Explainers

The Paris Agreement on Climate Change and Sri Lanka

August 30, 2017    Reading Time: 14 minutes

Reading Time: 14 minutes

Image Credit – bakhtiarzein / depositphotos

Anishka De Zylva*

This LKI Explainer, ‘The Paris Agreement on Climate Change and Sri Lanka’ explains key aspects of the Paris Agreement, which entered into force on 4 November 2016.1 It considers the implications of the Agreement for Sri Lanka’s policymakers in tackling climate change at home.

Background

On 12 December 2015,2 195 states adopted the Paris Agreement. Both developed and developing states signed the Agreement for several reasons, including:

  • Increasing evidence of global warming; 2016 was the hottest year on record3 since 1880 (when records began), and the third record year in a row. Scientists have observed4 that if emissions continue to rise at the current rate, global warming will become “catastrophic and irreversible;”
  • Prior to the Paris Agreement, China committed to reducing its CO2 and other greenhouse gas (GHG) emissions. China is improving the quality of its growth5 because of pollution and scarce resources; and
  • The cost of renewable energy is decreasing,6 thereby making low-carbon economies viable in developing and developed states.

1. What are the aims of the Paris Agreement?

The main objectives of the Agreement are to:

  1. Hold the increase in average global temperatures to “well below” 2 degrees Celsius7 above pre-industrial levels, while “pursuing efforts” towards a higher standard – which is to limit the increase in average global temperatures to 1.5 degrees Celsius8 above pre-industrial levels;
  2. Increase the ability of countries to adapt to the impacts of climate change,9 foster climate resilience, and reduce GHG emissions in a manner that does not threaten food production; and
  3. Provide financial resources to help countries to transition10 to low GHG emissions and climate-resilient development.

2. Adoption, ratification, and entry into force

  • Sri Lanka was one of the 195 states that adopted11 the Paris Agreement, at the 21st Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) in Paris.
  • President Maithripala Sirisena submitted Sri Lanka’s instrument of ratification12 of the Paris Agreement at the UN General Assembly in New York on 21 September 2016.
  • The Paris Agreement entered into force on 4 November 201613 after meeting twin thresholds;14 (i) ratification by at least 55 states, which (ii) were collectively responsible for 55% of the world’s total GHG emissions. As of 25 August 2017, 160 states15 have deposited their instruments of ratification.

3. States’ commitments under the Agreement

  • State contributions under the Paris Agreement are voluntary, which distinguishes it from other climate change agreements like the Kyoto Protocol, whereby states committed to binding emissions reduction
    • The rationale of this approach is to allow states to design their own contributions, taking into account their development targets and capacities. This is expected to increase the likelihood of their compliance.
  • Prior to the start of 21st Conference of the Parties to the UNFCCC (COP 21),16 states submitted their ‘Intended Nationally Determined Contributions’ (INDCs), showing their intended policies and actions to fulfill the aims of the Paris Agreement. A state’s INDCs are then transformed into ‘Nationally Determined Contributions’17 (NDCs) upon its ratification of the Paris Agreement.
  • The Paris Agreement requires ratifying states (i.e. states parties) to communicate their NDCs every five years.18 Any revisions to these targets must be more ambitious than the existing ones.
  • Parties to the Agreement must also make financial contributions to climate change. The accord stipulates that developed states shall provide financial assistance19 to developing states, and mobilise climate finance through a wide variety of sources, instruments, and channels.20 Developing states are also encouraged to provide financial support, on a voluntary basis.
  • Developed states have agreed to biennially communicate23 quantitative and qualitative information on their financial contributions to assist developing country parties to the Agreement.
  • States have also agreed to ensure that they provide financing for both mitigation and adaptation efforts,24 in a balanced manner.

4. Critiques of the Paris Agreement

  • The Paris Agreement does not explicitly state that the INDCs or NDCs of states must include emissions reductions.25 This leaves room for states to avoid emissions reductions in their commitments.
  • The Paris Agreement does not mention easing the production and use of fossil fuels, or transitioning to clean or renewable energy. Activists have argued26 that this omission could delay the transition away from fossil fuels, which is imperative to achieving the goals of the Agreement.
  • The Paris Agreement does not explicitly reiterate the agreement at COP 15 in 2009, that developed states will mobilise USD 100 billion a year by 2020. It is only mentioned in related documents27 and the UNFCC climate finance webpage.28
  • Commentators have highlighted that the Paris Agreement also fails to specifically address29 the effects of climate change on marginalised and vulnerable groups of people, including the poor and elderly.
  • Some have criticised the accord as costly and ineffective. For instance, conservative think tanks in the US have argued30 that the Paris Agreement will cost America jobs, slow economic growth, and only lead to a miniscule reduction in global temperature (provided every state party fulfills its contributions to the Agreement).

