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United Nations Framework Convention on Climate Change UPSC NOTE

 Climate Finance

  • Climate finance is the financial resources that are mobilized to support climate action. 

  • This can include investments in renewable energy, energy efficiency, sustainable transportation, and other measures to mitigate climate change. 

  • It can also include funding for adaptation to the impacts of climate change, such as improving drought-resistant crops or building seawalls to protect coastal communities.

  • Climate finance can come from a variety of sources, including public, private, and alternative sources. 

  • Public sources include government budgets, multilateral development banks, and climate funds such as the Green Climate Fund

  • Private sources include banks, investment funds, and insurance companies. 

  • Alternative sources include philanthropy, carbon markets, and social impact bonds.

  • Climate finance is essential for addressing climate change. 

Paris Agreement on Climate Change

  • The Paris Agreement on Climate Change is a legally binding international treaty on climate change. 

  • It was adopted by 196 Parties at the UN Climate Change Conference (COP21).

  • Place and Date - Paris, France, on 12 December 2015 and entered into force on 4 November 2016. 

  • The agreement sets out a framework for global cooperation to reduce greenhouse gas emissions.

  • Limit global warming to well below 2 degrees Celsius above pre-industrial levels.

  • Pursue efforts to limit the increase to 1.5 degrees.

  • This is the first agreement to bring all countries together to take action on climate change

  • The agreement is essential for limiting global warming and avoiding the worst impacts of climate change.

Article 9 of the Paris Agreement

  • Article 9 of the Paris Agreement on Climate Change establishes a framework for mobilizing climate finance.

  • This finance is to support mitigation and adaptation actions in developing countries. 

Article 9 establishes following commitments for developed countries, 

  • To provide financial resources to assist developing countries with respect to both mitigation and adaptation, in continuation of their existing obligations under the Convention.

  • To mobilize jointly with public and private financial institutions, climate finance flows, from a wide variety of sources, instruments and channels, noting the significant role of the private sector in mobilizing climate finance.

  • To further promote and facilitate the mobilization of financial resources for adaptation.

UNFCCC

  • UNFCCC is an international treaty adopted in 1992 at the Earth Summit in Rio de Janeiro, Brazil.

  • The UNFCCC sets out a framework for action to stabilize atmospheric greenhouse gas concentrations at a level that would prevent dangerous anthropogenic interference with the climate system. 

  • The UNFCCC entered into force on 21 March 1994.

  • It has near-universal membership, with 198 countries that have ratified the Convention

UNFCCC

  • UNFCCC is the parent treaty of the Kyoto Protocol (1997) and the Paris Agreement (2015).

  • The Kyoto Protocol established binding targets for developed countries to reduce their greenhouse gas emissions

  • The Paris Agreement sets a long-term goal of limiting global warming to well below 2 degrees Celsius above pre-industrial levels, and to pursue efforts to limit the increase to 1.5 degrees Celsius.

  • The Conference of the Parties (COP) to the UNFCCC meets annually to review progress on climate change. 

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: United Nations Framework Convention on Climate Change UPSC NOTE
United Nations Framework Convention on Climate Change UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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