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Climate diplomacy is becoming a core element of global negotiations and business propositions around the world. With Donald Trump’s stunning victory, the role of climate diplomats has assumed more significance.
Even as the US election sends shivers down the spine of many environmentalists, climate diplomats have got down to brass tacks in Marrakech to decide on the rulebook to be laid down in implementing the Paris deal. A large UAE delegation is also participating in the crucial conference.
We have entered a new climate change era as the average CO2 levels have
averaged 400 parts per million (ppm) across the year as a whole for the first time. With current climate commitments, the temperatures are set to rise 2.7-3.4
degrees Celsius — which means the world needs to ratchet up its ambition to avert the impending catastrophe. The urgency to scale up climate action is more than ever now. Time is slipping away and the Paris accord can do nothing if we don’t spruce up our efforts.
Amid the negative climate reports that are flooding the news agencies since Trump’s victory, there are some positives that need to be picked up. One of them is the Diplomatic Center for Strategic Studies findings which indicate that decarbonizing the economy has got an increased impetus as the world is investing more in renewable energy projects. These projects rose to US$303 billion in 2015, says the report. Another report by The International Energy Agency (IEA) reveals that use of renewables in the last four years increased by 40%. The costs of renewable energy are also coming down. Electricity produced through wind speed amounts to $30kilowatt per hour, while cost of producing electricity through solar panels in the UAE has plunged to 75% between 2008 and mid-2014 from $7 to 1.5 per watt. The Paris accord has created $23 trillion of investment opportunities in emerging eco-friendly markets. The deal has investment potential for green buildings and sustainable transportation. It will create business opportunities worth $265billion across MENA region.
It is imperative that the climate diplomats at Marrakech show the shopping
catalogue to the business community and investors and convince them about the long-term benefits of investing in a low carbon practices. The diplomats should also take up the challenge that climate finance poses. The Green Climate Fund’s goal to raise $100 billion by 2020 for developing countries is not anywhere near. The fund can work effectively only when the money for adaptation and mitigation is fast-tracked to the poor nations, along with the transfer of clean energy. Therefore, it is necessary that the negotiators speed up the fund-raising.
Climate change is already causing displacements and migration. There are many who are getting impacted by global warming. The climate diplomats have to chalk out compensation criteria for these environmental refugees which doesn’t have to be based on loss and damage alone, but must also take into consideration the magnitude of the extreme weather event. The diplomats will also have to find ways to properly monitor the progress made by countries, under the Paris pact, towards reducing their carbon footprint.
The Marrakech meeting should ensure that climate diplomacy reaches a new level of understanding on which the success of the Paris agreement depends. It has to be instrumental in promoting green business.