The latest climate change news from WWF

Mark Lutes, Senior Advisor, Global Climate Policy, WWF Climate and Energy, said, “WWF is encouraged to see Maersk’s leadership in the shipping industry, as they become the first company to have ambitious greenhouse gas emission reduction targets in line with the Paris Agreement’s 1.5°C warming limit validated by the Science Based Targets initiative. “Maersk, as one of the largest global shipping companies, has shown that science-based decarbonization targets are possible for the sector. This should serve as a benchmark of ambition for others. “Shipping accounts for around 3% of global greenhouse gas emissions, and with only 6 years to 2030, when global emissions should have reduced by at least 43%, the urgency to act is clear. It is time for shipping companies to demonstrate commitment to tackling the climate crisis by setting their own targets and taking immediate action to implement them. These targets must be more ambitious than the pathway set out by the International Maritime Organization in their recently approved decarbonization strategy if we are to limit warming to 1.5°C and avert the worst impacts of climate change.”
Posted: February 9, 2024, 12:00 am
WWF´s Greening Financial Regulation Initiative (GFRi) has today published findings from its annual SUSREG Tracker.The assessment shows that whilst significant progress has been made by several central banks and financial supervisors to implement sustainable regulatory and supervisory measures, key gaps remain, particularly in major economies where broader environmental and social risks are still being neglected.Current financial regulations and central banking activities focus on climate and do not fully account for broader environmental and social impacts, like biodiversity loss and its effects caused on communities who heavily depend on fragile natural resources for their livelihood. Only 18% of central banks show exemplary progress in integrating climate-related risks into their monetary policy and central banking activities, whilst 68% of high-income countries have not yet adopted adequate climate and environmental banking supervision policies. Moreover, ambition and implementation of sustainable financial measures is unequal across central banks and financial supervisors. Maud Abdelli, WWF’s Greening Financial Regulation Initiative lead, says: “Inaction or little action is fueling the dual climate-nature crisis. At the COP28 UN climate summit last week, countries agreed to transition away from fossil fuels, but they failed to commit to a full phase-out and to prioritise protecting nature. Central banks and supervisors need to take up a prominent role in directing finance away from the most environmentally harmful sectors like coal, gas and oil, and set minimum ESG expectations in financial regulation and supervision.“ SUSREG Tracker is WWF´s interactive online assessment tool that evaluates progress on the integration of environmental and social risks into central banking, financial regulation and supervision activities. This year's analysis covers 47 jurisdictions, which together, represent over 88% of the global GDP, 72% of global GHG emissions and 11 of the 17 most biodiversity-rich countries in the world. Some notable progress includes: The integration of biodiversity indicators into central banks own portfolios and pension fund disclosure. The development of supervision methodologies to tackle biodiversity loss. The growing requirements for financial institutions and corporations to disclose their climate transition plans. The set up of sector-specific lending guidelines for high-risk sectors to help financial institutions assess client's E&S risks. But the assessment also finds that: The focus of central banking and insurance supervision activities remains primarily on climate. Only 18% of central banks have shown exemplary progress in integrating climate risks into their monetary policy and central banking activities. 68% of high-income countries have not yet adopted adequate climate and environmental banking supervision policies. Some of the highest emitting countries have not put in place strong climate-related banking and insurance supervision policies. More than half of the countries with net-zero targets (20 out of 37) that are covered in this assessment have considerably weak climate banking supervision policies. Sustainable banking and insurance supervision policies are falling short in the most biodiverse countries of the Asia-Pacific and Latin America, leaving them highly-exposed to nature-related risks. Building on its Roadmap for a climate safe and nature positive economy that recommends new nominal anchors for central banking and financial supervision mandates (– 1.5ºC, full biodiversity recovery by 2050, 50% GHG emissions reduction, and nature positive by 2030), WWF urges central banks, financial supervisors and regulators to: Publish own transition plans for a low-carbon and nature-positive economy that are transparent and measurable, and encompass all central banking, financial regulation, and supervision activities.​ Apply a precautionary approach using all micro and macro prudential supervision tools available. Instead of waiting for the perfect data and models, financial supervisors need to prioritise preventive and impactful measures in the face of uncertain and potentially catastrophic environmental threats. Utilise their monetary policy toolkit to address environmental and social risks while phasing-out always environmentally harmful activities from their portfolios, i.e. those that do not adapt to business models that ensures a transition to a sustainable economy. Impose higher capital requirements to financial institutions’ lending, investing and insuring companies with always environmentally-harmful activities like coal, oil and gas expansion. Siti Kholifatul Rizkiah, lead author of the SUSREG Annual Report 2023 says: “Properly managing financial risks stemming from environmental and social risks is an intrinsic part of central banks and financial supervisors mandates. It harnesses the power of the financial sector to safeguard our economy and underpins the foundation of a resilient financial system.” Watch the video below for an overview of the SUSREG assessment main findings and recommendations:
