Katowice Current Affairs - 2019

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COP24 IN KATOWICE: Main Outcomes

The 2018 United Nations Climate Change Conference that took place between 2 and 15 December 2018 in Katowice, Poland, is the 24th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP24). It is also referred to as the Katowice Climate Change Conference or Katowice Climate Talks.  The most important outcome of COP24 was that the countries have agreed on rules for the implementation of the 2015 Paris Agreement.

Main Outcomes of COP 24 in Katowice:

  • The participating nations agreed on the rules to implement the Paris Agreement that will come into effect in 2020. The rules are regarding how the member nations will measure the carbon-emissions and report on their emissions-cutting efforts. This ‘rulebook’ can be called as the detailed “operating manual” of the 2015 Paris Agreement.
  • The members of the conference did not agree to “welcome” the Intergovernmental Panel on Climate Change (IPCC) report on 1.5°C. The US, Saudi Arabia, Russia and Kuwait refused to “welcome” the IPCC report.
  • The parties to the conference agreed to record the pledges in a public registry, as per the existing interim portal. The public registry will continue to include a search function, although many attempts have been made to get it deleted.
  • It was also agreed among the members that future pledges should cover a “common timeframe” from 2031. The number of years for the timeframe will be decided later.

Many difficult matters could not reach an agreement and have been postponed to next year for resolution. This includes questions such as ways to scale up existing commitments on emission reduction, different ways of providing financial aid to the poor nations, wording that prevents double counting and whether member nations are doing enough to cut their respective emissions.

Month: Categories: Environment

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World Bank unveils US $200 billion in climate action investment for 2021-25

World Bank has unveiled US $200 billion in climate action investment for 2021 to 2025 to fight  impact of climate change. The move coincides with Conference of Parties-24 (COP24) United Nations Climate Summit in Katowice, Poland.

The breakdown of US $200 billion will comprise approximately 100 billion in direct finance from World Bank. Around one-third of remaining funding will come from two World Bank Group agencies and rest will be private capital mobilised by the World Bank Group.

Comment

This US $200 billion in climate action investment, amounts to World Bank’s doubling of its current five-year funding. It also represents significantly ramped up ambition of World Bank to tackle climate change and sends an important signal to the wider global community to do the same. This amounts is also double of World Bank’s earlier commitment for ts current five-year funding.

World Bank

It is international financial institution that provides loans to countries of the world for capital projects. Its official goal is reduction of poverty by providing loans to developing countries for capital programmes. It is one of five institutions created at Breton Woods Conference in 1944. It is headquarter is situated at Washington DC, US.

World Bank comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA). It is component of World Bank Group, which also includes three more subsidiary organisations viz. International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and International Centre for Settlement of Investment Disputes (ICSID). World Bank is part of United Nations system, but its governance structure is different.

Month: Categories: Environment

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