A new agreement on climate change

The world is still not moving fast enough to fight climate change.  Fossils fuels remain the dominant energy source with billions of dollars still being spent on subsidising their use.

Global warming continues to impact everyone’s lives, with the people around the world experiencing the hottest summer ever this year. And although only the physical costs can be seen at the moment, climate change will soon bring considerable economic costs. This is why governments are meeting for the 20th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP 20) 2014, in Lima, Peru to advance talks on a new, universal climate change agreement. This meeting is a vital part in the prepartions for the upcoming UN Climate Summit in December 2015, in Paris, which will determine how the world tackles climate change.

This comes as the UN Environment Programme last week underscored the need for global emissions to peak within the decade and then to rapidly decline so that the world can reach climate neutrality in the second half of the century. The UN’s Intergovernmental Panel on Climate Change has also warned this year against rising sea levels, storms and droughts as a result of unchecked greenhouse gas emissions, and highlighted the many opportunities of taking climate action.

One hundred and ninety-five nations have now committed to finalising the new climate pact in Paris by 2015's end, with China and the US, two of the world's top polluters, pledging last month to cut greenhouse gas emissions. One of the main goals of these talks will be for countries to put forward what they plan to contribute to the 2015 agreement in the form of Intended Nationally Determined Contributions (INDCs), such as sector-wide emission curbs and energy intensity goals.

The OECD will be sharing its latest work on climate change, and holding a series of seminars and workshops to inform countries on the latest data and policy recommendations in this area.

Useful links:

United Nations Framework Convention on Climate Change

OECD at COP 20

OECD work on climate change




Economic data

GDP growth: +0.6% Q4 2017 year-on-year
Consumer price inflation: 2.8% June 2018 annual
Trade: +2.7% exp, +3.0% imp, Q4 2017
Unemployment: 5.2% May 2018
Last update: 02 Aug 2018

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