Posted: December 18, 2023, 12:00 am
After two weeks of negotiations the UN climate summit, Cop28, came to a close in Dubai.Here are the main takeaways from 2023’s largest global conference on the climate crisis. A transition from fossil fuels but not a full phase-out After days of intense negotiations, a landmark agreement emerged from the UN climate summit in Dubai, marking a significant step towards addressing the climate crisis. For the first time in history, the agreement explicitly calls on all nations to transition away from fossil fuels, a crucial step in curbing greenhouse gas emissions and limiting global warming. While the agreement stopped short of explicitly calling for a phase-out of fossil fuels, a move that many governments had hoped for, its acknowledgment of the need to move away from these polluting energy sources represents a significant shift in global climate diplomacy. Climate change: Who should foot the bill? Fossil fuels vs renewable energy COP28: What is the Global Stocktake? WWF at COP28: Find out more The text clearly recognizes the urgency of the situation, stating that "deep, rapid and sustained reductions" in emissions are essential to avoid the devastating consequences of exceeding the 1.5°C warming threshold set out by the Paris Agreement. This newfound recognition of the need to transition away from fossil fuels is a testament to the growing global consensus on the urgency of the climate crisis. It is a sign that even in the face of immense challenges and vested interests, nations are able to come together to address this existential threat. Now countries must turn this agreement into action. This will require a significant scale up of climate finance to unlock this action. Developed countries must deliver the finance needed to ensure all countries can rapidly decarbonise and restore nature. Despite these challenges, the agreement reached at COP28 is a step in the right direction, signaling a willingness among nations to recognize the gravity of the situation and take action to address it. The first global stocktake revealed we're off track The world is not on track to meet the goal of limiting rising temperatures to 1.5°C, above pre-industrial levels. This was the stark conclusion of the first Global Stocktake (GST), conducted at COP28, the 28th Conference of the Parties to the UN Framework Convention on Climate Change. The GST, a comprehensive assessment of global climate action, found that current national commitments to reduce greenhouse gas emissions are woefully inadequate. To stay within the 1.5°C warming target, global emissions need to be cut by 42% below 2010 levels by 2030. However, current NDCs put us on track for only a 14% reduction. The GST served as a sobering reminder of the urgency of climate action. The world is rapidly approaching the point of no return, and we need to take immediate and drastic action to avert the worst impacts of climate change. The GST outcome is a call to action for all countries, businesses, and individuals to step up their efforts and work together to achieve a sustainable future. What is WWF’s assessment? WWF welcomes the decision by countries to transition away from fossil fuels, but is disappointed at the failure to commit to a full phase out. WWF calls for increased ambition and implementation of climate action, highlighting the need to transform energy systems and replace fossil fuels with clean and cheaper renewable energy at an unprecedented speed and scale. The WWF also calls for more funding to help people in harm's way and for action to protect nature. Find out more:panda.org/cop28
Posted: December 13, 2023, 12:00 am
How can governments integrate action on climate and nature? WWFsBreaking Silos: Enhancing Synergies between NDCs and NBSAPsidentifies a number of entry points to ensure that policy planning and implementation processes work together to deliver for climate, nature, and people. Key actions in the report include: ensuring that national climate and biodiversity policy planning processes are integrated in the development of sectoral strategies the prioritization and pooling of financial resources for policy measures such as nature-based solutions that can contribute to both climate and biodiversity objectives greater representation and resources for Indigenous Peoples and local communities to act on climate change and biodiversity through holistic approaches. Public-private partnerships, along with non-state initiatives, are also highlighted as key catalysts for synergistic action - with the report recommending the expansion and alignment of their mandates with national biodiversity and climate targets. Released ahead of Nature Day at COP28 (9 Dec), the report reinforces calls for COP28 to be the moment when nature is truly brought into the climate process through the Global Stocktake outcome and the establishment of a dedicated nature-climate work stream at future COPs.
