The Imperative Need for Climate Finance and Global Climate Mitigation Strategy – A Pragmatic Analysis

Open Access

Year : 2023 | Volume : | : | Page : –
By

Dilshad Shaik,

Arya Abaranji. P. S.,

  1. Professor and Dean, School of Law, Sathyabama Institute of Science and Technology (Deemed to be University), Chennai, Tamil Nadu, India
  2. Student, School of Law, Sathyabama Institute of Science and Technology (Deemed to be University), Chennai, Tamil Nadu, India

Abstract

Since the advent of Industrial Revolution, climate change has been perceived as the prominent environmental issue of the twenty- first century. According to a study, the amount of carbon dioxide (CO2) in the atmosphere as of July 2021 is the greatest it has ever been in recorded human history. 800 million people, or 11% of the world’s population, are currently at risk from the effects of climate change. The world has witnessed extreme climatic events which have resulted in resource- based conflicts and socio- economic imbalance, wreaking havoc on the lives and livelihoods of people. The global impact of climate change is perilous and unprecedented. Without radical actions today, mending to these impact factors will become more challenging. As a response to combat the ongoing climate crisis, several mitigation strategies have been employed to achieve sustainability and adopt efficient measures on the long- run. This paper aims to shed light on climate finance, an integrated approach that will address climate change by providing financial resources. This approach calls for local, national and transnational financing that focus on reducing greenhouse gas emissions thereby enhancing the quality of the environment and the human ecosystem. It requires government intervention to develop competent solutions for global climate change. The paper focuses on the strategies and probable steps of climate finance and also seeks to discuss the greater need in bringing awareness on this issue using comparative excerpts and potential solutions

Keywords: Climate finance, greenhouse gas, climate change, mitigation, sustainability

How to cite this article:
Dilshad Shaik, Arya Abaranji. P. S.. The Imperative Need for Climate Finance and Global Climate Mitigation Strategy – A Pragmatic Analysis. National Journal of Environmental law. 2023; ():-.
How to cite this URL:
Dilshad Shaik, Arya Abaranji. P. S.. The Imperative Need for Climate Finance and Global Climate Mitigation Strategy – A Pragmatic Analysis. National Journal of Environmental law. 2023; ():-. Available from: https://journals.stmjournals.com/njel/article=2023/view=91516