5. The Paris Agreement post- Trump

6. International responses to US withdrawal from the Agreement

China

European Union

“The EU and China are joining forces to forge ahead on the implementation of the Paris Agreement and accelerate the global transition to clean energy…in these turbulent times, shared climate leadership is needed more than ever.”

  • The EU has stated that the US would not be able to renegotiate48 the terms of the Paris Agreement. To achieve the aims of the Agreement, the EU has pledged to continue working with business leaders and the Governors of individual states of the US.
  • On 1 June 2017, Italy, France, and Germany released a joint statement49 expressing their disapproval of the US’ withdrawal from the Paris Agreement. The UK also expressed its disapproval50 of US withdrawal from the Agreement.

India

7. Sources of funding for state commitments under the Agreement

8. Implications of the Paris Agreement for Sri Lanka

  • According to 2012 figures, Sri Lanka accounts for less than 1% of global GHG emissions.62 Transport and electricity are the two sectors largely responsible for emissions in Sri Lanka. Figure 1 provides a sectoral overview of the country’s CO2 emissions.
  • Despite being a low emitter, Sri Lanka is vulnerable to climate change. In 2017 alone, the country experienced severe climate-related disasters in the form of droughts63 and floods.64 The consequences of these disasters included food and water shortages, and the loss of life.
  • It is therefore in Sri Lanka’s economic and security interest65 to tackle climate change, especially via (i) climate finance from developed countries, (ii) climate-smart investment, and (iii) geopolitical relations.

Figure 1

*‘Other’ includes, for example, emissions from residential buildings, agriculture, forestry, fishing, and public services. **Data for 2015-2017 is currently unavailable. Source: World Development Indicators, last updated on 08/02/2017

 

Climate finance

  • The GCF approved a grant of USD 38 million66 to finance a climate adaptation project (Project FP016) in Sri Lanka. This project aims to strengthen farmers’ resilience to climate variability and extreme events, by establishing an integrated approach to water management.
  • The GEF has approved grants of approximately USD 259 million,67 to finance 47 climate change projects in Sri Lanka.
  • Sri Lanka could utilise other mechanisms to improve access to climate finance. These include the Commonwealth’s “Commonwealth Climate Finance Access Hub,”68 based in Mauritius and launched in September 2016.69
    • The Commonwealth Climate Finance Access Hub prioritises assistance to small states and developing states70 in the Commonwealth. Recipient states would receive climate finance advisers for one to two years at a time, to assist host ministries to identify and apply for funding.
  • The Sri Lankan government could explicitly recognise “climate finance” in policy documents (like states such as Kenya,71 Singapore,72 and Australia73 have done), by including it in the National Climate Change Policy of Sri Lanka74 and National Adaptation Plan.75
    • It is insufficient to only state the country’s need for financial assistance for climate change in policy documents. Climate finance is an additional and more specific type of funding for developing states than official development assistance (ODA). Climate finance and ODA may overlap, but tackle two different developmental issues;76 climate change and poverty.
    • Therefore, Sri Lanka should recognise climate finance as a separate need and source of funding to address its development challenges.
  • Sri Lanka should ensure that either its Climate Change Secretariat,77 or another relevant organisation, monitors climate finance. This would help reveal whether Sri Lanka is maximising and tapping into all available sources of climate finance.

Climate-smart investment

  • The International Finance Corporation (IFC) of the World Bank Group has estimated that the Paris Agreement will create climate-smart investment opportunities worth USD 23 trillion80 in emerging markets by 2030.
  • Sri Lanka is not mentioned in the IFC’s analysis81 of states ready for climate-smart investment. By contrast, the IFC has stated that China, Indonesia, the Philippines, and Vietnam have an investment potential of USD 16 trillion82 in green buildings; and India and Bangladesh of USD 2.2 trillion83 in climate-resilient infrastructure. Figure 2 provides a snapshot of the IFC’s analysis.