Posted: December 8, 2023, 8:30 am
The first week of the COP28 climate negotiations has seen mixed results. While significant progress has been made on some key issues, the outcome of the Global Stocktake is uncertain. Country negotiators have produced a long draft text on the Global Stocktake, with multiple options, including one on a fossil fuel phaseout. WWF, along with many others, will be pushing to keep “phase out fossil fuels” in the text and on top of the agenda. However, progress has been slow and difficult on many other issues, including the Mitigation Work Program, the Global Goal on Adaptation and food systems. What is COP28 and does it matter? Climate change: Who should foot the bill? Fossil fuels vs renewable energy COP28: What is the Global Stocktake? WWF at COP28: Find out more WWF is calling on negotiators to prioritize a successful outcome of the Global Stocktake, which is a crucial assessment of progress towards the Paris Agreement goals. “The progress made at COP28 so far has been disappointing and does not reflect the urgency called for by science and people suffering from the climate crisis,” said Dr Stephen Cornelius, WWF Deputy Global Climate and Energy Lead. “There is a lot to do in the remaining five days of negotiating time to achieve the course correction needed to adequately respond to the climate emergency.” WWF is also concerned about the lack of progress on nature and food systems. The current draft of the Global Stocktake does not include a reference to nature-based solutions, and food systems are currently being sidelined from the negotiations. “In the next week’s political phase of the negotiations we need to see decisions that secure a major course correction in global climate action,” said Shirley Matheson, WWF Global NDC Enhancement Coordinator. “Ministers must strengthen the texts, bring in missing elements, and resolve disagreements. They must keep the strongest elements of the Global Stocktake text, especially on a fossil fuel phaseout and emissions reductions needed by 2035.” “Those in negotiation rooms cannot be tone-deaf to science and urgency,” added João Campari, WWF Global Food Lead. “We will not achieve any of the long-term goals of the Paris Agreement without more ambitious, comprehensive, and equitable climate action on food. Negotiators can’t squander another opportunity by excluding food systems transformation from the Global Stocktake. It has to be reinstated - and meaningfully.” WWF is urging negotiators to seize this critical opportunity to deliver a strong outcome from COP28. Find out more:panda.org/cop28
Posted: December 7, 2023, 12:00 am
COP28 has seen some notable finance developments so far - including agreement on the Loss and Damage Fund to support countries already impacted by the climate crisis; a $30 billion catalytic fund from the UAE designed to unlock private finance across the Global South, and a $270 billion green finance pledge from its banks; and commitments fromMultilateral Development Banks (MDBs)that promise to unlock over $180 billion in additional climate finance. These developments and others are welcome. But developing countries need trillions not billions. And there’s a gaping abyss between what’s been pledged and what’s required. WATCH:Aaron Vermeulen, Global Finance Practice Leader, WWF, reflects on Finance Day at COP28. Emerging markets and developing countries outside China need $2.4 trillion a year in investment by 2030 for ajust energy transition, adaptation and resilience, loss and damage,and conservation and restoration of nature - a fourfold increase on current funding for these priorities. Bridging the gap requires the private sector to set ambitious transition plans that deliver massive investment in adaptation and nature-based solutions. Leading multilateral development banks are planning to launch a global ‘task force’ at COP28 to scale up 'debt-for-nature' swaps to help protect vital ecosystems. And several have already agreed to pause debt repayments for countries suffering climate shocks. But governments and public development banks must address the fundamentals by regulating climate- and nature-related risks, repurposing global financial architecture, and finding innovative ways to use public finance to unlock and channel private capital where it’s needed most. The bottom line is that COP28 must finally deliver on the long overdue 2009 annual $100 billion pledge for developing countries, and agree an ambitious post-2025 Climate Finance Goal. But the trillion dollar question remains - will COP28 keep 1.5 and the most climate-vulnerable