every 5 years.
4. Increase in adaptation fund
The Paris Agreement required a balance between support for mitigation and adaptation. Latest report of developed countries to the U.N. demonstrates that 14% of bilateral funding in 2014 went to adaptation (an extra 17% went to both mitigation and adaptation).
In Paris, nations called for essentially expanding adaptation finance. A solid commitment for how adaptation funding will be expanded up to 2020 would reinforce certainty that the most powerless nations’ most dire needs will be upheld.
5. Renewed adaptation fund?
One system for diverting adaptation finance to developing nations is the Adaptation Fund, set up at the 2001 COP in Marrakech, to serve the Kyoto Protocol. With protocol’s commitment perid finishing in 2020, the future of the fund lies uncertain. Nations are thinking about whether and how the Adaptation Fund can bolster the Paris Agreement.
Low Carbon Renewable Energy: Lessons from MENA and Latin America Regions, a COP22 Side Event
November 10, 2016 at 3:30pm
Low Carbon Renewable Energy: Lessons from MENA and Latin America Regions, located in Bab Ighli in the Green Zone, will take place at the 22nd Conference of the Parties of the United Nations Framework Convention on Climate Change, UNFCCC, otherwise known as COP22.
The side event is organized by CARLAC or Council for Arab Relations with Latin America and the Caribbean and OCP Policy Center. Mohamed Dekkak, one of Carlac’s founding member stated that this side event is significant as the Paris Agreement’s success relies on efficient implementation and the increasing goal for financial contributions. Countries of the Latin American and Middle East and North African regions have achieved significant use of renewable energy. Such successes have given these countries the experience in the large-scale utilization of renewable energy and will now be shared through this side event.
Know more about this event by visiting CARLAC’s official page: http://bit.ly/2dXPgzG