Figure 2: Snapshot of IFC Analysis

  • Sri Lanka should reframe climate change as an issue of economic development, rather than as only an environmental issue. One way to do this is to move ministerial responsibility for climate change out of the ‘Ministry of Environment’84 to a portfolio like National Policies and Economic Affairs, to signal that climate change projects are central to the country’s economic development.
    • Colombia85 (a country noted by the IFC with potential for climate-smart investment), shifted the responsibility for its climate change policy from the Ministry of Environment to the National Planning Department, to better integrate climate change issues into development planning.
  • Similarly, Sri Lanka should plan and market its ‘Megapolis’ project in the Western Region, and other national development plans, in ways that attract climate-smart investment.

Geopolitical relations

  • In the face of US withdrawal from the Paris Agreement, China has committed to honouring its own commitment to the Agreement.
  • There is an opportunity for Sri Lanka to recognise China’s leadership on climate change, and thereby advance relations with China beyond issues of trade, investment and tourism.
  • China and India are expected to exceed their targets86 under the Agreement, and are no longer viewed as obstacles to climate change efforts.
  • China and India have both succeeded in reducing the cost of renewable energy87 technology through heavy investments in solar and wind, and are shifting away88 from the use of coal.
  • China and India are also turning to sustainable transportation: the sale of electric vehicles in China increased by 70%89 in 2015 because of government incentives, and India aims to sell only electric cars90 in the country by 2030.
  • These developments may present opportunities for Sri Lanka to work with both emerging powers, in strengthening its own climate change efforts.

9. Conclusion: summary of policy recommendations for Sri Lanka

  • Include “climate finance” in state policies like the National Climate Change Policy of Sri Lanka and National Adaptation Plan, to make climate finance a central objective of policymakers.
  • Engage the Commonwealth Climate Finance Hub to gain technical expertise of the sources and mechanisms of climate finance, so Sri Lanka can maximise climate-related funding.
  • Reframe climate change as an issue of economic development instead of the environment, and thereby foster policies and plans that attract climate-smart investment.
  • Recognise China for its leadership in climate change, and work with both China and India in efforts to mitigate and adapt to climate change.

10. Key Readings

Climate Investment Opportunities in Emerging Markets: An IFC Analysis. (2016). Washington D.C.: International Finance Corporation. http://www.ifc.org/wps/wcm/connect/51183b2d-c82e-443e-bb9b-68d9572dd48d/3503-IFC-Climate_Investment_Opportunity-Report-Dec-FINAL.pdf?MOD=AJPERES

Frankel, J. (2015). A Fair, Efficient, and Feasible Climate Agreement. Project Syndicate. https://www.project-syndicate.org/commentary/paris-climate-agreement-four-strengths-by-jeffrey-frankel-2015-12

Tay, S. (2017). Trump Let Down Needn’t Harm Asia’s Climate of Cooperation. South China Morning Post. http://www.scmp.com/week-asia/opinion/article/2096712/trumps-paris-letdown-neednt-harm-asias-climate-cooperation

Tirpak, D., Brown, L. and Ronquillo-Ballesteros, A. (2017). Monitoring Climate Finance in Developing Countries: Challenges and Next Steps. World Resources Institute. http://www.wri.org/sites/default/files/wri13_monitoringclimate_final_web.pdf

Notes

1 United Nations Framework Convention on Climate Change (2016). The Paris Agreement. http://unfccc.int/paris_agreement/items/9444.php

2 Ibid.

3 National Aeronautics and Space Administration (2017). NASA, NOAA Data Show 2016 Warmest Year on Record Globally. https://www.nasa.gov/press-release/nasa-noaa-data-show-2016-warmest-year-on-record-globally 

4 Harvey, F. (2017). Everything you need to know about the Paris climate summit and UN talks. The Guardian. https://www.theguardian.com/environment/2015/jun/02/everything-you-need-to-know-about-the-paris-climate-summit-and-un-talks

5 Tay, S. (2017). Trump Let Down Needn’t Harm Asia’s Climate of Cooperation. South China Morning Post. http://www.scmp.com/week-asia/opinion/article/2096712/trumps-paris-letdown-neednt-harm-asias-climate-cooperation

6 Carrington, D. (2017). ‘Spectacular’ drop in renewable energy costs leads to record global boost. The Guardian. https://www.theguardian.com/environment/2017/jun/06/spectacular-drop-in-renewable-energy-costs-leads-to-record-global-boost

7 United Nations. (2015). Paris Agreement. http://unfccc.int/files/essential_background/convention/application/pdf/english_paris_agreement.pdf

8 Ibid.

9 Ibid.

10 Ibid.

11 United Nations Framework Convention on Climate Change (2016). The Paris Agreement. http://unfccc.int/paris_agreement/items/9444.php