countries and communities alive? WEBINAR: Supercharging blended finance for a net zero, nature-positive transition Join WWFon Thursday Dec 6th at 3.30pm in the Panda Pavilion along with special guests from GEF, Equity Group Holdings, The Lightsmith Group, and Business for Nature to find out more, and explore how blended finance can help secure a net zero, nature-positive transition. Also via livestream at youtube.com/WWFclimate. Press Enquiries WWF has a number of experts available on the ground at COP28 and remotely to provide commentary in multiple languages on topics ranging from key issues in the negotiations to the energy transition and the dual climate and nature crises.To set up an interview with one of our experts, contactnews@wwfint.org.
Posted: December 4, 2023, 3:00 pm
Continuing their ongoing collaboration, WWF and London-based animation company NOMINT announce the release of "Up in Smoke" at COP28, a film that urgently addresses the global climate crisis driven by fossil fuel emissions and features a reinterpretation of Billie Eilish’s and Finneas’s hit song "When the Party's Over." Employing innovative stop-motion animation with real smoke to tell the story of the devastating effects of fossil fuel emissions on humans and the planet, "Up in Smoke" visually articulates the dangers of continued fossil fuel use. Following in the footsteps of critically acclaimed works "Can’t Negotiate the Melting Point of Ice" and "A Flammable Planet," "Up in Smoke" continues the partnership's legacy of fusing artistic creativity with environmental activism. Film Synopsis: A World Covered in Smoke "Up in Smoke" immerses audiences in a world where a young girl confronts a smoke-filled environment, symbolizing the catastrophic consequences of fossil fuel emissions. The film's narrative, depicted through groundbreaking stop-motion animation using real smoke, powerfully conveys the urgent environmental themes. Innovative Production Process For "Up in Smoke," NOMINT employed a unique production process, integrating stop-motion animation with real smoke, and using a full-color 3D printing technique to create over 700 unique sculptures for different poses of the girl. The film, a year-long project, included a full month dedicated to shooting and was shot entirely in-camera, exemplifying NOMINT's commitment to environmental messaging through innovative visual artistry. Directed by co-founder Yannis Konstantinidis, "Up in Smoke" exemplifies NOMINT's dedication to blending technology with storytelling. Essential Themes: The role of fossil fuels as a primary driver of climate change. The irreversible impact on the planet and humanity. The urgency for global leaders to shift to 100% renewable energy. A Legacy of Award-Winning Stop-Motion Innovation This film builds upon "Can’t Negotiate the Melting Point of Ice," a stop-motion film created entirely using real melting ice, and "A Flammable Planet," employing live fire. Both films have been lauded for their innovative storytelling and strong environmental messages, earning awards including Cannes Lions, Webbys, Clios, One Show, and D&ADs. Musical Collaboration: Enhancing Emotional Depth Featuring The Social Singing Choir from Margate, the film includes a poignant rendition of the hit song "When the Party's Over," originally performed by Billie Eilish and written by Finneas O'Connell. The Margate-based Social Singing Choir, formed in 2018, is celebrated for its inclusive approach to music, contributing to various performances and collaborations. Invitation to Witness and Act “Up in Smoke" emphasizes the critical need for action against the climate crisis. The film is a compelling call to action for a sustainable future. At COP28, WWF is calling on countries to commit to phase-out all fossil fuels well before 2050, with developed countries achieving this far sooner. Ambitious targets are also needed to accelerate the transformation of the global energy system to deliver 100% renewable energy, increased energy efficiency and expanded energy access. Credits: CLIENT: WWF AGENCY: NOMINT CAMPAIGN: “Up In Smoke” PRODUCTION: NOMINT CREATIVE DIRECTION: Yannis Konstantinidis, Christos Lefakis DIRECTOR: Yannis Konstantinidis EXECUTIVE PRODUCER: Marilena Vatseri MUSIC SUPERVISION: Twelve Decibels MUSIC ARRANGEMENT: Hughie Gavin PERFORMANCE:The Social Singing Choir LABEL: Manners McDade MUSIC/ LYRICS: Finneas O’Connell SOUND DESIGN/ MIX: Rabbeats Music COLOUR GRADING: George Kyriacou (at Black Kite Studios) MARKET: Global
Posted: December 4, 2023, 12:01 am
