We’re now halfway towards the 2020 deadline – set in 2009 – for developed countries to mobilize $100 billion a year in climate finance. It’s essential to show that developed countries are keeping their commitments so developing countries know they have support for ambitious action when countries meet to forge a new global climate agreement in Paris this December. So with five years to go, how close are we to $100 billion a year? And how could we get there?
international climate policy
As the world’s third-largest emitter and a country that’s highly vulnerable to the impacts of climate change, it is encouraging to witness India invest in actions to tackle climate change while addressing poverty, food security and access to healthcare and education.
South Africa’s newly released climate plan pledges to peak national emissions that cause climate change by 2025 and goes further than other countries on adaptation by quantifying what it will cost to adapt to climate change in light of several possible emissions scenarios.
Today India formally submitted its national climate plan (INDC) to the UNFCCC. The plan includes a commitment to reduce emissions intensity of its GDP by 33 to 35 percent by 2030 from 2005 levels, achieve about 40 percent cumulative electric power from non-fossil fuel based energy resources by 2030, and create an additional carbon sink of 2.5 to 3 million tonnes of carbon dioxide through additional forest and tree cover by 2030.
China committed to establish a national emissions-trading program, while the United States announced new actions to help reduce its emissions 26 to 28 percent below 2005 levels by 2025.
Two new papers from the Open Climate Network find that with further ambitious actions, China can peak its emissions at a lower level than planned, with lower cumulative emissions than initially thought.
This paper is a comprehensive, balanced assessment of China’s efforts to reduce emissions and act on climate change since 2011. It identifies key actions to watch for in 2016 as the country unveils its next five-year plan (FYP).
France and the UK announced increases in the amount of climate finance they will be providing in the coming years. France committed to increase its climate finance by €2 billion a year (around US$2.25 billion) to deliver a total of €5 billion a year by 2020, and the UK announced it will provide £5.8 billion (around US$8.8 billion) from its foreign aid budget for climate finance between 2016 and 2021. The announcements came during the summit launching the Sustainable Development Goals and heads of state meeting at the UN General Assembly.
On Wednesday, September 30 at 9:30 AM ET, World Resources Institute will host a press teleconference featuring Jennifer Morgan, global climate director, David Waskow, international climate director and Taryn Fransen, Open Climate Network director, to offer insights on these questions and other major developments at this critical point just two months before the Paris climate summit.
Brazil formally submitted its contribution to United Nations climate talks today. The plan includes a commitment to reduce GHG emissions 37% by 2025 and 43% by 2030 – both below 2005 levels. The plan also includes a goal to eliminate illegal deforestation and restore and restore 12 million hectares of land, as well as increase use of renewable energy.