Pacific leaders in Paris for climate summit

by Abel Hampton December 13, 2017, 7:24
Pacific leaders in Paris for climate summit

Two years after the Paris climate accord was signed, how much progress has been made?

Eighteen climate scientists from the US and elsewhere hit the jackpot Monday as French President Emmanuel Macron awarded them millions of euros in grants to relocate to France for the rest of Donald Trump's presidential term.

French President Emmanuel Macron has warned the worldwide community that it was losing the battle against global warming and called on the world leaders to take concrete action.

Donald Trump, president of the USA, has vowed to withdraw his country from the agreement, but this action can not take effect until November 2020, the day after that year's United States presidential election.

Large companies, investors and national and local governments met in Paris on Tuesday to celebrate the second anniversary of the signing of the landmark 2015 agreement, which bound almost all developed and developing countries for the first time to keep global temperatures below 2C, the threshold scientists regard as the limit of safety.

Of the 1,822 application submitted, 1,123 came from the United States.

Matters have been further complicated by US President Donald Trump's announcement in June that he would pull America out of the 2015 Paris pact, and slash US climate funding. Prominent US universities, including Princeton, Stanford and Harvard, were among those from which the winning researchers were selected, the presidency said.

"OK, we have to react and do something, because it's impossible to leave this all to - a sort of dismantling of the Paris agreement", he told the USA network in Paris.

"We need policy makers and central banks, stock exchanges, pension funds, rating agencies and all financial actors to align investments with the needs of climate action and sustainable development", he said.

French state-controlled utility EDF on Monday said it would invest 25 billion euros to develop 30 gigawatts of solar capacity in France between 2020 and 2035.

The Institutional Investors Group on Climate Change said its members and related groups, with more than $26tn under management in total, would work with companies to help them reduce emissions over the next five years, in accordance with the Paris goals.

Oxfam estimated that there was only between $4 billion and $8 billion available for adaptation and that recent estimates showed the cost of helping emerging nations deal with rising sea levels, droughts, flooding and other effects of global warming could add up to $140 billion to $300 billion per year by 2030.

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