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US-China Agreement on Climate Change

Posted on April 19, 2021 by admin1  38

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Recently, the US and China have agreed to cooperate with other countries to curb climate change.

About the Agreement

  • The agreement was reached by the US and Chinese special envoys for climate in Shanghai.
  • The visit was aimed at discussing raising global climate ambition ahead of the US Leaders Summit on Climate.
    • It will be held virtually on 22nd-23rd April 2021.
    • Fourty world leaders including the Prime Minister of India have been invited.
    • It will push for an agreement to keep the 1.5 degrees Celsius-global warming limit “within reach”.
    • The participants are expected to announce more ambitious national targets for cutting carbon emissions ahead of or at the meeting, along with pledging financial help for developing countries.
  • Significance
    • Both countries are committed to cooperating with each other and with others to tackle the climate crisis, which must be addressed with the seriousness and urgency that it demands.
    • Fighting global warming is among the US’s top highest priorities.
      • Under Biden’s Presidency, the US has rejoined the Paris climate accord, from which his predecessor Donald Trump had withdrawn earlier.
    • US-China cooperation is key to a success of global efforts to curb climate change.
      • Both are the world’s two biggest carbon polluters and frayed relations over human rights, trade and China’s territorial claims to Taiwan and the South China Sea have been threatening to undermine such efforts.

Paris Agreement

  • It is a landmark agreement as it brings all nations into a common cause to undertake ambitious efforts to combat climate change and adapt to its effects, for the first time.
  • It is a legally binding international treaty on climate change which replaced the Kyoto Protocol, an earlier related agreement.
  • It was adopted by 196 parties at COP 21 in Paris, in December 2015 and entered into force in November 2016.
  • Conference of Parties (COP) is the supreme decision-making body of the United Nations Framework Convention on Climate Change (UNFCCC).
  • Aims: To limit global warming to well below 2, preferably to 1.5 degrees Celsius as compared to pre-industrial levels.
  • Frameworks
    • Technology Framework.
    • Capacity Building Framework.
    • Transparency Framework.
  • Implementation
    • It requires economic and social transformation, based on the best available science.
    • It works on a 5-year cycle of increasingly ambitious climate action carried out by countries.
    • Countries have submitted their plans for climate action known as Nationally Determined Contributions (NDCs).
    • To better frame the efforts towards the long-term goal, it invited countries to formulate and submit by 2020 long-term low greenhouse gas emission development strategies (LT-LEDS).
      • LT-LEDS provide the long-term horizon to the NDCs and are not mandatory.
      • Nevertheless, they place the NDCs into the context of countries’ long-term planning and development priorities, providing a vision and direction for future development.

                                                                                    (Image Courtesy: WEF)

Green Contract

  • It refers to a commercial contract which mandates that contracting parties cut down greenhouse gas (GHGs) emissions at different stages of delivery of goods/services, including design, manufacturing, transportation, operations and waste disposal, as applicable to the industry.
  • The process commences at the bidding stage itself, when various interested companies participate in the tender process. Here, a ‘green tender’ may prescribe necessary ‘green qualifications’, which are to be considered when awarding the contract.
    • Green qualifications: Using a predefined percentage of green energy, adequate on-site waste management, reducing carbon emissions by a certain level over time, etc.
  • After a bidder is chosen, green obligations are prescribed in detail, making it binding and enforceable in the eyes of the law, which makes sure that parties cut down emissions.
    • One effective way to make sure that the service providers adhere to these contractual obligations would be to provide for measurement criteria and audit of the performance of the contractor with regard to these obligations. An organisation may also choose to contractually highlight non-performance of such obligations as a ground of contractual breach, with penalty prescriptions. Another way to make sure that these obligations under the green contracts resonate far is to make sure that they flow down to all levels of the supply chain engaged in the delivery of goods and services.
  • Ways to Cut Down Emissions
    • Contractual clauses providing for the use of good quality and energy-efficient infrastructure for production of goods/services.
    • Efforts in day-to-day operations such as reducing noise, air and water pollution.
    • Ensuring eco-friendly means of transportation like bicycles on site.
    • Establishing and maintaining a sustainable waste management system.
  • Significance
    • Indian corporations can play a major role in the country’s sustainable growth by opting for green contracts.
    • The service recipients can undertake thorough assessments on their current standing on GHG emissions, and initiate relevant processes to contribute their share in India’s green sustainable future.
    • Their execution may be more expensive than the normal brown contract, however, global entities operating in a changing environment need to take into consideration the greater environment costs at stake.

Source: TH

 
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