The UN climate talks - COP28 - are taking place in Dubai The Global Stocktake (GST) is the first "report card" on the efforts by countries around the world to address the climate crisis. This assessment about how well countries are doing will contain few surprises: it is already widely known that we are way off track to limit global temperature rise to 1.5°C, the goal of the Paris Agreement. Not enough is being done to address the cause of climate change (greenhouse gas emissions). And not enough is being done to prepare for the impacts of climate change, which are already here and are predicted to get worse in the future. What is COP28 and does it matter? Climate change: Who should foot the bill? Nature is climate's crucial ally COP28 must rebuild the credibility and ambition of the global climate regime WWF at COP28: Find out more This assessment will be especially damning for richer countries who have the money to take action, and can take advantage of opportunities like the new jobs and clean industries which will benefit their citizens. These countries are not providing enough money to those in need, so poorer countries cannot afford to take their own steps to address climate change, nor to access similar economic opportunities. This is exacerbating poverty and is unfair because these countries are the least responsible for the climate crisis in the first place. What will be new, and vitally important, is what countries decide to do to address all of these gaps. The head of UN Climate Change calls this a "course correction". This means that countries will need to improve their climate action plans and speed up their roll-out. Underpinning this is the need for countries to accept that the largest contributor to the climate crisis is our reliance on fossil fuels. We need to phase them out, and move towards a future powered by more sustainable, efficient, renewable energy. We won’t know what this course correction will look like until the climate talks in Dubai wrap up - but this will be a crucial litmus test for success for this year’s climate negotiations. Progress and course correction We know we are not on track to meet our internationally agreed climate goals. Report after report shows us that the average global temperature rise is set to exceed 2°C – dangerously above the 1.5°C target of the Paris Agreement and a threshold to avoid the worst impacts for people and nature. That makes the agreement’s Global Stocktake so important. It not only represents a report card that shows us where we are, it also provides a critical opportunity to course correct, and build a foundation for more ambitious action in the years to come. At COP28, the Global Stocktake is the first of what will be a five-yearly cycle of assessing our progress in achieving the long-term goals of the Paris Agreement. In 2021, the Global Stocktake process kicked off with a phase of collecting information, followed by a series of "technical dialogues", which concluded in June this year. The resulting report bringing together all this contained few surprises. It found that the Paris Agreement has “driven near universal climate action”, but that much more effort is needed, included on “systems transformation” to ensure we are more resilient to a warming world anc can continue to grow our economies without further growth in emissions. This takes us to the stocktake’s next phase. At COP28, governments will consider the findings and, hopefully, produce a political decision supported with technical guidance. At a minimum, this political declaration should clearly identify the gaps in where we need stronger goals and more on-the-ground action to achieve these goals. It should set out where we need to be in terms of reducing emissions and adapting to a warming world. This includes addressing the losses and damages already being faced by vulnerable countries as climate impacts become more severe, and providing finance, capacity building and technology to support poorer countries. It also needs to offer guidance and ways to help countries improve their existing climate action plans and produce new ones that are equal to the crisis we face. These plans must put the world on a pathway to limit warming to 1.5°C of warming and outline exactly how this will be done. The declaration must also provide clarity on the financing and support that will be needed to meet the Paris Agreement goals. It should provide the basis for a global climate finance target that delivers at least US$600 billion over 2020-2025, after which donor countries should expect to scale up their funding, in line with expected needs. Undoubtedly, we face serious political challenges in agreeing an ambitious declaration onthe Global Stocktake at the COP28 climate talks. We know what needs to be done. Now we need to make it happen. Find out more:panda.org/cop28