Full Text PDF

References

1. Main Issue-Climate Change Mitigation; Available at https://www.thegef.org/what-we-do/topics/climate-change-mitigation
2. Financing Climate Action; Available at https://www.un.org/en/climatechange/raising- ambition/climate-finance
3. Introduction to Climate Finance; Available at https://unfccc.int/topics/climate-finance/the-big- picture/introduction-to-climate-finance
4. Rebecca Lindsey and Luann Dahlman; Climate Change: Global Temperature (MARCH 15, 2021); Available at Website.
5. National Oceanic and Atmospheric Administration and National Centers for Environmental Information, State of the Climate: Global Climate Report for Annual 2020; Available at https://www.ncei.noaa.gov/access/monitoring/monthly-report/global/202013
6. Climate Change 2021, The Physical Science Basis – Summary for Policymakers; Available at https://www.ipcc.ch/report/ar6/wg1/downloads/report/IPCC_AR6_WGI_SPM_final.pdf
7. Ahima RS. Global warming threatens human thermoregulation and survival. The Journal of Clinical Investigation. 2020;130:559-561; Available at Google Scholar
8. Global Forest Resources Assessment 2005 (Food and Agriculture Organization, Rome; Food and Agriculture Organization Forestry Paper 147. (2005); Available at Google Scholar
9. Brazil and Indonesia together are responsible for the loss of around 4.9 million ha of forests annually.
10. AM Solomon, AP Kirilenko Global Ecological Biogeography Letter 6, pg 139–148 (1997).
11. Brando P, Macedo M, Silvério D, et al. Amazon wildfires: Scenes from a foreseeable disaster. Flora. 2020;268:151609; Available at Google Scholar
12. Raza A, Razzaq A, Mehmood SS, et al. Impact of climate change on crops adaptation and strategies to tackle its outcome: A review. Plants. 2019; Available at Google Scholar
13. Vineis P, Chan Q , Khan A. Climate change impacts on water salinity and health. Journal of Epidemiology and Global Health. 2011;1:5-10.; Available at Google Scholar
14. Hoegh-Guldberg O, Poloczanska ES, Skirving W, Dove S. Coral reef ecosystems under climate change and ocean acidification. Frontiers in Marine Science. 2017; Available at Google Scholar
15. Charmantier A, Gienapp P. Climate change and timing of avian breeding and migration: Evolutionary versus plastic changes. Evolutionary Applications. 2014;7:15-28; Available at Google
Scholar
16. Intergovernmental Panel Climate Change (IPCC). 2007. Climate change 2007: the physical science basis. Contrib. Work. Group I Fourth Assess. Rep., Intergov. Panel Clim. Change, Cambridge, UK.
17. “EU’s 2050 Climate Plan Sees Benefits of Up to 2% of GDP”, Euractiv, November 28, 2018; Available at https://www.euractiv.com/section/energy-environment/news/eus-2050-climate plan- sees-benefits-of-up-to-2-of-gdp/
18. “U.S. Climate Report Warns of Damaged Environment and Shrinking Economy,” New York Times, November 23, 2018; Available at https://www.nytimes.com/2018/11/23/climate/us- climate-report.html
19. “Climate change could cost U.S. budget $2 trillion a year by the end of the century, White House says”; Available at https://www.reuters.com/world/us/exclusive-climate-change-could cost-us- budget-2-trln-year-by-end-century-white-2022-04-04/
20. “Quantifying Risks to the Federal Budget from Climate Change” (APRIL 04, 2022); Available at whitehouse.gov/omb/briefing-room/2022/04/04/quantifying-risks-to-the-federal-budget-from-climate-change/
21. Five Sectors That Cannot Escape Climate Change (February 2020); Available at https://www.morganstanley.com/im/publication/insights/articles/articles_fivesectorsthatcannotesc apeclimatechange_us.pdf
22. The Global Commission on Adaptation; Available at https://gca.org/about-us/the-global- commission-on-adaptation/
23. Special Report on the Ocean and Cryosphere in a Changing Climate- Summary for Policymakers; Available at https://www.ipcc.ch/srocc/chapter/summary-for-policymakers/
24. The 2018 report of Global Commission on the Economy and Climate: “Unlocking the Inclusive Growth Story of the 21st Century- Accelerating Climate Action in Urgent Times”; Available athttps://newclimateeconomy.report/2018/
25. The term ‘hard-to-abate sector’ denotes any sector that involves a transition that is not nearly so forthright, because they either lack the technology or its cost remains restrictive.
26. The 2018 Report on Energy Transitions Commission Mission: Possible: Reaching net-zero carbonemissions from harder-to-abate sectors; Available at https://www.energy transitions.org/publications/mission-possible/
