EuroDiplomat

COP23 takeaways

As the United States decided to quit the agreement signed during the COP21, Europe and China are taking over the lead. In order to reach the goals due to 2030, signatory countries approved a set of measures as follows:

Adaptation Fund

The funds allocated for this initiative surpassed the target established in 2017. Main contributors were Germany and Italy with 50 million euros and 7 million euros respectively.

InsuResilience Initiative

Germany donated another USD 125 million to fund this insurance that will cover 400 million people living in vulnerable areas by 2020.

Norway in a partnership with Unilever will invest USD 400 million to boost resilient socioeconomic development. What does it mean? Well, the goal is foster business models that succeed to combine high productivity agriculture with smallholder inclusion and also to protect green areas.

Speaking of which, the UK and Germany will provide USD 153 million for programs that tackle climate change and deforestation of the Amazon.

Fiji a country threatened by the rise of oceans will receive USD 75 million from the European Investment Bank. The amount will fund an investment of USD 405 million led the Water Authority of Fiji to improve water distribution and treatment, especially after the Cyclone Winston that struck Fiji in February 2016.

The European Bank for Reconstruction and Development together with the Green Climate Fund will grant USD 37.6 million to strengthen the agricultural sector in Morocco.

The International Energy Agency with 13 countries will allocate EUR 30 million within the framework of the “IEA Clean Energy Transitions Programme”, an initiative that aims to facilitate the access of clean energy production technologies across the globe.

A major milestone regarding funds was accomplished by the World Resources Institute that was able to gather USD2.1 billion of private investment earmarked to recover degraded lands in Latin America and the Caribbean through Initiative 20×20

Still on Latin America, Ecuador promised to reduce 15 million tonnes of CO2 emissions in the forest sector. While in Africa, a similar measure is to be implemented by the Gabonese National Park Service to fight illegal logging to halt the emission of 20 million tonnes of CO2.

These are some of the main concrete actions that will see the light of the day in the near future. Many other topics will remain under time-consuming discussion, especially to delimitate the specific roles of China and Europe. A matter that might take over the next summit (Cop24) that will take place from 3-14 December 2018, in Poland.

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