Intergovernmental organization, United Nations is to hold the Global Climate Summit on 12 December 2020 and Britain is to co-host the Global Climate Summit. The Climate summit is to increase momentum ahead of UNFCCC, COP 26 that is to be held in November next year.
United Nations Framework Convention on Climate change
In 1992, The United Nations Framework Convention on Climate change was established in Brazil, Rio de Janeiro. The UNFCCC Treaty aims to reduce Greenhouse gas emissions globally. However, there are no binding or enforcement mechanism. The parties that ratified the conference meet in the COP (conference of parties) to review the progress. So far, 155 nations have ratified the agreement. In 1993, The Republic of India ratified UNFCCC.
In 1972, first Global conference on climate change was held in Sweden’s Stockholm.
During the third session of UNFCCC Kyoto Protocol (international treaty) was adopted. The Paris agreement is at another important agreement that was adopted in 2015. It aims to reduce and mitigate Greenhouse gas emissions, mitigation, adaptation, and finance. However, with the current initiatives of the countries to reduce gas emissions, it is difficult to achieve targets set by Paris Agreement. The COP 26 is to discuss finding solution to this issue.
After signing the United Nations Framework Convention on Climate change India adopted National environment policy in 2006 to promote sustainable development. India adopted National Action Plan on climate change in 2008. India has made various commitments to be achieved by 2030 after finding Paris agreement. Under this the Republic of India has committed itself to create an additional carbon sink of 2.5 million tonnes to 3 billion tonnes of carbon dioxide (CO2) through additional forest cover.
India has also been instrumental to form the coalition for disaster resilient infrastructure.
Green Climate Fund
Green Climate Fund was established by UNFCCC in 2010. The main objective of the Climate fund is to support project programs policies and activities in developing countries. The major concern being raised about the Green Climate Fund is start it has begin to Axis Bank Limited lately that seeks returns on investments. United Nations to host Global Climate Summit 2020