Rich nations lag in ‘fair share’ of climate action

Many nations have also expressed disappointment that the goal of “decarbonizing” the global economy – moving away from fossil fuels – has been deleted from the draft now in circulation.

“There will be a deal”, the president told a gathering of unions, employers and government officials in Paris ahead of the November 30-December 11 summit in the French capital. Developed countries can set financial targets in terms of the aid they can extend to developing countries to enhance actions against climate change.

Separately, vulnerable countries want assurances on payouts for “losses and damage” that will occur in spite of these adaptation measures.

A few 150 countries – including top emitters China, the United States, the European Union and India – have already made voluntary pledges to cut or curb their emissions after 2020, when the deal is supposed to take effect.

The new draft, however, received criticism from developing countries as it was vague in key issues such as finance support from developed countries and dropped many of their demands.

Developing countries want wording in the agreement on $100 billion (88 billion euros) in annual climate finance the developed world has promised from 2020.

As it stands, the document “jeopardises the interests and positions of developing countries”, she added.

Peru’s Environment Minister Manuel Pulgar Vidal, who presides over the talks, recognised the disappointment but urged negotiators to “work constructively in trying to find a fair, ambitious and pragmatic outcome”.

But that does not mean nations agree.

At the opening meeting of the talks on Monday, Daniel Reifsnyder, one of the co-chairmen, urged parties to insert only “must-have items”.

However a report released simultaneously by 18 major civil society groups says many of these countries have adopted a “bottom-up” pledge approach which, they claim, will not keep temperatures below 2°C, much less 1.5°C, above pre-industrial levels: “Even if all countries meet their [proposed] commitments, the world is likely to warm by a devastating 3°C or more, with a significant likelihood of tipping the global climate system into catastrophic runaway warming”, it warns. The co-chairs are now delaying the process taking us back to where we started.

President Obama says 81 companies have now signed the American Business Act on Climate Pledge, a commitment to reduce emissions, increase low-carbon investments and deploy more clean energy.