With global temperatures rising alongside other natural calamities, the world's most vulnerable populations are facing ever-increasing risks, food insecurity, and have fewer chances to break out of poverty, according to a news bulletin of the International Chamber of Commerce, Bangladesh (ICCB).
While the International Chamber of Commerce (ICC) welcomes the announcements at the US Leaders' Climate Summit and G7 meetings held recently for climate change mitigation and finance, these pledges do not yet help implement the Paris Agreement actions, the bulletin said.
According to Climate Action Tracker, the sum of all the targets submitted so far would limit global warming to an estimated 2.4°C by century end.
But this is still short of limiting global temperature rise to 2°C– ideally 1.5°C – by the end of the century as per the Paris Agreement, said a media statement issued by ICCB on Monday.
More than a decade ago, developed countries committed to jointly mobilising $100 billion a year by 2020, in support of climate action in developing countries.
But according to the UN, the $100bn target is not being met (the latest available data for 2018 is $79bn), even though climate finance is on an upward trajectory. So, there is still a big gap in finance.
The annual $100bn commitment 'is a floor and not a ceiling' for climate finance, the UN says.
The UN Environment Programme (UNEP) estimates that adaptation costs alone for just developing countries, will be between $140 billion to $300 billion per year by 2030, and $280 billion to $500 billion annually by 2050.
This troubling gap should give the international community impetus to consider how to unleash and engage further action both now and over the longer term across society.
In the run-up to the next UNFCCC COP26 in Glasgow, and over the course of the Paris Agreement five-year review cycle, governments have the unique opportunity to widen the circle of implementation for inclusive ambition, with a particular focus on countries' Nationally Determined Contributions (NDCs) as a vehicle, the media statement said.
The ICC that represents more than 45 million companies globally and is a permanent observer to the UN General Assembly, and an official UNFCCC Focal Point for business and industry as well, believes that UNFCCC and Paris Agreement Parties should revisit the scope and implementation of their climate policy strategies.
According to the press statement, the pandemic and its disruptive impact on societies, economies, and businesses have compounded the difficulty of developing and delivering on NDCs, which makes it even more important to design practical and inclusive NDCs.
Overcoming these challenges will require mobilisation and agreement to commit to redoubled efforts across society and in particular, it will require the active engagement of governments and business.
While the involvement of multinational corporations and major international business groups in international climate action efforts has grown substantially, they are still an incomplete picture of what the broader business community, including micro, small and medium enterprises, or MSMEs, are capable of contributing at national and global levels.
MSMEs are the foundation of the global economic system as they make up 90% of businesses worldwide, comprise an estimated 80% of employment in many countries, and collectively employ two billion people.
Yet, they are not a dominant voice and presence in the UNFCCC process.
In the news bulletin, the ICC suggested governments encourage MSMEs to adopt appropriate climate mitigation and adaptation measures; develop good practices that are flexible to innovation across NDCs, in particular for MSMEs tackling the social and economic impacts of the pandemic.
It also suggested creating a dedicated and recognised space within the UNFCCC for enhanced consultation and dialogue with business and employers, inclusive of MSMEs.