Paris (COP21) Agreement: Loss and damage, adaptation and climate finance issues

ABSTRACT

Climate policy documents are more interesting for what they leave out than what they contain. Using the COP21 negotiating texts, this article analyses the Paris Agreement to determine the good, the bad and the ugly of this ‘landmark’ document regarding loss and damage (L&D), adaptation and finance. The article establishes that among the good is that we have a universal deal in place that speaks to L&D and adaptation. the bad remains that developing and weaker nations are still vulnerable, in negotiations and to climate change. Among the ugly is the emerging unholy alliance between the referees (national governments) and key players (business and industry) that resulted in a quasi-legally binding deal. Furthermore, we continue to have endless financial promises. Since Gleneagles in 2005, when $50 billion in aid was promised by the G8, $100 billion per annum was promised from Copenhagen’s COP15 in 2009, to the scale-up promises of $100 billion annually from 2015 – developing countries are still waiting for these promises to be met. Drawing from Africa’s adaptation funding needs of $15 billion annually, as estimated by the United Nations environment Programme to 2020, and the $50+ billion annually thereafter to 2050, the article concludes that the global adaptation funding gap remains huge. We therefore recommend that domestic mobilisation of financial and other resources remain a viable option.

Keywords:

• adaptation
• climate governance
• COP21
• finance
• loss and damage
• Paris Agreement