Towards a New Goal and Increased Finance?
Members from the Climate Action Network gave their impressions of the new negotiation draft agreement in a briefing this morning, just a few hours after its release. Although it is 4 pages shorter than the earlier version, opinions diverge on whether this indicates progress.
One positive development, first noted by Kaisa Kosonen (Climate Policy Advisor for Greenpeace), is an increase in Parties’ recognition of the inadequacy of the 2°C temperature goal. According to Kosonen, advocates calling for a 1.5°C target appear to be gaining traction, and countries are increasingly recognizing that even a 1.5°C change is dangerous and hence the aim should be to reduce global temperature change as much as possible. Kosonen hopes this trend will continue once ministers take over the negotiation process.
Alex Doukas from Oil Change International heavily criticized the reluctance of rich developed nations such as the US, UK and Canada for failing to pledge initially promised levels of carbon finance to developing countries for adaptation to climate change impacts. Doukas points to what he says is a hypocrisy on the part of these countries to claim a lack of financial resources while simultaneously providing large subsidies to fossil fuel producers. A new analysis just released by Oil Change International shows that these countries provide up to 100 times more financing towards fossil fuel subsidies than they are currently promising for climate finance. According to the analysis, Canada provides 79 times more money on subsidies to fossil fuel producers than on its climate finance pledge. Likely to garner some controversy, the comparison does not include domestic investment towards reducing emissions or transitioning from fossil fuels to renewable energy forms.