Climate

Boris Schinke, Senior Advisor Energy and Development, interviewed Safa Al Jayoussi, head of the Climate and Energy campaign of the NGO "Indyact" based in Lebaon and Jordan. She is also the co-coordinator of the Climate Action Network Arab World.

Since the 2015 adoption of the UN’s Sustainable Development Goals and the success of the Paris Agreement under the UN Framework Convention on Climate Change (UNFCCC), it has become clear that “business as usual” is no longer an option for neither industrialized countries nor the developing world. Both the Agenda 2030 and the Paris Agreement (PA) entail substantial consequences for the world financial system. Mobilizing the massive investment required for climate resilient, low-carbon infrastructure and development, transforming the world economy and hedging the climate-related risk to the financial system form formidable challenges to the public and the private sector alike.

In December 2015 the Paris Agreement was adopted, in November 2016 it will come into force. A transformation of the energy-, transport- and agricultural sector is needed, to be able to implement the goals agreed upon and to limit global warming to 1.5°C/well below 2°C.

The Adaptation Fund Board successfully concluded its 28th Meeting in Bonn, Germany from 4–7 October 2016 only a month before the twenty-second session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP22) which will be held in Marrakech, Morocco. The meeting encouraged reflections on how to fully enhance dissemination of knowledge and experiences generated by the Fund in order to leverage the understanding about its relevance and contributions to adaptation efforts of nations and communities worldwide facing the adverse effects of climate change.

This is the Climate Finance Advisory Service (CFAS) Daily Briefing. Produced at key meetings and negotiations by the CFAS expert team, the Daily Briefings try to provide a concise, informative update on key discussions that have taken place at each day of the meeting and give an overview of substantive points of action or progress.

India made the world news today, on October 2nd - Gandhi's brithday, a special day for India - by submitting its ratification of the Paris climate agreement to the United Nations. With India formally joining the agreement, it not only accepts its obligations under the agreement, but also brings the agreement one step further towards entry into force. Ratification by India signals a new, more active role, in international climate policy, building on progress achieved at the domestic level. The coming years will be crucial to confirm India's development path in a greener and more sustainable direction. Partnerships with countries like Germany will be essential to enable this transformation.

In August 2016, the Adaptation Fund has recorded its second largest number of proposals in its history. A number of 31 concept and project proposals have been received to be considered by the Adaptation Fund Board at its 28th Meeting scheduled in October 2016 in Bonn, Germany. This request amounts to US$ 208.6 million from various types of accredited implementing entities wishing to access the funds. It is obvious that the Fund provides an important function to assist developing countries in their efforts towards concrete local measures against climate impacts. Developed through a civil society lens, this briefing outlines selected talking points on agenda items that are to be discussed at the 28th meeting of the Adaptation Fund Board, and suggests some key recommendations as well.

After reaching full operationalization in 2015, the Green Climate Fund (GCF) is gradually moving from a design phase into the actual implementation of projects and programmes to address the adverse effects of climate change in developing countries. To reach its ultimate objective of achieving a paradigm shift towards low-carbon and climate-resilient development, these projects and programmes need to be imbedded in national development strategies and require the involvement of all national actors to be truly country-owned.

Global decarbonisation will stem from a wide array of policy instruments: regulatory frameworks, long-term low-carbon strategies, technology development and transfer and fiscal and market incentives. As long as the prices of established fossil fuel technologies remain far below their true cost to society, it will be difficult to push them out of the market. A coordinated effort to phase out fossil fuel subsidies and establish carbon pricing schemes and domestic floor prices throughout the G20 would be a major step forward.

China is the host of this year's G20 summit. This more active role of China in global governance is a reflection of a changing world. The Hangzhou summit also reflects another significant change: Climate action and sustainable development are no longer considered side discussions, but are centrally on the G20 agenda. The G20, traditionally a forum to discuss financial stability and economic policy, are beginning to reflect the fact that unsustainable development and unmitigated climate change are huge risks to a stable and prosperous world economy.