Market Analysis - Climate Change 2018
Title: 5th World Conference on Climate Change
Theme: Climate Change and Sustainable Futures
Due to combustion of fossil fuels, the concentration of carbon di-oxide and other greenhouse gases in the atmosphere has been increasing alarmingly. All these gases have been present in the atmosphere to keep this planet warm for the existence of human life. Since last few decades and mostly due to industrial revolution, the presence of these gases in the atmosphere has accumulated steadily resulting in enhanced greenhouse effect.
As a result, world’s average surface temperature has increased by around 0.6 degrees Celsius over last 100 years. The changing climate patterns have already made significant impact on our planet. Melting of polar ice caps, change in rainfall patterns, increase in frequency of hurricanes, storms are few of the adverse effects of climate change. Scientists predicted that due to ongoing activities contributing to global warming, the average global temperature could increase between 1.4 and 6 degrees Celsius in the 21st century.
Figure 1: Global Temperature (1950-2020)
Importance & Scope
Climate change is a change in the statistical distribution of weather patterns that lasts for an extended period of time. The Earth’s climate has been changing throughout the history. Just in the last 650,000 years there have been seven cycles of glacial advance and retreat, with the abrupt end of the last ice age about 7,000 years ago marking the beginning of the modern climate era and of human civilization. Most of these climate changes are attributed to very small variations in Earth’s orbit that change the amount of solar energy our planet receives.
Global climate change impacts Europe in many ways, including: changes in average and extreme temperature and precipitation, warmer oceans, rising sea level and shrinking snow and ice cover on land and at sea. These have led to a range of impacts on ecosystems, socio-economic sectors and human health. Adaptation to the observed and projected impacts in coming decades is needed, complementary to global climate mitigation actions. The EU strategy on adaptation to climate change supports national adaptation strategies and other actions in countries aimed at mainstreaming EU policies, providing funding and enhancing research and information sharing.
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- Climate Change & Climatology
- Evidence of Climate Changes
- Global Warming Effects & Causes
- Climate Change: Biodiversity Scenarios
- Climate Change & Health
- Carbon Cycle
- CO2 Capture and Sequestration
- Climate Hazards
- Risks of Climate Change
- Effective Adaptation
- Energy Policy
- Climate Change Challenges
- Climate Change Economics
- Space Monitoring of Climate Variables
- Climate Change Law & Policy
- Oceans & Climate Change
- Sustainability & Climate Change
- Pollution & its Effects on Climate
- CO2 Responsible Climate Change?
- Renewable Energy to Mitigate Climate Change
- Solutions for Climate Change
Italy has a large and international network of public and state affiliated universities and schools offering degrees in higher education. For countries like the Italy, UK, France and Germany, climate change became a foreign-policy priority, especially in the run-up to Copenhagen and before the economic crisis of 2008 was in full swing. Spain is a climate-vulnerable country, located in a climate-change hotspot, with key economic sectors that can be significantly affected by a changing climate. It has strong ties with Latin America, one of the most active areas in terms of renewable energy development (Bloomberg News Energy Finance, 2013), and it has expertise and technology that can effectively contribute to the expansion of renewable energy markets. Despite Spain’s (self)-interest in successful globally-orchestrated mitigation, it has traditionally been considered a passive laggard as regards its climate-related foreign policy. This has been the case until at least 2004, when Spain took a more active role (Costa, 2006).
Brief Report of Funding on Climate Change
The EU and its Member States exceeded their commitment to provide €7.2 billion in “fast start finance” over 2010-2012 for immediate action on the ground in developing countries. Despite difficult economic circumstances, they provided €7.34 billion. In 2013, funding to countries in need amounted to €9.5 billion, from public budgets and other development finance institutions. In 2014, contribution by the EU and its Member States reached €14.5 billion. To scale up support for the poorest and most vulnerable, the EU has launched a new phase of the Global Climate Change Alliance (GCCA+), with an expected commitment of around €350 million for 2014-2020. This will support least developed countries (LDCs) and Small Island developing states (SIDS) in adapting to the impacts of climate change and integrating climate change resilience in their overall development planning and implementation. The EU remains committed to contributing its fair share towards the developed countries’ goal of jointly making available USD 100 billion per year by 2020 to support developing countries. As part of the Paris Agreement, this goal was extended until 2025, prior to which anew collective goal will be set. The funding will come from a wide variety of public and private, bilateral and multilateral, and alternative sources of finance in the context of meaningful mitigation action and transparent implementation by developing countries. The EU is calling for emerging economies to also contribute in line with their respective capabilities and responsibilities. The EU and its Member States have set out their strategies and approaches for mobilising more climate finance by 2020. Scaling up finance will go hand-in-hand with solid preparatory work in both developed and developing countries.
Climate change risk or vulnerability assessments are available for 21 European countries, but more information is still needed, particularly on the estimated benefits and costs of different adaptation options. Annual mean temperatures in Europe are likely to increase more than the global mean. The warming in northern Europe is likely to be largest in winter and that in the Mediterranean area largest in summer. The lowest winter temperatures are likely to increase more than average winter temperature in northern Europe, and the highest summer temperatures are likely to increase more than average summer temperature in southern and central Europe.
The LIFE Programme is the EU’s funding instrument for the environment and climate action. Since its creation in 1992, it has co-financed more than 4 000 projects, contributing more than €3.1 billion to environment and climate protection in Europe. To reflect the importance of climate-related action, the LIFE Programme 2014-2020 includes a dedicated sub-programme for climate action. This will provide €864 million of co-financing between 2014 and 2020 to develop and implement innovative ways to respond to climate challenges. This amounts to a tripling of the climate action budget compared to the LIFE+ programme in 2007-2013. This funding will complement investments made in climate activities through the EU budget by addressing the specific needs of climate projects and by piloting or testing new technologies. European Union funding contributes to achieving Europe’s climate goals.
Market Analysis on the Climate Change Research
A separate budget of US$ 40 million has been allotted for climate change research since 1990. According to World Food Program (WPF.org), by 2015, the number of people affected by climate change disasters could reach 375 million per year. Above 600000 deaths occur worldwide every year due to climate change. 95% of these deaths take place in developing countries. According to a recent report by Oxfam, climate change could push food prices by 50-60 percent more by 2030. In 2010, the world produced nearly 34 billion metric tons of carbon dioxide from fossil-fuel burning, cement production, and gas flaring. Fifty-eight developed and developing countries have set carbon reduction pledges for 2020; however, it’s projected that those pledges will still result in the planet becoming 3℃. In less than 30 years, the polar bear playground in the Arctic may no longer have any ice. Researchers have been using computer models to simulate climate change, specifically to analyze how global warming could impact sea ice. According to a new study published in Geophysical Research Letters, if greenhouse gasses continue to get pumped into the atmosphere at the current rate, the majority of the Arctic basin will be ice-free in September by 2040.
Future energy infrastructure investment decisions, expected to exceed US$20 trillion between 2005 and 2030, will have long-term impacts on GHG emissions, because of the long lifetimes of energy plants and other infrastructure capital stock. The widespread diffusion of low-carbon technologies may take many decades, even if early investments in these technologies are made attractive.