Posted: December 4, 2023, 12:00 am
Joelma Diarroi from Associação Povo Indígena Jiahui, Brazil, lives in the Amazon where drones monitor the rainforest. Nature is a crucial ally in tackling climate change, absorbing carbon, regulating natural processes and helping us to adapt. Amidst the escalating climate crisis, nature stands as our indispensable ally, offering a lifeline in the face of a rapidly changing world. Our natural spaces - forests, oceans, peatlands and soils - act as huge stores for carbon and help regulate our atmosphere. Nature also helps protect us against the devastating impacts of climate change. But the burning of fossil fuels by humans is supercharging the greenhouse effect caused by excess greenhouse gasses in the atmosphere, putting people and nature at risk and destabilizing the climate system. What is COP28 and does it matter? Climate change: Who should foot the bill? COP28: What is the global stocktake? COP28 must rebuild the credibility and ambition of the global climate regime WWF at COP28: Find out more We are destroying nature: not only our planet and our food sources, but the places best equipped to support a stable atmosphere and a balanced climate. Our actions are causing unprecedented climate system disruption, accelerating the biodiversity crisis and disrupting people’s lives and livelihoods. We will not halt the climate emergency if we allow the crisis in nature to continue unabated. By the same token, the climate crisis will become the dominant cause of biodiversity loss in the coming decades if we don’t act now. As temperatures rise, species will be forced to adapt, or die out. More extreme weather will wreak havoc on nature and us. Protecting and restoring nature is not just a matter of environmental preservation; it is a critical strategy for mitigating climate change and ensuring a sustainable future for all. Nature and climate It is essential that deep cuts are made to our fossil fuel emissions as soon as possible. But alongside this, if we are to limit global warming to 1.5°C to avoid the worst impacts of the climate crisis, we must take action to reverse biodiversity loss. Without nature, we will lose a crucial ally in our quest to stabilise the climate system. Ways to reduce global emissions will be discussed at the UN climate talks - COP28 - in the UAE. That’s why WWF is raising nature up the agenda. The 2022 report -Our Climate’s Secret Ally-highlights the interlinked emergencies of human-induced climate change and biodiversity loss. Two further reports are due to be released by WWF focusing on nature-based solutions and synergies between global agreements on nature and climate. We can no longer look at solutions to the nature and climate crises in isolation of each other. Biodiversity provides services that are essential for human health and livelihoods, such as clean air, drinkable water, productive oceans and fertile soils for growing food. Nature’s role in climate is also vitally important and if we can secure a nature-positive world by 2030, one where there is more nature than there is today, we can also better tackle the climate crisis. Natural carbon sinks like the Amazon are key to supporting a stable climate for future generations. Rainforests act like the lungs of the world. The Amazon rainforest stores 150-200 billion tons of carbon which helps to stabilize the local and global climate. Tackling deforestation in the Amazon will help maintain this crucial climate ally and also protect the places home to millions of species and hundreds of Indigenous Peoples. Recently, deforestation in Brazil’s Amazon has fallen to its lowest level since 2018. This is welcome news but the rest of the world must step up to tackle emissions and reach targets. From trees to water We know nature has helped to slow global warming, absorbing 54% of human-related carbon dioxide emissions over the past 10 years. 