Default

Environmental risk management - Conference of the Parties.

Author: Charitarth Sindhu', Environmental Sustainability & ESG Consultant.

The Conference of Parties (COP) serves as a primary decision-making entity under the United Nations Framework Convention on Climate Change (UNFCCC) inaugurated in 1992.

Convened by participating nations annually in recent years, the COP examines key facets of climate action, encompassing mitigation, adaptation, finance, technology, and transparency.

Selected historical milestones from past COPs are set out below.

Kyoto 1997 to Glasgow 2021

COP3 (1997): Adoption of the Kyoto Protocols legally bound developed countries with climate targets called Quantifiable Emission Limitation and Reduction objectives (QELR). In order to safeguard participating developed countries’ domestic industries, two mechanisms exist:

• Joint Implementation project. Developed countries are allowed to meet their targets by investing in emission reduction programmes in another developed country.
• Clean Development Mechanism. Developed countries are allowed to meet their targets by investing in emission reduction programmes in a developing country.

COP7 (2001): The Marrakesh Accords, set the stage for Kyoto Protocols' ratification by adopting detailed rules of implementation.

COP8 (2002): The Delhi Declaration, outlined development needs for the poorest countries and emphasized the need of technology transfer for climate change mitigation.

COP13 (2007): The Bali action plan, with pillars of shared vision, mitigation, adaptation, technology, and financing, charted a two-year plan to finalize a binding agreement for the UNFCCC during COP15.

COP14 (2008): Launch of an adaptation fund under the Kyoto Protocol, investing in concrete adaptation projects in developing countries vulnerable to climate change effects.

Following up on the Delhi Declaration, the Poznan strategic program was launched to fund climate technology development and transfer activities.

COP15 (2009): End of the Bali action plan marked the Copenhagen Accord.

The accord declared climate change to be the greatest modern challenge and should be limited to 2°C.

The accord was not legally binding.

COP16 (2010): Mexico. Establishment of the Green Climate Fund to distribute US$ 100 billion per year to assist developing nations in addressing climate change.

COP18 (2012): Doha Agreements launched a new commitment period of the Kyoto Protocols, aiming to reduce greenhouse gas emissions by 18% compared to 1990 levels.

COP19 (2013): Created a mechanism for Intended Nationally determined Contributions (INDC) to be submitted by parties during the vital COP21.

The Warsaw Framework for REDD+ was also designed to reduce human reliance on forests.

COP21 (2015): The Paris Agreement fully replaced the voluntary Kyoto Protocol with a legally binding treaty.

Countries are expected to commit to their Nationally determined contributions (NDCs).

The Paris agreement committees to keeping global temperature rise below 2°C pre-industrial levels, accompanied by a yearly US$100 billion funding pledge by developed countries.

COP26 (2021): Was promoted as ‘the last chance to save the planet’.

The Glasgow summit targeted global warming to not exceed 1.5°C and got 140 countries to announce net zero target dates.

Egypt - COP 27 - 2022

• Loss and Damage fund: A financial assistance initiative for nations most impacted by climate change.

• Global shield financing facility: Established by G7 countries to channel grants through global institutions for aiding climate-vulnerable developing countries.

• African Carbon Markets initiative: Established to enhance African nations' participation in voluntary carbon markets, with a goal to generate 300 million carbon credits annually by 2030 and 1.5 billion carbon credits annually by 2050. The funds raised will address the ongoing climate finance needs of participating nations.

Dubai - COP28 - 2023

• Global Stocktake: A periodic review mechanism established under the Paris Agreement at COP21 (2015), proposing eight steps to keep the global temperature rise below 1.5°C compared with pre-industrial levels. The COP28 Global Stocktake identified the imperative to cut global greenhouse gas emissions, especially methane emissions, by 43% (compared to 2019 levels) by 2023 to meet the Paris Agreement Goals.

• Global goal on adaptation (GGA):

- Established under COP21 (2015), encouraging nations to conduct climate risk assessments, inform policy development with these findings, and establish early warning systems by 2027.

- COP28 called for doubling adaptation finance and outlined plans for assessments and monitoring needs, specifying explicit 2030 targets in water security, health, and ecosystem restoration.

• Climate Finance:

- New Collective Quantified Goal (NCQG) for climate finance estimated that wealthy nations owe developing nations US$ 500 billion in 2025, including US$ 250bn for mitigation, US$ 100bn for adaptation, and US$ 150bn for loss and damage.

- Operationalization of the Loss and Damage Fund (L&D) during COP28, overseen by the World Bank, with financial commitments to support the fund.

• Global Cooling Pledge:

- A commitment to reduce cooling-related emissions by at least 68% globally relative to 2022 levels by 2050. This involves investments in passive cooling mechanisms such as shades, ventilation, insulation, green roofs, reflective surfaces, and reintroduction of nature in urban settings. This reduces the need for mechanical cooling mechanisms which cause greenhouse gas emissions.

- Phase-down of refrigerants, especially Hydrofluorocarbons (HFCs), which are potent greenhouse gases classified as ‘super pollutants’. And switching to alternative cooling substances like hydrocarbons, ammonia and carbon dioxide.

• Adoption of a target to achieve net-zero fossil fuel consumption by the year 2050, coupled with accelerated actions to facilitate this transition.

• A declaration to triple nuclear energy capacity by 2050.

See also

• Biodiversity
• Carbon credits
• Carbon dioxide
• CBD COP 15
• Climate and Clean Air Coalition (CCAC)
• Climate change
• Climate change: testing the resilience of corporates’ creditworthiness to natural catastrophes
• Climate change adaptation
• Climate change mitigation
• Climate finance
• Climate risk
• Conference of the Parties
• Convention on Biological Diversity
• COP27
• COP28
• COP29
• Developing country
• Ecosystem services
• Emissions
• Fossil fuel
• Fund
• Global Cooling Pledge
• Green Climate Fund
• Greenhouse gas
• G7
• Hydrocarbons
• Kyoto Protocol
• Loss and damage
• Methane
• Nationally determined contribution (NDC)
• Net zero
• New Collective Quantified Goal (NCQG)
• Paris Agreement
• Ratification
• REDD+
• Risk management
• Super pollutants
• Transition
• Transparency
• Treaty
• United Nations Conference on Trade and Development (UNCTAD)
• United Nations Framework Convention on Climate Change (UNFCCC)
• Voluntary carbon markets (VCM)
• V20
• World Bank

External links

• UNFCCC home page
• Convention on Biological Diversity - Conference of the Parties webpage