Recently, the 24th meeting of the Conference of the Parties (COP24) to the United Nations Framework Convention on Climate Change (UNFCCC) concluded in Katowice, Poland. The primary objective of this conference was to finalize a rulebook for the 2015 Paris Agreement, which is scheduled to come into effect in 2020, superseding the existing Kyoto Protocol.
Details of the Paris Climate Pact
The Paris Climate Pact introduces voluntary emission reduction targets, known as the “Nationally Determined Contributions” (NDCs). Each country is unique in its greenhouse gas (GHG) reduction pledges, and these NDCs vary widely regarding their definitions and timetables. The rulebook is intended to ensure that the signatories of the pact are held to consistent standards.
Outcome of the Summit
In the COP24 conference, a rulebook for the execution of the Paris Agreement was formulated and unanimously adopted by all member countries. This rulebook outlines how nations will disclose information about their NDCs – their local climate actions, mitigation, and adaptation measures. Countries are now required to report and monitor their pledges to curb GHG emissions and update their emission plans accordingly. Moreover, countries with absolute economy-wide targets must provide quantifiable information concerning their measurement reference points, the gases included, their planning processes, and fairness and ambition of their contribution.
Progress on Climate Finance
The conference saw some progress on climate finance – a major issue at the forefront of the discussion. The newly-established rulebook addressed the opacity of climate financing by requiring Developed Nations to provide concrete data on future financial flow sources. The rulebook also clarifies what financial flows can be classified as climate finance and provides guidelines on their accounting and necessary information submission.
Rulebook: A Dynamic Document
The rulebook is not static; it is dynamic. This means that fresh rules can be included, and existing rules updated as necessary.
Conference Issues
The conference wasn’t without its issues. Disagreements occurred over the Intergovernmental Panel on Climate Change’s 1.5°C Report from October 2018, which the U.S., Saudi Arabia, and Russia did not recognize as a cause for alarm. There was also no consensus on a voluntary market mechanism for carbon emissions.
Current Status of Major World Economies in Terms of Carbon Credits
| Country | Unused Carbon Credits |
|---|---|
| China | High |
| India | High |
| Brazil | High |
| Developed Countries | Low |
India’s Position at COP24
At the conference, India reaffirmed its commitment to fulfilling its objectives under the 2015 Paris Agreement while protecting vital interests such as climate justice. The country emphasized the need for equity in the assessment of global progress towards the agreement’s goals and pushed for a robust transparency regime for emission disclosures.
India’s INDCs
India’s INDCs outline a bold path towards sustainable lifestyles, cleaner economic development, reducing the emission intensity of GDP, increasing non-fossil fuel-based electricity, enhancing carbon sinks in forests, better adaptation practices, mobilizing finance, technology transfer, and capacity building. Among these, the target to install 227 GW of renewable energy by 2022 stands out, along with a commitment to create an additional carbon sink of 2.5 to 3 billion tonnes of CO2 equivalent through forest and tree cover by 2030.
