On 5 October 2016, the threshold for entry into force of the Paris Agreement was achieved as more than 55 Parties to the Convention accounting in total for at least an estimated 55 % of the total global greenhouse gas emissions have deposited their instruments of ratification. 77 Parties have ratified the Agreement out of 197 Parties to the Convention. The Paris Agreement will enter into force on 4 November 2016.
The Council of the EU adopted the Decision on the ratification of the Paris Agreement at EU level in the evening of 4 October 2016. The measure was previously consented to by the European Parliament earlier on the same day. The Council Decision approves the text of the Paris Agreement on behalf of the EU. Member States are required to take all the necessary steps with a view to depositing instruments of ratification simultaneously with the EU or as soon as possible thereafter. Seven Member States have completed their national procedures up until now: Austria, France, Germany, Hungary, Malta, Portugal and Slovakia.
Parties to the UN Framework Convention on Climate Change (UNFCCC) reached an agreement on 12 December 2015 during the COP21, called the Paris Agreement, which highlights the following key issues:
(1) reaffirms the goal of limiting global temperature increases below 2 degrees Celsius, while urging efforts to limit the increase to 1.5 degrees;
(2) establishes binding commitments by all parties to make ”nationally determined contributions” (NDCs) and to pursue domestic measures in achieving them;
(3) extends the current goal of mobilising $100 billion a year in support by 2020 through 2025, with a new higher goal to be set after 2025;
(4) extends a mechanism to address ”loss and ”damage” resulting from climate change, which explicitly will not involve or provide a basis for any liability or compensation;
(5) requires parties engaging in international emissions trading to avoid ”double counting”.
At the same time the Council of the EU adopted on October 11th, a set of Conclusions on climate change finance in preparation for the upcoming Conference of the Parties (COP 22) to the United Nations Convention on Climate Change (UNFCCC).
The Council Conclusions on climate change finance put forward the following key issues:
(1) Welcome the objective of the Paris Agreement on climate change to make finance flows consistent with a pathway towards low greenhouse gas emissions and climate resilient development;
(2) The EU and its member States are committed to mobilise their share of the developed countries’ goal to jointly mobilise USD 100 billion per year by 2020 and through to 2025 for mitigation and adaptation, from a wide variety of sources, instruments and channels;
(3) Public climate finance will continue to play a significant role, in the sense that the EU and its Member States will continue to provide public climate finance for mitigation and adaptation purposes;
(4) Stress the importance of scaling up resources in support of developing countries which are particularly vulnerable to the adverse consequences of climate change;
(5) Welcome the commitments made by most multilateral development banks (MDBs) to strengthen the integration of climate mitigation, adaptation and resilience considerations throughout their portfolios and within their mandates;
(6) Recognise the private sector as a key source for climate finance and other relevant investment flows;
(7) Scaling up climate finance is an iterative process which goes hand in hand with governments developing enabling environments, investment strategies, projects and programmes which should all include the engagement of private sector action
(8) Support towards adaptation to help mainstreaming climate objectives into developing countries’ development strategies should be further upheld;
(9) The transparency framework will be key to the successful implementation of the Paris Agreement together with the improving and accountability of climate finance; this framework should provide clarity on support provided, mobilised and received, including on the actions to make financial flows consistent with a pathway towards low GHG emissions and climate resilient development;
(10) Capacity building for mitigation and adaptation planning together with its efficient and effective implementation should be further supported; a pipeline of attractive projects and programmes in order to maximise financial resources and effectiveness, as well as the importance of accessibility of available funds for developing countries in need, including in the field of technology cooperation should be developed.
Next steps:
Climate change finance will be one of the key issues to be discussed by world leaders during the upcoming Conference of the Parties (COP 22) to the UNFCCC taking place in Marrakesh, Morocco between 7 – 18 November 2016.
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Mirona COROPCIUC
Environmental Manager
Euromines
www.euromines.org