Page 589 - ES 2020-21_Volume-1-2 [28-01-21]

216 Economic Survey 2020-21 Volume 1

Figure 6: Rio Summit 1992 to the 24 Session of the Conference of Parties (COP 24)-
th
A brief history of the decisions taken

Kyoto Protocol: 1997
Rio Earth Summit: 1992 COP-13: 2007
(Entered into force: 16 Feb. 2005)
Long-term
Adoption of More responsibilities cooperative action in
UNFCCC: on the developed both mitigation &
Developed country nations under adaptation with
Parties should lead in “common but adequate, predictable
combating climate differentiated and sustainable
change; equity and responsibilities.”
CBDR-RC financial resources
COP-15: 2009 COP-16: 2010 COP-17: 2011

First quantification of Commitment to
climate finance; flow of mobilize scaled-up Agreed to a protocol,
US$ 100 billion per funds to enable another legal
year by 2020 by the developing countries instrument or an
developed countries to to take greater action. agreed outcome with
Formalized the setting
the developing nations legal force.
up of the GCF
COP-21: 2015 COP-24: 2018
Paris Agreement: a new Agreement in the shape of a treaty
was adopted to enhance the implementation of the New rules of
Convention, including its objectives. It requires all Parties to accounting and a
put forward their best efforts through NDCs and to strengthen framework for climate
finance was agreed
these efforts in the years ahead. The Agreement also provides
for enhanced transparency of action and support through a upon under the Paris
Agreement Work
transparency framework. Finance mechanism was agreed
Programme
under Article 9
Source: Various COP Decisions. GCF – Green Climate Fund

25 Session of the Conference of Parties (COP 25)
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6.25 The COP 25 decision text, titled ‘Chile Madrid Time for Action’, emphasized the continued
challenges that the developing countries face in accessing financial, technology and capacity-
building support. It recognized the urgent need to enhance the provision of support to the
developing country Parties to enable them to strengthen their national adaptation and mitigation
efforts. The decision also recalled the commitment made by the developed country Parties to
the goal of mobilizing jointly US$ 100 billion per year by 2020 to address the needs of the
developing country Parties. On the issue of global ambition for combating climate change, the
decision adopted provided for a balanced and integrated view that includes not only efforts for
climate change mitigation, but also for adaptation and ‘means of implementation’ support from
the developed country Parties to the developing country Parties.

26 Session of the Conference of Parties (COP 26) and Post 2020 Issues
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6.26 Due to COVID-19 pandemic, the COP 26 and the preceding UNFCCC subsidiary
bodies’ sessions has now been postponed to 2021. COP 26 is expected to take forward the
discussions and reach consensus on the transparency mechanism; Article 6 (market and non-