International Agreement on Climate Change: Exploration of Kyoto and Paris Protocol Enactment
In the year 2024, at COP29, a significant milestone was reached as a new collective financing goal of $300 billion annually was decided. This ambitious target, set to be met by developed countries, is aimed at addressing the global climate crisis and is effective until 2035 [1]. This goal supersedes the initial global financing goal of $100 billion per year by 2020, a target that was only partially met by 2022 [3].
The UNFCCC, the primary negotiating framework for international climate policy, has been instrumental in addressing financing for developing countries since its inception in 1992 [5]. Under the UNFCCC, developed countries are legally obliged to provide financial resources for climate mitigation and adaptation, a responsibility rooted in historical responsibility for climate change [3].
The Paris Climate Agreement, adopted in 2015, committed nations to limit global warming to 1.5°C, at least well below 2°C [2]. The primary mechanism for achieving these targets is through national climate protection plans, known as Nationally Determined Contributions (NDCs) [2].
Finance is directed to support these NDCs and national adaptation plans (NAPs) [1]. Efforts are being made to improve access mechanisms to climate finance and enhance coordination and delivery to better meet developing countries’ needs [1][2]. Adaptation financing under the UNFCCC aims to be socially inclusive and equitable, targeting vulnerable groups and ensuring gender-responsiveness and local stakeholder participation [2].
Innovative financing mechanisms, including concessional capital, play a crucial role in providing affordable finance options to developing countries [4]. The "Baku to Belém Roadmap to 1.3T" seeks to scale up climate finance to developing countries to support both low-emission development and climate resilience [1].
However, despite these provisions and commitments, significant gaps remain. Africa’s climate finance needs are estimated at $2.7 trillion by 2030, substantially higher than current targets, signaling the urgency for improved and decentralized climate finance models [5].
The establishment of a loss and damage fund at COP27 in Egypt is a step towards addressing irreversible losses and damages from the climate crisis [6]. Yet, challenges in meeting the full scale of needs persist. Pressure for comprehensive reforms within the UNFCCC is growing, including demands for COP majority decisions, clear rules to avoid conflicts of interest, transparency, and participation opportunities for civil society actors and affected population groups [7].
The climate crisis is a global challenge that requires collective self-commitments, but it is often overshadowed by geopolitics and the multiple crises of the present. The path towards meeting the temperature limit of the Paris Agreement is a daunting task, one that requires increased ambition, cooperation, and financial resources.
References:
[1] The Baku to Belém Roadmap to 1.3T. (n.d.). Retrieved from https://www.unfccc.int/process-and-meetings/the-convention/the-baku-to-belém-roadmap-to-1-3t
[2] UNFCCC. (n.d.). Adaptation. Retrieved from https://unfccc.int/process-and-meetings/the-convention/items/9484.php
[3] UNFCCC. (n.d.). Financing. Retrieved from https://unfccc.int/process-and-meetings/the-convention/the-paris-agreement/items/9877.php
[4] UNFCCC. (n.d.). Innovative finance. Retrieved from https://unfccc.int/process-and-meetings/the-convention/the-paris-agreement/items/9880.php
[5] UNDP. (2021). Financing the Green Recovery and Climate Action in Africa: A Review of Opportunities and Challenges. Retrieved from https://www.undp.org/content/undp/en/home/librarypage/climate-change-resilience/climate-finance/financing-the-green-recovery-and-climate-action-in-africa-a-review-of-opportunities-and-challenges.html
[6] UNFCCC. (n.d.). Loss and Damage. Retrieved from https://unfccc.int/process-and-meetings/the-convention/the-paris-agreement/items/10058.php
[7] UNEP. (2021). Civil Society at COP26: A Call for Reform. Retrieved from https://wedocs.unep.org/bitstream/handle/20.500.11822/100350/CSO-Position-Paper-COP26.pdf?sequence=1&isAllowed=y
Economic and social policy should integrate climate-change mitigation and adaptation strategies, using resources from science and environmental-science research to inform decisions. Policy-and-legislation, including the Paris Climate Agreement and the UNFCCC's Nationally Determined Contributions (NDCs), aim to limit global warming by fostering affordable and innovative financing mechanisms, such as concessional capital. However, there is a significant gap between current climate finance targets and Africa's estimated climate finance needs by 2030, calling for comprehensive reforms within the UNFCCC, including demands for COP majority decisions, clear rules, transparency, and participation opportunities for civil society actors and affected population groups. Politics and general-news play a crucial role in shaping public opinion and pressure to address this global challenge effectively.
