A year after its inaugural meeting, the Board of the Green Climate Fund (GCF) left its fifth meeting in Paris earlier this month with a collective sense of urgency. The GCF is expected to become the main vehicle for disbursing climate finance to developing nations, so the decisions made at this most recent meeting significantly impact the future of climate change mitigation and adaptation. Encouragingly, Board members stepped up to the important task before them, making progress across several key issues. Their decisions made it clear: The GCF’s inception phase (referred to officially as "the interim period") is over—the focus now is on funding it and launching its operations.
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This post was written by Lord Nicholas Stern, president of the British Academy, and Felipe Calderón, former president of Mexico and a WRI Board member. It originally appeared on Project Syndicate.
This Friday, in its latest comprehensive assessment of the evidence on global warming, the United Nations Intergovernmental Panel on Climate Change will show that the world’s climate scientists are more certain than ever that human activity – largely combustion of fossil fuels – is causing temperatures and sea levels to rise.
In recent years, a series of extreme weather events – including Hurricane Sandy in New York and New Jersey, floods in China, and droughts in the American Midwest, Russia, and many developing countries – have caused immense damage. Last week, Mexico experienced simultaneous hurricanes in the Pacific and in the Gulf of Mexico that devastated towns and cities in their path. Climate change will be a major driver of such events, and we risk much worse.
This puts a new debate center stage: how to reconcile increased action to reduce greenhouse gas emissions with strong economic growth.
When the secretary general, Ban Ki-moon, takes the floor of the UN general assembly this week, he will address two of the most pressing challenges of our time: poverty and climate change.
This article first appeared in Project Syndicate
Water is never far from the news these days. This summer, northern India experienced one of its heaviest monsoon seasons in 80 years, leaving more than 800 people dead and forcing another 100,000 from their homes. Meanwhile, Central Europe faced its worst flooding in decades after heavy rains swelled major rivers like the Elbe and the Danube. In the United States, nearly half the country continues to suffer from drought, while heavy rainfall has broken records in the Northeast, devastated crops in the South, and now is inundating Colorado.
Businesses are starting to wake up to the mounting risks that water – whether in overabundance or scarcity – can pose to their operations and bottom line. At the World Economic Forum in Davos this year, experts named water risk as one of the top four risks facing business in the twenty-first century. Similarly, 53% of companies surveyed by the Carbon Disclosure Project reported that water risks are already taking a toll, owing to property damage, higher prices, poor water quality, business interruptions, and supply-chain disruptions.
The costs are mounting. Deutsche Bank Securities estimates that the recent US drought, which affected nearly two-thirds of the country’s lower 48 states, will reduce GDP growth by approximately one percentage point. Climate change, population growth, and other factors are driving up the risks. Twenty percent of global GDP already is produced in water-scarce areas. According to the International Food Policy Research Institute (IFPRI), in the absence of more sustainable water management, the share could rise to 45% by 2050, placing a significant portion of global economic output at risk.
Mandatory reporting programs help build a strong foundation to manage greenhouse gas (GHG) emissions and strengthen countries’ capacity to adequately tackle climate change. This working paper provides insight into the factors influencing the design and development of reporting programs and...
Norway is one of the largest contributors to climate finance in the world, relative to the size of its economy. In 2010 and 2011, the majority of Norway’s fast-start finance (FSF) was channeled through multilateral institutions and supported mitigation activities in developing countries, with a...
Germany’s energy transition (or “Energiewende”) is the most ambitious current effort to put a large industrial economy onto a sustainable energy path, recognizing the 21st century reality of a climate-constrained world. If the world’s fourth largest economy demonstrates that this shift is possible without undermining economic growth, it could be a major factor in enabling a global energy transition. And with climate change intensifying – 2012 was the 36th straight year of above-average global temperature, and 2011 and 2012 each produced more extreme weather events costing over one billion dollars each than any other year in recorded history – reducing greenhouse gas emissions is imperative for any future energy system. Thus, the Energiewende is critical to the ongoing fight against global warming.
When President Barack Obama announced the country’s first national climate strategy, many people wondered what it would mean across the nation. Yet, the strategy may carry even more significant implications overseas.
The plan restricts U.S. government funding for most international coal projects. This policy could significantly affect energy producers and public and private investors around the globe.