The first is the requirement, in Article 2 of the Paris Agreement, to “reconcile financial flows with a means of reducing greenhouse gas emissions and climate-resilient development.” In other words, making the money spent so that we can stay within the 1.5-C temperature target that scientists tell us is essential to the survival of my country. This is the standard by which all cyclical expenditures must be assessed. As the example of “non-Paris-compatible” points out, significant sums of money will still be paid to fossil fuels. That is why we must also put the world on track, achieve the Paris objectives and also give up fossil fuels. In contrast, China has recovered so much from coronavirus that global emissions could increase this year. This figure summarizes these figures for a) the world as a whole and c) the United States, the EU, India and China. Map (b) shows the size of each stimulus package for each region of the world where blue bubbles indicate stimulus as a percentage of GDP. Unfortunately, this is a standard that many of those who were proud to ratify the Paris Agreement do not respect. Recovery plans that use public funds to support polluting industries without creating the conditions to guarantee emissions reductions do not live up to the letter or spirit of what was agreed in Paris. Overall, the research team estimates that the country will experience a 1.7% drop in emissions this year, but some analyses suggest that the country has already recovered sufficiently from Covid-19 that total PRODUCTION of CHARBON has not increased. It is clear that, given the current policy, which has already made significant investments in clean energy, there is no need for the 10% of stimulus measures to be spent on low-carbon investments. In addition, governments do not expect all low-carbon investments, but this proportion indicates the difference in size between stimulus plans and the investments needed to decarbonize energy systems.
The decline in carbon in 2020 has eclipsed all previous major declines. The second important commitment of the Paris Agreement is for countries to update their emissions reduction commitments every five years, starting in 2015. 2020 is also the year when countries present climate strategies for 2050 and set up their long-term path to decarbonisation. The NDC and 2050 strategies can serve not only as policy statements of intent, but also as investment plans for projects needed to reduce emissions and adapt to the effects of climate policy. It is interesting to note that most of the stimulus should be used for about five years – a turnkey window of opportunity for the world to stay at 1.5 degrees Celsius of warming. Governments` immediate priorities are clearly supporting health systems, maintaining livelihoods and stabilizing employment. However, the vast majority of countries are not yet in a position to provide specific details on how the rest of the stimulus packages will be spent. As the Carbon Briefs Tracker of emissions-reduction stimulus shows, some governments have provided some stimulus for green investment. On adaptation and resilience, Bangladeshi Prime Minister Sheikh Hasina called the rehabilitation of climate refugees a global responsibility. Antigua and Barbuda Prime Minister Gaston Alphonso Browne said the current global response to losses and damage was not sustainable.