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New and updated climate commitments fall far short of what is needed to meet the goals of the ParisAgreement, leaving the world on track for a global temperature rise of at least 2.7°C C this century, according to the UN Environment Programme’s (UNEP) latest Emissions Gap Report 2021: The Heat Is On. per cent in 2020.
COP28 represents a critical, and perhaps the last opportunity for Parties and non-state actors to deliver on the ambitions of the ParisAgreement to limit global average temperature increase to 1.5°C But this is not widely recognised.
The UNFCCC synthesis report recognises the need for systems transformation in a way that the ParisAgreement has “never articulated before”, according to Levin.
“This year showed that climate change is an immediate direct threat to every community on this planet, and it is only going to intensify,” said Inger Andersen, Executive Director of UNEP. per cent compared to 2019. This number has now hit 136, although ambition varies. Local cities and governments have also developed codes.
UNEP FI estimates the current adaptation finance gap is around US$194-366 billion per year, and positively, Climate Policy Initiative (CPI) found last month that adaptation finance had reached an all-time high of US$63 billion, growing 28% from 2019/20. Developed countries have also been asked to prepare a report on doubling by COP29.
Ahead of the conference, the data had been collected and analysed, with assessments delivered on the effectiveness of actions taken to date, primarily in the form of signatories’ nationally determined contributions (NDCs) to the ParisAgreement. reduction in CO2 emissions versus 2019, setting a course for 2.1-2.8°C
The group has published new data outlining their collective decarbonisation progress since the alliance launched in 2019, noting that 81 members (as of August) have set intermediate emissions reduction targets – representing 98% of the NZAOA’s US$ 9.5
According to the UNEP Global Climate Litigation Report , more than 1,500 cases had been filed in 38 countries by July 2020. The number of cases is widely recognised as having doubled since 2015. Nor is it only companies as corporate entities that face possible lawsuits.
Despite this trend, commentators like Dan Carlin, UNEP FI’s Task Force on Climate-Related Financial Disclosures (TCFD) Program Lead, have made the case for further engagement with the fossil fuel industry. In fact, the total value of the institutions divesting is estimated to be US$40.5
Further, a recent report by the UN Environment Programme (UNEP) and the Sabin Center for Climate Change Law at Columbia University, showed that climate litigation is becoming an integral part of securing climate action and justice.
C objective of the ParisAgreement would of course significantly limit these impacts. As the UN Environmental Programme (UNEP) summarises in their Adaptation Gap Report [8], “adapting to climate change makes economic sense” – with the Global Commission on Adaptation estimating a return of US$7.1 FTSE Russell Index Insights. [8]
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