The CoP 25 (Conference of Parties) to the United Nations Framework Convention on Climate Change (UNFCCC) in Madrid, ran for two extra days but ended in disappointment over the most pressing issues as no deal was reached on the 2020 climate action goals.
Longest UN climate talks end with no deal on carbon markets
When the two-week yearly meetup on climate change ran for two extra days, there was optimism that a major decision would be reached and the leaders of the world will finally do what it takes to save the world from global warming.
While G20 countries are responsible for about 75 per cent of the world’s greenhouse gas emissions, only six of them have shared plans of how they’re going to reduce their emissions in spite of their targets being a far cry from what is required to contain global warming.
Climate Promises made at CoP 21 Paris
CoP 21 held at Paris in 2015 reached a landmark agreement to combat climate change and to take actions and make investments needed for a sustainable low carbon future. World leaders announced that if we don’t take action now, the world as we know it would cease to exist and yet five years later we haven’t moved one step in the direction of saving the world from the ill-effects of global warming.
The Paris Agreement advocated a new carbon market to enable trading of carbon credits, reduce emissions and bring accountability when it comes to each country’s contribution towards climate action. It also set up a five-year cycle of updates and specified that in 2020 nations should revise their pledges for 2030.
“If we rely only on the current climate commitments of the Paris Agreement, temperatures can be expected to rise to 3.2°C this century. Temperatures have already increased 1.1°C, leaving families, homes and communities devastated.” – UN Emission Gap Report