Part 1 of this Series : Climate Change | An Overview
Part 2 of this Series : Climate Change | Agreements
Continuing from the Part 2 in the Series of Climate Change we will be discussing various Summits / CoP which have taken place over the years with regards to Climate Change
COP 15 COPENHAGEN SUMMIT
- It is a non-binding agreement.
- Developed countries agreed to set targets for reductions in their GHG emissions by 2020.
- It recognised the need to establish a mechanism (including REDD+) to enable the mobilisation of resources from developed countries to developing countries to achieve the targets of emission reduction.
- Agreed that developed countries would raise funds of $30 billion from 2010-2012.
- Agrees for a goal for the world to raise $100 billion per year by 2020.
- Targets of industrialised countries – Officially recognised.
- Targets of developing countries – Officially recognised (Progress report to be published every 2 years).
- A total of $30 billion in fast start finance from industrialised countries to support climate action in the developing world up to 2012 and the intention to raise $100 billion in long-term funds by 2020.
- Curb emissions from deforestation and forest degradation.
- Accountable to CoP.
- Expected to facilitate the implementation of enhanced action on technology development and transfer in order to support action on mitigation and adaptation to climate change.
- For projects in developing countries (Party to CoP 16).
- Governed by Green Climate Fund (GCF) Board.
- World Bank – Interim Trustee.
- Independent Secretariat (South Korea).
- For developing countries who are party to Kyoto Protocol.
- Financed from the share of proceeds on the clean development mechanism project activities and other sources of funding. The share of proceeds amounts to 2% of certified emission reductions (CERs).
- Supervised and managed by Adaptation Fund Board (AFB).
- Upon invitation from Parties, the Global Environment Facility (GEF) provides secretariat services to the AFB and the World Bank serves as trustee of the Adaptation Fund, both on an interim basis.
Note : GEF was established in 1991 by the World Bank in consultation with the United Nations Development Programme (UNDP) and United Nations Environment Programme (UNEP) to provide funding to protect the global environment.
- Agriculture was brought under the climate change negotiations by the developed nations.
- Principle of Equity was brought by India in CoP 17 (Durban).
- Non-participation of many developed countries due to the discord between developed countries and developing countries (India, China and Brazil). Hence, an eight-year extension of the Kyoto Protocol until 2020 was given which was limited in scope i.e. to only 15% of the global carbon dioxide emissions.
- Discord continued during both the conferences and hence, nothing conclusive could come out of the negotiations.
- But Lima Conference reached the overarching goal to reduce greenhouse gas emissions (GHGs) to limit the global temperature increase to 2 degrees Celsius above current levels.