Achieving zero emissions growth by 2060-2080 has been proposed in the final draft of the Paris Climate agreement which will be taken up for discussion in the high-level segment of ministers beginning on December 7. The draft text was released by the U.N. Framework Convention on Climate Change.
Regarding the peaking of greenhouse gas emissions, the discussion will focus on making it “as soon as possible” with a condition that states that the peaking requires deeper cuts of emissions by developed countries and longer periods for developing countries. To reach this target, achieving zero emissions growth by 2060-80 has been proposed.
Instituting a review mechanism to monitor compliance on carbon emissions by countries, and transfer of climate-friendly technologies to developing nations continue to be hurdles, but they could be resolved by pushing ahead, according to France’s president Francois Hollande. Emphasising on dangers of climate disasters for the future generation, Mr Hollande said: “Future generations will be very strict when they judge what was done by heads of state here to avert dangerous climate change.”
There are several optional provisions and amendments in the draft text for consideration by various parties. The French Presidency and the member nations of the UNFCCC are working towards sorting out differences and try to arrive at a consensus.
Draft text negotiations
During their meeting in Paris for the Leaders Event, Prime Minister Narendra Modi had conveyed to President Barack Obama that “India felt that a transparency and accountability regime should not treat rich and poor nations alike.”
Seeking to unlock massive investments in renewable energy technologies by recognising plans that cover 94 per cent of global carbon emissions of 184 countries, the agreement in Paris is keenly awaited by the global business community too. The negotiations are being followed closely by the insurance industry too, as intense weather events cause more losses.
Chairperson of the G77+China Mxakato-Diseko tweeted, “G77 welcomes that we now have a Party-driven negotiating text.”
Contentious Issues
There are contentious issues that remain to be resolved in the draft, starting with long term quantified emissions reduction for a 2050 target, finance for developing countries, updated targets for countries based on stocktaking of carbon dioxide, equitable distribution of the remaining carbon budget for the world, and making explicit the responsibility of developing countries versus developed nations.
Focusing on the differences between the developed and developing countries, there is an option which says the extent to which developing countries would effectively implement their commitments would depend on developed countries living up to their own commitments on financing, technology transfer and capacity building.
Addressing the issue of climate finance, the text also outlines several suggestions on how funds can be mobilised from developed and other countries. It also states that “appropriate pricing of greenhouse gas emissions in its many forms, is an important instrument for the reorientation of investment and finance flows consistent with a pathway towards low emission and climate resilient economies and societies”.
A technology framework is being put in place to promote and facilitate enhanced action on technology development and transfer.
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