12 Ibid.

13 Ibid.

14  Ibid.

15 Ibid.

16 United Nations Framework Convention on Climate Change (2016). INDCs – Intended Nationally Determined Contributions. http://unfccc.int/focus/indc_portal/items/8766.php

17 United Nations Framework Convention on Climate Change (2016). Intended Nationally Determined Contributions. http://unfccc.int/focus/indc_portal/items/8766.php

18 United Nations. (2015). Paris Agreement. http://unfccc.int/files/essential_background/convention/application/pdf/english_paris_agreement.pdf

19 Ibid.

20 Ibid.

21 United Nations Framework Convention on Climate Change. (2014). Copenhagen Climate Change Conference: December 2009. http://unfccc.int/meetings/copenhagen_dec_2009/meeting/6295.php

22 United Nations Framework Convention on Climate Change. (2016). Report of the Conference of the Parties on its twenty-first session, held in Paris from 30 November to 13 December 2015. http://unfccc.int/resource/docs/2015/cop21/eng/10a01.pdf#page=17

23 United Nations. (2015). Paris Agreement. http://unfccc.int/files/essential_background/convention/application/pdf/english_paris_agreement.pdf

24 Ibid.

25 Ibid.

26 Harvey, F. (2015). Paris climate change deal too weak to help poor, critics warn. The Guardian. https://www.theguardian.com/environment/2015/dec/14/paris-climate-change-deal-cop21-oxfam-actionaid

27 United Nations Framework Convention on Climate Change (n.d.). Adoption of the Paris Agreement Draft decision -/CP.21. http://unfccc.int/files/meetings/paris_nov_2015/application/pdf/cop_auv_template_4b_new__1.pdf

28 United Nations Framework Convention on Climate Change (2016). Climate Finance. https://www.unfccc.int/cooperation_and_support/financial_mechanism/items/2807.php

29 Harvey, F. (2015). Paris climate change deal too weak to help poor, critics warn. The Guardian. https://www.theguardian.com/environment/2015/dec/14/paris-climate-change-deal-cop21-oxfam-actionaid

30 Loris, N. and Tubb, K. (2017). 4 Reasons Trump Was Right to Pull Out of the Paris Agreement. The Heritage Foundation. http://www.heritage.org/environment/commentary/4-reasons-trump-was-right-pull-out-the-paris-agreement

31 The White House (2017). Readout of President Donald J. Trump’s Telephone Calls with Chancellor Angela Merkel of Germany, President Emmanuel Macron of France, Prime Minister Justin Trudeau of Canada, and Prime Minister Theresa May of the United Kingdom. https://www.whitehouse.gov/the-press-office/2017/06/01/readout-president-donald-j-trumps-telephone-calls-chancellor-angela

32 Harrington, R. (2017). Trump Withdrawing from Paris Agreement. Business Insider. http://www.businessinsider.com/trump-paris-agreement-climate-change-2017-6

33 Friedrich, J., Ge, M. and Pickens, A. (2017). This Interactive Chart Explains World’s Top 10 Emitters, and How They’ve Changed. World Resources Institute. http://www.wri.org/blog/2017/04/interactive-chart-explains-worlds-top-10-emitters-and-how-theyve-changed

34 Doyle, A. (2016). Trump win threatens climate funds for poor, a key to Paris accord. Reuters.com. http://www.reuters.com/article/us-usa-election-climatechange-nations-idUSKBN1370BD

35 Davenport, C. (2016). Donald Trump Could Put Climate Change on Course for ‘Danger Zone’. The New York Times. https://www.nytimes.com/2016/11/11/us/politics/donald-trump-climate-change.html?_r=0

36 Green Climate Fund. (2017). Resource mobilization. http://www.greenclimate.fund/how-we-work/resource-mobilization

37 Green Climate Fund (2017). Status of Pledges and Contributions made to the Green Climate Fund. http://www.greenclimate.fund/documents/20182/24868/Status_of_Pledges.pdf/eef538d3-2987-4659-8c7c-5566ed6afd19

38 Sinha, A. (2017). How Donald Trump’s withdrawal from Paris Agreement affects climate change goals – especially India’s. The Indian Express. http://indianexpress.com/article/beyond-the-news/how-donald-trumps-withdrawal-from-paris-agreement-affects-climate-change-goals-especially-indias-4685496/

