BONN CLIMATE CONFERENCE
1. Background
- Developing countries have used various fora at the United Nations’ mid-year climate change conference underway in Bonn, Germany to put forth their agenda but climate finance, the disproportionate burden of climate change and a balance between mitigation and adaptation remained pain points for them.
- The $100 billion goals of climate finance are still unmet by developed countries and do not reflect the true needs of the developing world, stated, the finance coordinator for the Group of 77.
2. What is NET ZERO emission all about
- Put simply, net-zero means cutting greenhouse gas emissions to as close to zero as possible, with any remaining emissions re-absorbed from the atmosphere, by oceans and forests for instance.
3. Achieving NET ZERO Emission
- The seven energy and land-use systems that account for global emissions—power, industry, mobility, buildings, agriculture, forestry and other land use, and waste—will all need to be transformed to achieve net-zero emissions.
- Effective actions to accelerate decarbonization include shifting the energy mix away from fossil fuels and toward zero-emissions electricity and other low-emission energy sources such as hydrogen; adapting industrial and agricultural processes; increasing energy efficiency and managing demand for energy; utilizing the circular economy; consuming fewer emissions-intensive goods; deploying carbon capture, utilization, and storage technology; and enhancing sinks of both long-lived and short-lived greenhouse gasses.
4. Global efforts to reach NET ZERO
- Yes, a growing coalition of countries, cities, businesses and other institutions are pledging to get to net-zero emissions. More than 70 countries, including the biggest polluters – China, the United States, and the European Union – have set a net-zero target, covering about 76% of global emissions. Over 1,200 companies have put in place science-based targets in line with net-zero, and more than 1000 cities, over 1000 educational institutions, and over 400 financial institutions have joined the Race to Zero, pledging to take rigorous, immediate action to halve global emissions by 2030.
5. What is Climate Finance in Bonn Conference All about
- Climate finance refers to local, national or transnational financing drawn from public, private and alternative sources of financing that seek to support mitigation and adaptation actions that will address climate change.
- Higher investment in mitigation projects leads to a reduction in carbon emission — a global public good that benefits everyone, including the donor country.
- Such investments also bring international recognition for being “climate-conscious” as project outcomes are clearly visible and measurable.
- In 2009, at the COP15 Summit in Copenhagen, developed countries committed to jointly mobilise 100 billion dollars a year for climate finance so that developing nations can take effective actions.
- The Paris Agreement reaffirms the obligations of developed countries while encouraging voluntary contributions by other Parties.
- But now, the developed countries are forcing developing nations to commit to an unreasonable target of reducing carbon emissions to net-zero by mid-century.
