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Financing the Climate-Change Transition

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Financing the Climate-Change Transition

"Over the next 15 years, an estimated $93 trillion will be needed for investments in low-carbon infrastructure."

POTSDAM, PARIS, ZURICH – Unless the world reduces greenhouse-gas emissions rapidly, humanity is likely to enter an era of unprecedented climate risks. Devastating extreme-weather events are already increasing in frequency, but much of the worst climate-related damage, such as a sustained rise in sea levels, will be recognized only once it is too late to act.

Clearly, the climate system’s time horizon does not align well with the world’s much shorter political and economic cycles. Listed companies report on a quarterly basis, and recent regulatory changes, such as those mandating increased use of mark-to-market accounting, limit long-term thinking.

Donald Trump looks at Barack Obama

What Will Trump Do?

The populist surge challenging political establishments worldwide has now claimed the biggest prize of all. Project Syndicate commentators weigh the costs for America and the world.

Governments usually have legislative cycles of no more than four years, and they must also respond to immediate developments. Yet stabilizing the climate requires sustained and consistent action over an extended period.

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Kyoto Protocol

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Kyoto Protocol

From Wikipedia, the free encyclopedia
Kyoto Protocol
Kyoto Protocol to the United Nations Framework Convention on Climate Change
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Annex B parties with binding targets in the second period
Annex B parties with binding targets in the first period but not the second
non-Annex B parties without binding targets
Annex B parties with binding targets in the first period but which withdrew from the Protocol
Signatories to the Protocol that have not ratified
Other UN member states and observers that are not party to the Protocol
Signed 11 December 1997[1]
Location Kyoto, Japan
Effective 16 February 2005[1]
Condition Ratification by at least 55 States to the Convention
Expiration in force
(first commitment period expired 31 December 2012)[2]
Signatories 84[1]
Parties 192[3][4] EU, Cook Islands, Niue and all UN member states, except Andorra, Canada, South Sudan and US
Depositary Secretary-General of the United Nations
Languages Arabic, Chinese, English, French, Russian and Spanish

Kyoto Protocol Extension (2012–20)
Doha Amendment to the Kyoto Protocol
{{{image_alt}}}
Acceptance of the Doha Amendment
States that ratified
Kyoto protocol parties that did not ratify
Non-parties to the Kyoto Protocol
Drafted 8 December 2012
Location Doha, Qatar
Effective not in effect
Condition ratification by 144 (3/4 of 192 Parties) required
Ratifiers 73[5]
Doha Amendment to the Kyoto Protocol at Wikisource
Refer to caption
Kyoto Parties with first period (2008–12) greenhouse gas emissions limitations targets, and the percentage change in their carbon dioxide emissions from fuel combustion between 1990 and 2009. For more detailed country/region information, see Kyoto Protocol and government action.
Refer to caption
Overview map of states committed to greenhouse gas (GHG) limitations in the first Kyoto Protocol period (2008–12):[6]
Annex I Parties who have agreed to reduce their GHG emissions below their individual base year levels (see definition in this article)
Annex I Parties who have agreed to cap their GHG emissions at their base year levels
Non-Annex I Parties who are not obligated by caps or Annex I Parties with an emissions cap that allows their emissions to expand above their base year levels or countries that have not ratified the Kyoto Protocol

For specific emission reduction commitments of Annex I Parties, see the section of the article on 2012 emission targets and "flexible mechanisms".

The European Union as a whole has in accordance with the Kyoto Protocol committed itself to an 8% reduction. However, many member states (such as Greece, Spain, Ireland and Sweden) have not committed themselves to any reduction while France has committed itself not to expand its emissions (0% reduction).[7]

The Kyoto Protocol is an international treaty which extends the 1992 United Nations Framework Convention on Climate Change (UNFCCC) that commits State Parties to reduce greenhouse gas emissions, based on the premise that (a) global warming exists and (b) human-made CO2 emissions have caused it. The Kyoto Protocol was adopted in Kyoto, Japan, on 11 December 1997 and entered into force on 16 February 2005. There are currently 192 parties (Canada withdrew effective December 2012)[4] to the Protocol.

