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View all search resultsClimate financing: Who will benefit?
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Big industries and global governments have plenty of control over what happens to our planet. But in reality, it is the everyday normal person, the consumer, who has the most control. (Shutterstock/Pop Tika)
E
xtreme weather is becoming more frequent in various parts of the world. The United States, for instance, has been experiencing extreme cold, with the air temperature in Minnesota recently plummeting to minus 49 degrees Celsius, a temperature typically associated with the North Pole.
In Chile, meanwhile, the driest area in the Andes mountain region is flooded. Some regions of Indonesia have also been experiencing extreme weather. North Sulawesi saw incessant heavy rain for a few days and West Java was hit by floods and landslides. Experts indicate that the more frequent extreme weather events are a result of climate change.
As an archipelagic country lying on the so-called Ring of Fire, Indonesia is particularly vulnerable to the negative impacts of climate change, and the impacts need to be tackled effectively and systematically.
The Indonesian government has vowed to reduce its greenhouse gas emissions and to mitigate climate change impacts by establishing the National Action Plan and Regional Action Plan for reducing Greenhouse Gas Emissions, respectively known as RAN GRK and RAD GRK, in 2011 as well as ratifying the Paris Agreement in 2016. This commitment is further reflected in the Indonesian nationally determined contribution (NDC), under which Indonesia is expected to reduce its GHG emissions by 29 percent by 2030 against a business-as-usual baseline scenario, or by 41 percent with international assistance and financial support.
Climate change may not only spell disaster for the environment but also cause economic losses. According to a study conducted by Prof. Richard S. J. Tol from the University of Sussex, climate change will begin to negatively affect the economy when the global temperature increases by 1.1 degrees. This study is in line with the purpose of the Paris Agreement to limit the increase of the global temperature, so that the negative impacts can be minimized and mankind can adapt to the changing climate.
It is well understood that action to tackle climate change is costly.
In 2017, the United Nations Framework Convention on Climate Change (UNFCCC) estimated the costs for adaptation and mitigation measures in the period of 2015 to 2020 at around US$81 billion, or $16.2 billion annually.
