In the absence of comprehensive guidelines for the implementation of Article 2(1.c, the United Kingdom could play a leading role in explaining how this complex task could be accomplished. Four measures could be taken based on the UK`s well-established climate policy framework. The parties need clear, robust and consistent guidelines to ensure that the Paris Agreement is implemented in a fair and effective manner. To mobilize capital at the speed and to the extent necessary to avoid the “land greenhouse”, the UK and any other country need to know whether its financial system is in line with the objectives of the Paris Agreement. The UK government has already indicated that once the Special Report of the Intergovernmental Panel on Climate Change – Global Warming of 1.5°C is published next October, it will seek advice from the CCC on the impact on its emissions targets. This will include Article 2.1.c of the Paris Agreement and the UK`s climate policy architecture. Nevertheless, the Paris Agreement`s definition, although formulated in a general way, of “reconciling financial flows with a path towards low greenhouse gas emissions and climate-resilient developments”, reflects a certain degree of convergence between the contracting parties. As the text says, such efforts can include everything in the power of the state, such as rules, green fiscal policies and the provision of sustainable official development assistance, so that finances move towards climate neutrality. However, given the time constraints to achieve the final goal of the UNFCCC, some have drawn attention to a growing awareness that public finances alone are needed globally, but may not be sufficient. Announcements such as the EIB to double its share of sustainable financing to 50% are not enough to meet the goals of the Paris Agreement, which is widely reflected in the need for private sector investment. The UK`s experience over the past five years shows how quickly financial institutions and regulators can respond to the challenge of climate change. But there is still a way to fully respond to Article 2(1.c of the Paris Agreement. The Paris Agreement has set a new context for the financial world and, in particular, for development finance institutions (MFIs) with regard to their contributions to the fight against climate change, including the objective of bringing financial flows into line with the Paris Agreement As the EU, most parties to industrialised countries have submitted their biennial reports by January 2020, as requested.
These reports shall contain information on the Contracting Parties to Annex I`: quantified macroeconomic emission reduction targets; progress in achieving them, including information on mitigation measures and their effects, emission reduction and reduction estimates, and the use of units from market-based mechanisms and land-use, land-use and forestry change (LULUCF); GHG emission trends and forecasts; and to provide financial, technological and capacity-building support to parties to developing countries. Interestingly, the catalyst for these reforms emerged as the unintended outcome of the Climate Change Act. Under the Act, the UK Department for Environment, Food and Rural Affairs (Defra) has been authorised to require, as part of the Reporting Power (ARP) adaptation, that key infrastructure managers and public authorities be able to respond to current and future climate impacts. In 2014, Defra invited the Bank of England to write a report, and something surprising accepted the Bank`s Prudential Regulatory Authority (PRA), with a focus on the insurance sector. . . .