39 Taylor, A. (2017). Why Nicaragua and Syria didn’t join the Paris climate accord. Washington Post. https://www.washingtonpost.com/news/worldviews/wp/2017/05/31/why-nicaragua-and-syria-didnt-join-the-paris-climate-accord/?utm_term=.8db57dbd7e3a

40 Ibid.

41 European Commission (2017). Commissioner Arias Cañete in China to strengthen climate and clean energy ties. http://ec.europa.eu/energy/en/news/commissioner-arias-ca%C3%B1ete-china-strengthen-climate-and-clean-energy-ties

42 Bruce-Lockhart, A. (2017). Top quotes by China President Xi Jinping at Davos 2017. World Economic Forum. https://www.weforum.org/agenda/2017/01/chinas-xi-jinping-at-davos-2017-top-quotes/

43 World Economic Forum. (2017). President Xi’s Speech to Davos in Full. https://www.weforum.org/agenda/2017/01/full-text-of-xi-jinping-keynote-at-the-world-economic-forum

44 Mauldin, W. (2015). China’s Xi Wants More Funds From Rich Nations in Climate Deal. The Wall Street Journal. http://www.wsj.com/articles/chinas-xi-wants-more-funds-from-rich-nations-in-climate-deal-1448892347

45 China Daily (2015). China South-South Climate Cooperation Fund benefits developing countries. http://www.chinadaily.com.cn/world/XiattendsParisclimateconference/2015-11/30/content_22557413.htm

46 Ibid.

47 European Commission (2017). Commissioner Arias Cañete in China to strengthen climate and clean energy ties. http://ec.europa.eu/energy/en/news/commissioner-arias-ca%C3%B1ete-china-strengthen-climate-and-clean-energy-ties

48 Boffey, D., Connolly, K. and Asthana, A. (2017). EU to bypass Trump administration after Paris climate agreement pullout. The Guardian. https://www.theguardian.com/environment/2017/jun/02/european-leaders-vow-to-keep-fighting-global-warming-despite-us-withdrawal

49 Government Italian Presidency Council of Ministers. (2017). Italy-Germany-France Declaration on US Announcement of Exit from the Paris Climate Agreement. http://www.governo.it/articolo/dichiarazione-italia-germania-francia-sullannuncio-degli-usa-delluscita-dallaccordo-di

50 Choi, D. (2017). How world leaders are reacting to Trump’s decision to leave the Paris climate agreement. Business Insider. http://www.businessinsider.com/paris-climate-agreement-reaction-from-world-leaders-2017-6/#canadian-prime-minister-justin-trudeau-we-are-deeply-disappointed-1

51 Roy, S. (2017). Sushma Swaraj rebuts Donald Trump: Paris pact India ethos. The Indian Express. http://indianexpress.com/article/india/sushma-swaraj-rebuts-donald-trump-paris-pact-india-ethos-4690910/

52 Ibid.

53 The White House (2017). Statement by President Trump on the Paris Climate Accord. https://www.whitehouse.gov/the-press-office/2017/06/01/statement-president-trump-paris-climate-accord

54 United Nations. (2015). Paris Agreement. http://unfccc.int/files/essential_background/convention/application/pdf/english_paris_agreement.pdf

55 United Nations Framework Convention on Climate Change. (2014). Climate Finance. http://unfccc.int/cooperation_and_support/financial_mechanism/items/2807.php

56 Green Climate Fund. (n.d.). Portfolio dashboard. http://www.greenclimate.fund/what-we-do/portfolio-dashboard

57 Global Environment Facility. (n.d.). Funding. http://www.thegef.org/about/funding

58 The World Bank. (2017). Adaptation Fund. http://fiftrustee.worldbank.org/Pages/adapt.aspx

59 Climate Investment Funds. (n.d.). What We Do. https://www.climateinvestmentfunds.org/about

60 China Daily (2015). China South-South Climate Cooperation Fund benefits developing countries. http://www.chinadaily.com.cn/world/XiattendsParisclimateconference/2015-11/30/content_22557413.htm

61 Asian Development Bank. (n.d.). 2016 Climate Change Financing. https://www.adb.org/climate-change-financing

62 The World Bank. (2017). World Development Indicators Data Bank. http://databank.worldbank.org/data/reports.aspx?source=world-development-indicators

63 Fernandez, M. (2017). Sri Lanka hit by worst drought in decades. Aljazeera. http://www.aljazeera.com/news/2017/01/sri-lanka-drought-170122092517958.html

