As we look back at 2016, one of the key irreversible and strong commitments signed by the development community was the unanimous and unbinding support to the Marrakech Action Proclamation at the COP22 this year. It was a key development in addressing one of the most common global concerns of the our times, that of Climate change and how to steer clear of 2°C rise in temperature.
To support the climate change initiatives that have been proposed, it is equally important that leaders and implementers ensure adequate finance and a tangible implementing model. This time Marrakech proved to be a great platform for financial institutions, funding organizations and all stakeholders.
Seven key steps adopted for Climate Finance at the COP22
To streamline the very important aspect of finance to support these initiatives, the COP22 delegates decided on seven aspects for result oriented climate change negotiations which aimed at strengthening the way governments, cities and other stakeholders would work towards this goal. These were a workshop on how to support the long term finance till the year 2020 followed by a report of the Standing Committee on Finance which outlined the work plan progress and the finance flows. There was a review of this very committee and it’s functioning to make it more result oriented and strong. The leaders also evaluated the Green Climate Fund along with incorporating inputs from the Standing Committee on finance. Similarly the negotiations also involved the Global Environment facility’s review and guidance to its policies and work plan for a more strong approach. The leaders at Marrakech also reviewed the financial mechanism carefully and initiated a process to identify the information to be provided by Parties in accordance with Article 9, paragraph 5, of the Paris Agreement. Another critical step undertaken was developing of the modalities for the accounting of financial resources provided and mobilised through public interventions for consideration at COP 24. Under the Paris Agreement, a transparency framework for action and support was also initiated.
Climate Finance to Developing Countries
Earlier during the Paris Agreement, it was unanimously decided to make ‘finance flows consistent with a pathway towards low greenhouse gas (GHG) emissions and climate-resilient development’. To support this overarching theme agreed upon by all stakeholders, developing countries would receive money not just for mitigation but also for building climate resilient infrastructure which would support the future generations to be self-sufficient and protect their climate and environment. On the other end of the spectrum, the developed countries were expected to lead in establishing and mobilising the global funds on Climate change.
A dedicated and committed support needs to come in from all quarters for tangible results. The surmounting pressure from climate change and global warming means finances have to be streamlined first for a sustainable model to save this planet. A strong accountability system needs to be in place with more transparency and stringent penalties those flouting the agreed measures.
Climate change is a global threat which does not limit on national boundaries. It is capable of changing the large faults within our Earth’s crust, changing the way we live today and the way our future generations would live.
So the need of the hour is to Act Now.