27. Report of the World Commission on Environment and Development: Our Common Future (Brundtland Report); Available at https://sustainabledevelopment.un.org/content/documents/ 5987our-common-future.pdf
28. Hassan M. Heshmati, Impact of Climate Change on Life (November 25th, 2020); Available at https://www.intechopen.com/chapters/74077
29. Paris Climate Accords is an international treaty on climate change and it was adopted in 2015.
30. Article 9, Paris Agreement
31. The Montreal Protocol; Available at https://www.unep.org/ozonaction/who-we-are/about-montreal-protocol
32. Report of the United Nations Conference on Environment and Development; Available athttps://www.un.org/en/development/desa/population/migration/generalassembly/docs/globalcomp act/A_CONF.151_26_Vol.I_Declaration.pdf
33. Kyoto Protocol – Targets for the first commitment period; Available at https://unfccc.int/process- and-meetings/the-kyoto-protocol/what-is-the-kyoto-protocol/kyoto-protocol-targets-for-the-first-commitment-period
34. Common But Differentiated Responsibilities and Respective Capability (CBDR-RC) 2019, Available at https://www.civilsdaily.com/news/common-but-differentiated-responsibilities-and-
respective-capability-cbdr-rc/
35. FCCC/INFORMAL/84 GE.05-62220 (E) 200705
36. UNFCCC (1992), United Nations Framework Convention on Climate Change; Available athttps://unfccc.int/resource/docs/convkp/conveng.pdf
37. Millennium Summit of the United Nations (September 2000); Available at https://www.un.org/en/ development/devagenda/millennium.shtml
38. Davies, Mark et al. “Climate Change Adaptation, Disaster Risk Reduction and Social Protection””; IDS Working Papers (2009)
39. UNDP Human Development Report on Climate Change; Available at http://hdr.undp.org/en/ statistics/data/climatechange/shares/
40. Policy Brief and Proposals: Common but Differentiated Responsibilities- International Movement ATD Fourth World; Available at file:///1111_920_cbdr%20paper%20for%20OWG%201121 13.pdf
41. Small Island Developing States – SIDS – OECD. Oecd.org. Published 2019. Accessed September 16, 2022. https://www.oecd.org/dac/financing-sustainable-development/development finance- topics/small-island-developing-states.htm
42. Klaus. The Least Developed Countries 2020 – Nations Online Project [Internet]. Nationsonline.org. 2020 [cited 2022 Sep 16]. Available from: https://www.nationsonline.org/oneworld/least_ developed_countries.htm
43. Manuj Bhardwaj, “The role and relationship of climate justice and common but differentiated responsibilities & respective capabilities (CBDR-RC) principle in the international climate change legal framework”; Available at https://www.connect4climate.org/sites/default/files/ files/publications/Climate%20Justice_Manuj%20Bhardwaj%20India_0.pdf
44. IPCC (2013), “Climate Change 2013: The Physical Science Basis”, Contribution of Working Group I to the Fifth Assessment Report of the Intergovernmental Panel on Climate Change; Available at http://www.ipcc.ch/report/ar5/wg1/
45. USGCRP (2014) Melillo, Jerry M., Terese (T.C.) Richmond, and Gary W. Yohe, Eds., 2014, “Climate Change Impacts in the United States: The Third National Climate Assessment”. U.S. Global Change Research Program; Available at http://nca2014.globalchange.gov/
46. IPCC (2014), “Climate Change 2014: Impacts, Adaptation, and Vulnerability”
47. National Research Council. The National Academies Press, Washington, DC, USA (2011), “Climate Stabilization Targets: Emissions, Concentrations, and Impacts over Decades to Millennia”; Available at http://nas-sites.org/americasclimatechoices/other-reports-on-climate- change/2011-2/climate-stabilization-targets/
48. Walsh, John, Donald Wuebbles, Katherine Hayhoe, James Kossin, Kenneth Kunkel, Graeme Stephens, Russell Vose, Michael Wehner, and Josh Willis. “Menu – National Climate Assessment”; Available at https://nca2014.globalchange.gov/report/our-changing-climate/heavy-downpours- increasing
49. WWF (March 14, 2018), “Half of Plant and Animal Species at Risk from Climate Change in World’s Most Important Natural Places.”; Available at https://www.worldwildlife.org/press- releases/half-of-plant-and-animal-species-at-risk-from-climate-change-in-world-s-most- important-natural-places
50. U.S. Department of Health and Human Services Center for Disease Control and Prevention, “Extreme Rain & Drought”; Available at https://www.cdc.gov/climateandhealth/pubs/PRECIP- Final_508.pdf


Open Access Article
Volume
Received 19/07/2022
Accepted 11/08/2022
Published 11/01/2023