The Kyoto Protocol implemented the objective of the UNFCCC to fight global warming by reducing greenhouse gas concentrations in the atmosphere to "a level that would prevent dangerous anthropogenic interference with the climate system" (Art. 2). The Protocol is based on the principle of common but differentiated responsibilities: it puts the obligation to reduce current emissions on developed countries on the basis that they are historically responsible for the current levels of greenhouse gases in the atmosphere.

The Protocol’s first commitment period started in 2008 and ended in 2012. A second commitment period was agreed on in 2012, known as the Doha Amendment to the protocol, in which 37 countries have binding targets: Australia, the European Union (and its 28 member states), Belarus, Iceland, Kazakhstan, Liechtenstein, Norway, Switzerland, and Ukraine. Belarus, Kazakhstan and Ukraine have stated that they may withdraw from the Protocol or not put into legal force the Amendment with second round targets.[8] Japan, New Zealand and Russia have participated in Kyoto's first-round but have not taken on new targets in the second commitment period. Other developed countries without second-round targets are Canada (which withdrew from the Kyoto Protocol in 2012) and the United States (which has not ratified the Protocol). As of July 2016, 66[9] states have accepted the Doha Amendment, while entry into force requires the acceptances of 144 states. Of the 37 countries with binding commitments, 7 have ratified.

Negotiations were held in the framework of the yearly UNFCCC Climate Change Conferences on measures to be taken after the second commitment period ends in 2020. This resulted in the 2015 adoption of the Paris Agreement, which is a separate instrument under the UNFCCC rather than an amendment of the Kyoto protocol.

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Paris Agreement

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Paris Agreement

Policy

At the Paris climate conference (COP21) in December 2015, 195 countries adopted the first-ever universal, legally binding global climate deal.

United Nations flag © Comstock

The agreement sets out a global action plan to put the world on track to avoid dangerous climate change by limiting global warming to well below 2°C.

Key elements

The Paris Agreement is a bridge between today's policies and climate-neutrality before the end of the century.

Mitigation: reducing emissions

Governments agreed

  • a long-term goal of keeping the increase in global average temperature to well below 2°C above pre-industrial levels;
  • to aim to limit the increase to 1.5°C, since this would significantly reduce risks and the impacts of climate change;
  • on the need for global emissions to peak as soon as possible, recognising that this will take longer for developing countries;
  • to undertake rapid reductions thereafter in accordance with the best available science.

Before and during the Paris conference, countries submitted comprehensive national climate action plans (INDCs). These are not yet enough to keep global warming below 2°C, but the agreement traces the way to achieving this target.

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Marrakech Climate Change Conference

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COP 22 / CMP 12 venue

Marrakech Climate Change Conference - November 2016

The twenty-second session of the Conference of the Parties (COP 22) and the twelfth session of the Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol (CMP 12) will be held in Bab Ighli, Marrakech, Morocco from 7-18 November 2016.

On 5 October 2016, the threshold for entry into force of the Paris Agreement was achieved. The Paris Agreement entered into force on 4 November 2016. As a result, the first session of the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement (CMA 1) will take place in Marrakech in conjunction with COP 22 and CMP 12.

 

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Climate Conference in Doha

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"Climate Conference in Doha to lead us into a dangerous impasse"

Coalition of the willing instead of waiting for consensus – climate bailout fund needs to be implemented quickly

Climate Conference in Doha

Statement by Dr. Thiemo Gropp, Director of the DESERTEC Foundation, on the climate conference in Doha (Qatar)

Hamburg 27th November, 2012. For the 18th UN Climate Change Conference around 20,000 people from over 190 countries have boarded planes to stay in air-conditioned hotels and produce huge amounts of CO2 all in the name of climate protection. And what is the result of almost two decades of this annual meeting? The world emits more CO2 today than ever before.

Climate protection is a global issue that cannot be solved by one country alone. But the premise of the UN climate conference that the start of comprehensive climate action must depend on the global consensus of all concerned parties brings us to a dangerous impasse. As long as countries believe that further negotiation can bring them economic advantages there will always be delay. What we need is a coalition of the willing committed to funding solutions from which all parties will benefit.

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