- In the wake of COP 24 to be held in Poland in December, the BASIC group of countries has demanded the developed countries to scale up their financial support by 2020 for developing nations.
- One of the key issues to be dealt with in the COP 24 in Poland next month is financial commitments of developed countries to tackle climate change in developing countries.
- According to Paris Agreement signed in November 2016, all Parties are to put forward their efforts through nationally determined contributions (NDCs) to combat climate change in order to achieve the climate change goal of less than 2 degrees compared to the pre-industrial levels.
- This requires appropriate financial flows from developed countries to support action by developing countries and the most vulnerable countries.
- Accordingly, a financial component of $100 billion per annum to assist more vulnerable countries by 2020 was included as a part of Paris Agreement.
- Thus, the developing countries including BASIC (Brazil, South Africa, India and China) group of countries have been urging the developed countries to fulfill the promise of finance component of Paris Agreement.
- The Paris Agreement also proposed a Global Stock Take of the climate change action undertaken by countries every five years.
A roadmap to Paris Agreement @ COP 24 or Katowice UN conference
- COP24 or Katowice UN conference to be held in Poland in December is significant mainly to finalise the Paris Agreement Work Programme (PAWP).
- At COP 24, all nations are to frame guidelines consisting of rules, modalities and procedures for implementation of the Paris Agreement meant for their post-2020 climate actions. (INDC)
- Further, in accordance with the requirement of the Paris Agreement a global stock take of the climate change actions undertaken by countries will be held every five years.
- Thus, finance commitments of the developed countries will be a big issue in the COP 24 in Poland.
- The Paris Agreement, adopted in COP21, 2015, entered into force in November 2016.
- Accordingly the parties have agreed upon
- Committing all countries to take action on both mitigation as well as adaptation, both pre-2020 actions and post-2020 actions
- Keep global temperature increase well below two degrees centigrade and, if possible, below 1.5 degrees.
The key components of Paris agreement are
- A universal legally binding agreement applicable to all.
- Obligation of developed countries to provide developing countries with financial support.
- It recognises that States have common but differentiated responsibilities (CBDR) to cut greenhouse gas emissions.
- A financial component of $100 billion to assist more vulnerable countries.
- Ahead of the Paris agreement, each country also prepared Intended Nationally Determined Contribution (INDC) to reduce greenhouse gas emissions.
Other Financial-aid mechanisms
- Recently the Green Climate Fund was for the first time replenished with $1billion to support 19 new projects including one in India to help developing countries tackle climate change.
- Further at the COP 23 held in 2017, the developed countries, led by Germany, agreed to provide insurance against loss and damage for 400 million poor people.