UN Framework Convention on Climate Change (UNFCCC)
The United Nations Framework Convention on Climate Change (UNFCCC) is an international treaty adopted in 1992 with the objective of addressing climate change. It was a response to growing concerns about the impact of human activities on the Earth’s climate system. The UNFCCC aims to stabilize greenhouse gas concentrations in the atmosphere and prevent dangerous anthropogenic interference with the climate system.
Key Matters and Considerations in ESG
Key points about the UNFCCC:
– Objective: The primary goal of the UNFCCC is to stabilize greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous human-induced interference with the climate system. This is done through the implementation of various measures and policies to mitigate greenhouse gas emissions and adapt to the impacts of climate change.
– Parties and Membership: The UNFCCC has nearly universal membership, with 197 parties as of 2021. Parties include countries, regional economic integration organizations, and territories. Each party is represented in the annual Conference of the Parties (COP), where decisions and actions related to climate change are discussed and negotiated.
– Kyoto Protocol: The UNFCCC gave rise to the Kyoto Protocol, an international treaty that established legally binding emission reduction targets for developed countries. The Kyoto Protocol entered into force in 2005 and set specific obligations for countries to reduce their emissions of greenhouse gases.
– Paris Agreement: In 2015, the Paris Agreement was adopted under the UNFCCC to enhance global efforts to combat climate change. The agreement sets a long-term goal of limiting global warming to well below 2 degrees Celsius above pre-industrial levels, with an aim to pursue efforts to limit the temperature increase to-5 degrees Celsius. It also includes provisions for regular reporting, transparency, and international cooperation in addressing climate change.
– Subsidiary Bodies: The UNFCCC has several subsidiary bodies that support its work, including the Subsidiary Body for Scientific and Technological Advice (SBSTA) and the Subsidiary Body for Implementation (SBI). These bodies provide scientific and technical assessments, facilitate negotiations, and assist parties in implementing climate change actions.
– Secretariat: The UNFCCC Secretariat, based in Bonn, Germany, serves as the administrative arm of the convention. It supports the implementation of the convention’s objectives, facilitates meetings and negotiations, and assists parties in reporting their climate-related activities.
The UNFCCC plays a crucial role in international efforts to address climate change and promote global cooperation. It provides a platform for countries to come together, exchange information, and collaborate on climate-related policies, measures, and actions. Through the UNFCCC, countries work towards a common goal of mitigating climate change and building resilience to its impacts, with the aim of creating a sustainable and low-carbon future.
About GreenCo
GreenCo is a professional ESG advisory firm accredited with ISO 9001 in ESG Reporting and Climate Policy Advisory Services. Established in 2016, we were born to tackle ESG and climate risk management challenges. GreenCo has a professional team consists of talents with multiple backgrounds with
- PhD
- Practitioner Member of the Institute of Environmental Management and Assessment (IEMA)
- CFA (the CFA Institute) and Certificate in ESG Investing
- EFFAS Certified ESG Analyst (CESGA)
- Completion of Certified GRI Training Programme
- Certified Public Accountant (for assurance in accordance with ISAE 3000)
- Member of Global Association of Risk Professionals
- Master’s degree in envirnomental science
GreenCo has solid track record in ESG advisory for over 60 listed companies in Hong Kong, Mainland China, Singapore and Korea, covering all industries under the Hang Seng Industry Classification System.