In the last decade, the Kyoto Protocol and resulting national and sub national carbon regulations have been the main drivers for an increasing carbon consciousness among corporations, the media and the general public.
Juan Costa Climent
Global leader, Climate Change and Sustainability Services, EY
The battle against climate change is at a crucial turning point. From November 28 – December 9, 2011, the world's climate negotiators will meet in Durban, South Africa, to determine the future of international climate change policy.
The meeting, which is officially known as the 17th Conference of the Parties (COP17) to the United Nations Framework Convention on Climate Change (UNFCCC), will be vital. Without an agreement coming out of the meeting, there will be no internationally binding targets forcing countries to reduce their greenhouse gas (GHG) emissions after 2012.
How would you rate the chances of
an internationaldeal being reached
in Durban later this year?
According to many climate change specialists, after limited progress at previous UN meetings in Cancun and Copenhagen, the chances of reaching a deal in Durban are relatively low. Developed countries, in particular, are struggling to emerge from the global financial crisis and are weighed down by huge debts.
This means that there will be limited scope for them to increase spending on environmental policies.
Although the Kyoto Protocol is the centerpiece of the Durban meeting, negotiators will also be hoping to make progress on a range of other climate-related initiatives including:
- The Green Climate Fund (GCF), a mechanism to finance climate change action in developing countries
- Nationally Appropriate Mitigation Actions (NAMAs), which are voluntary emission reduction schemes in developing countries
- The REDD+ process to cut emissions from deforestation
In our survey Durban dynamics: navigating for progress on climate change we assess the prospects for success at Durban, outline the potential consequences for the business community and analyze the key issues: