The UN Climate Change Conference (COP24) concluded on Saturday, December 15, 2018, with negotiators in Katowice successfully adopting the rulebook for implementing the 2015 Paris Agreement.

The successful adoption of the rulebook is seen as a major victory for multilateralism, proving that a global consensus on climate protection is achievable.

econsense welcomes the successful conclusion of the climate summit in Katowice and the adoption of the rulebook, which is so urgently needed for the implementation of the Paris Agreement’s climate goals.

With the rulebook, the signatory states have succeeded in creating a solid technical foundation for the global implementation of the Paris Climate Agreement and for reviewing the NDCs. Starting in 2024, all countries must report on their progress in the fight against global warming according to the same criteria. The UN will review the achievement of global goals and national contributions every five years as part of the global stocktake. This is considered the centerpiece of the ambition mechanism in the Paris Climate Agreement and also serves to assess resilience and the alignment of financial flows.

The rules and institutions governing climate finance have been strengthened. The rules for reporting on climate finance now provide a detailed framework for future planning certainty and clarity. A synthesis report on planned financing will be evaluated every five years during the target review rounds.

The future of the Adaptation Fund under the Paris Climate Agreement was secured by a decision in Katowice. Over $129 million was pledged (a new record). In the future, the fund is to be financed through a levy on international emissions trading and public and private sources. A process for setting a new long-term goal for climate finance starting in 2025 has been established. This process begins in 2020. In 2019, the first priority is the replenishment of the Green Climate Fund. Germany has announced that it will double its contributions.

Most decisions on market mechanisms were deferred to COP25. Article 6 of the Paris Agreement provides for mechanisms for international emissions trading that allow countries to count climate protection measures in other countries toward their national climate targets. To this end, rules were adopted in the transparency framework and in the implementation rules for Article 6 that serve to prevent double counting.

 As a representative of the business community, econsense was a member of the steering committee for the BMU’s coordination meetings and, together with ICC Germany and the BDI, organized two side events at the COP in Katowice.

 1. “Shifting the trillions – the role of finance and net GHG neutrality to tackle climate impacts,” side event on December 10, 2018, 3:30–4:30 p.m., EU Pavilion
Organizers: BDI, ICC Germany, ActionAid International; Co-organizers: CARE, econsense, WWF

Business representatives and civil society actors jointly discussed the significance of green bonds and carbon taxes. In the spirit of the Talanoa Dialogue, all participants shared their perspectives on policy options and requirements for a sustainable financial sector, so that it can have a long-term positive impact on climate protection and the goal of limiting the temperature rise to 1.5°C can be achieved.

Speakers:

• Dr. Hans-Jörn Weddige, thyssenkrupp

• Harjeet Singh, ActionAid International

• Marcus Pratsch, DZ BANK

• Bernhard Schwager, Robert Bosch

• Sven Harmeling, CARE International

• Julie-Anne Richards, Climate Justice Programme

• Frauke Röser, NewClimate Institute

 2. “Smart Cities – How innovations accelerate action in cities and regions,” Side Event on December 11, 2018, 12:00 PM – 1:30 PM, German Pavilion
Organizers: ICC Germany, BDI, econsense

To make cities and metropolitan regions “smart,” German companies are now contributing their technologies on a global scale. The panel presented current technologies and emphasized the value of data and data quality in urban development.

Speakers:

• Rita Schwarzelühr-Sutter, Parliamentary State Secretary at the Federal Ministry for the Environment, Nature Conservation, and Nuclear Safety

• Jan Schönig, Siemens AG

• Dr. Stephan Krinke, Volkswagen AG

• Bernhard Schwager, Robert Bosch

• Wolfgang Teubner, ICLEI European Secretariat

• Dr. Hans-Jörn Weddige, thyssenkrupp

• Carsten Rolle, BDI