3 min read•july 25, 2024
Climate agreements have evolved since 1992, from non-binding commitments to legally binding targets. The in 2015 marked a turning point, aiming to limit global temperature rise and introducing .
Climate finance plays a crucial role in supporting climate action. Mechanisms like the and provide financial support for and adaptation projects. However, challenges persist in mobilizing sufficient funds and ensuring effective use.
1992: United Nations Framework Convention on Climate Change () established at Earth Summit in Rio de Janeiro aimed to stabilize greenhouse gas concentrations led to non-binding agreement for developed countries to reduce emissions
1997: became first legally binding agreement under UNFCCC set emission reduction targets for developed countries introduced flexibility mechanisms (, joint )
2009: Copenhagen Accord produced non-binding agreement to limit global temperature increase established Green Climate Fund fell short of expectations for comprehensive treaty
2015: Paris Agreement adopted by 196 parties aimed to limit global temperature rise to well below 2°C above pre-industrial levels introduced Nationally Determined Contributions (NDCs) established global stocktake process
Post-Paris developments included 2018 Katowice Climate Package (Paris Rulebook) and 2021 Glasgow Climate Pact (COP26) further refined implementation guidelines and increased ambition
(CBDR) acknowledges shared responsibility to address climate change recognizes different capabilities and circumstances of countries
Historical context traces back to Rio Declaration (1992) incorporated into UNFCCC and subsequent agreements
Implications for developing countries include less stringent emission reduction targets access to financial and technological support longer timeframes for climate action implementation
Evolution of CBDR in climate agreements shifted from Kyoto Protocol's binding targets for developed countries only to Paris Agreement's universal contributions with flexibility for developing nations
Challenges and criticisms involve debate over classification of developed vs developing countries concerns about fairness and ambition in global climate action
Green Climate Fund (GCF) established in 2010 under UNFCCC serves as largest dedicated climate fund focuses on low-emission and climate-resilient development
Global Environment Facility (GEF) operates as oldest climate finance mechanism supports implementation of international environmental conventions
Adaptation Fund created under Kyoto Protocol finances concrete adaptation projects in developing countries
(CIFs) administered by World Bank includes Clean Technology Fund and Strategic Climate Fund
Types of support provided encompass grants for capacity building concessional loans for climate-friendly investments risk mitigation instruments to attract private sector
Key focus areas include mitigation (renewable energy, energy efficiency) and adaptation (climate-resilient agriculture, water management)
Insufficient funds to meet global needs hinder comprehensive climate action
Complexity of accessing funds for developing countries creates barriers to implementation
Balancing mitigation and adaptation funding remains ongoing challenge
Opportunities for enhancing climate finance emerge through innovative mechanisms (, carbon pricing) increased private sector engagement South-South cooperation
Ensuring effective use requires strengthening national climate finance institutions improving and accountability aligning with national development priorities
Capacity building needs include enhancing project development skills improving monitoring and verification systems strengthening climate change governance
International organizations play crucial role in providing technical assistance coordinating efforts facilitating technology transfer and innovation