COP21: Optimism abounds a week before Paris talks
There is less than a week to go before the start of the UN climate conference in Paris and the international community is growing increasingly confident that a concrete deal will be struck to limit the effects of climate change.
This morning, Bloomberg Business writes that with G20 countries having all agreed to limit carbon emissions over the next decade, there’s room to be optimistic that a historic deal to lessen global temperature increases will be struck.
The White House has announced that President Obama will meet Indian Prime Minister Narendra Modi and Chinese leader Xi Jinping on November 30th, the first day of the conference, in order to boost the prospects of getting a firm deal on the table.
The President has made securing action on climate change an integral part of his political legacy in recent years.
But amid the good cheer, developing countries are worried about being ignored in the process.
Developing countries need hundreds of billions to adapt to climate change – Oxfam
Developing countries will have to pay $270 billion a year to adapt to the effects on climate change, unless wealthy nations increase efforts to limit greenhouse gas emissions, a new study by Oxfam warns today.
Current plans submitted by leading carbon emitters ahead of COP21 limit global temperature increases to 2.7-3 degrees if implemented in full. Scientists predict that increases beyond 2 degrees will have a catastrophic effect on the environment.
Oxfam state that developing countries will need to pay £790bn to adapt to the effects of 3 degrees temperature increase, compared with $520bn at 2 degrees.
Tim Gore, Oxfam’s head of food and climate policy, told the Guardian that climate pledges had to become more ambitious.
India’s environment minister Prakash Javadekar called on developed countries to deliver “climate justice” to poorer countries in September, ahead of the Paris talks.
Fossil fuel companies could be a bad investment after Paris
Fossil fuel companies risk wasting £1.3 trillion of investor money as projects are left worthless by global efforts to tackle climate change, a new study has warned.
Influential thinktank CarbonTracker suggests that global reductions in carbon emissions could make fossil fuel projects uneconomic for fossil fuel majors.
This means that the UK’s £30bn North Sea oil and gas projects are at risk, as well as multi-billion dollar projects in North America and Australia.
The report comes as London-based consultants Critical Resource found there was a “yawning gap” between oil companies rhetoric on climate change and the steps they have taken to limit it.
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