23% of this is taken up by the ocean. As well as absorbing carbon, the ocean is responsible for producing 50% of the oxygen we need. Oceans cover 70% of the world’s surface. They are home to millions of species - many of which we don’t even know about yet - and more than three billion people rely on the ocean for their livelihoods. The waters and reefs along Africa’s east coastline provide vital food and jobs to millions of people. But they are threatened by climate change, pollution and overfishing. Yet despite the many benefits provided by the ocean, it is under threat. Forced to absorb an increasing amount of the carbon we are putting into the atmosphere, our oceans are becoming acidic, less able to support life and less effective as a tool to tackle the climate crisis. Nature-based solutions and ocean-based solutions can help claw back the resources nature provides. Nature-based solutions Planting mangroves in coastal areas stops erosion from sea-level rise, creates new homes for fish and ocean life, and protects humans from extreme weather events. Many coastal communities are threatened by these climate-related risks. Nature loss only exacerbates the problem. Restoring nature for a nature-positive world will help people and nature thrive together. Our natural ecosystems play an important role in protecting us from changing climate. That’s why we must continue to push for an equitable, nature-positive and net-zero emissions world. At COP28, WWF is campaigning for nature to be included in all governments’ national action plans to tackle the climate crisis and better support nature-based solutions as ways to take action together for nature, climate and people. Find out more: WWF at COP28 The benefits of a nature positive world Nature-based solutions
Posted: December 4, 2023, 12:00 am
Mangrove land-sea barriers protect against coastal erosion and contribute to climate protection by retaining CO2 Money makes the world go round. And it can certainly oil the wheels of the international climate talks - or not. At COP28, arguments about who should foot the bill for reducing emissions and adapting to a destabilised climate will dominate the agenda. The economics of climate change are paradoxical. On the one hand, renewable energy is already cheaper than fossil fuels in many sectors and most countries. But, at the same time, the clean energy transition poses huge upfront costs, and adapting to a changing climate requires enormous investment. Exactly how much will be needed is disputed. What is COP28 and does it matter? Whynature is climate's secret ally COP28: What is the global stocktake? COP28 must rebuild the credibility and ambition of the global climate regime WWF at COP28: Find out more The UN estimates that developing countries will need around $600 billion a year up to 2030 to finance their emissions plans under the Paris Agreement. In addition, they are likely to need US$215 billion per year this decade to adapt to the impacts of climate change. Who should pay? The international climate regime rests on the principle of ‘common but differentiated responsibilities’. Put simply, this means that those countries which bear most responsibility for causing climate change, and which have the greatest resources, should shoulder more of the burden for addressing it. Fair’s fair. At Copenhagen in 2009, developed countries agreed to provide the developing world with $100 billion a year in climate finance by 2020. While there is no agreed definition of the term, observers agree that this target has not been met. At COP28, governments will continue negotiations on a new climate finance goal, with a deadline for agreement in 2024. At WWF, we have been pushing for that promise to be fulfilled and for an ambitious goal that meets needs, providing at least $600 billion in climate finance between 2020 and 2025, and doubling finance for adaptation. But this will only be part of the story. At COP27, discussions began on a Loss and Damage Financial Facility. This will compensate the world’s most vulnerable countries for the effects of greenhouse gas emissions that they have had almost no role in producing. And African leaders have emphasised the need for COP28 to swiftly put the facility into action. We are also calling for increased investment in nature-based solutions without which we cannot limit global heating to 1.5°C; and advocating for financial architecture reforms that will reorientate financial flows from governments and multilateral development banks to ensure they align with global goals on climate, nature, and development and support activities that heal rather than harm the planet. The bottom line is that low-income countries facing catastrophe desperately need finance to respond to climate breakdown. Despite arguments about who should cover the costs, one thing is certain: allowing the crisis to continue unchecked will only increase costs as extreme weather, warming oceans, floods and droughts wreak ever-greater destruction and hardship on those least able to respond. Find out more:panda.org/cop28
Posted: November 30, 2023, 12:00 am