64 Aljazeera. (2017). Sri Lanka floods leave 600,000 people displaced. http://www.aljazeera.com/news/2017/05/sri-lanka-floods-leave-600000-people-displaced-170531132021197.html

65 Asian Development Bank. (2017). A Region at Risk: The Human Dimensions of Climate Change in Asia and the Pacific. https://www.adb.org/publications/region-at-risk-climate-change

66 Green Climate Fund. (2016). Project FP016. https://www.greenclimate.fund/-/strengthening-the-resilience-of-smallholder-farmers-in-the-dry-zone-to-climate-variability-and-extreme-events-through-an-integrated-approach-to-water-?inheritRedirect=true&redirect=%2Fprojects%2Fbrowse-projects

67 Global Environment Facility. (2017). Sri Lanka. https://www.thegef.org/country/sri-lanka

68 The Commonwealth (2016). Commonwealth hub to unlock billions in climate finance for developing countries. http://thecommonwealth.org/media/press-release/commonwealth-hub-unlock-billions-climate-finance-developing-countries

69 United Nations Framework Convention on Climate Change (2016). Unlocking Finance for Developing Countries Commonwealth Climate Finance Access Hub Opened.  http://newsroom.unfccc.int/climate-action/new-commonwealth-hub-to-unlock-billions-in-climate-finance-for-developing-countries/

70 The Commonwealth (2016). Commonwealth hub to unlock billions in climate finance for developing countries. http://thecommonwealth.org/media/press-release/commonwealth-hub-unlock-billions-climate-finance-developing-countries

71 Government of Kenya (2012). National Climate Change Action Plan 2013 -2017.  https://cdkn.org/wp-content/uploads/2012/12/Kenya-Climate-Change-Action-Plan_Executive-Summary.pdf

72 Climate Change & Singapore: Challenges. Opportunities. Partnerships. (2012). Singapore: National Climate Change Secretariat, p.107. http://www.nea.gov.sg/energy-waste/climate-change

73 Department of the Environment and Energy, Australian Government. (2017). The Australian Government’s Action on Climate Change. http://www.environment.gov.au/system/files/resources/f29a8ccb-77ca-4be1-937d-78985e53ac63/files/factsheet-australian-government-action.pdf

74 Ministry of Environment (2017). The National Climate Change Policy of Sri Lanka. http://www.climatechange.lk/CCS Policy/Climate_Change_Policy_English.pdf

75 Ministry of Mahaweli Development and Environment (2016). National Adaptation Plan for Climate Change Impacts in Sri Lanka. Climate Change Secretariat, Ministry of Mahaweli Development and Environment. http://www.climatechange.lk/NAP/NAP For Sri Lanka_2016-2025.pdf

76 Brown, J., Cantore, N. and Willem te Velde, D. (2010). Climate financing and Development – Friends or foes? Overseas Development Institute. https://www.odi.org/sites/odi.org.uk/files/odi-assets/publications-opinion-files/5796.pdf

77 The Climate Change Secretariat Sri Lanka. (n.d.). About Us. http://www.climatechange.lk/About_us.html

78 Tirpak, D., Brown, L. and Ronquillo-Ballesteros, A. (2017). Monitoring Climate Finance in Developing Countries: Challenges and Next Steps. World Resources Institute. http://www.wri.org/sites/default/files/wri13_monitoringclimate_final_web.pdf

79 Ibid.

80 Climate Investment Opportunities in Emerging Markets: An IFC Analysis. (2016). Washington D.C.: International Finance Corporation. http://www.ifc.org/wps/wcm/connect/51183b2d-c82e-443e-bb9b-68d9572dd48d/3503-IFC-Climate_Investment_Opportunity-Report-Dec-FINAL.pdf?MOD=AJPERES

81 Ibid.

82 Ibid.

83 Ibid.

84 Tirpak, D., Brown, L. and Ronquillo-Ballesteros, A. (2017). Monitoring Climate Finance in Developing Countries: Challenges and Next Steps. World Resources Institute. http://www.wri.org/sites/default/files/wri13_monitoringclimate_final_web.pdf

85 Ibid.

86 The Editorial Board. (2017). China and India Make Big Strides on Climate Change. The New York Times.

87 Ibid.

88 Coca, N. (2017). Asia and the Fall of Coal. The Diplomat. http://thediplomat.com/2017/06/asia-and-the-fall-of-coal/

89 The Editorial Board. (2017). China and India Make Big Strides on Climate Change. The New York Times. https://www.nytimes.com/2017/05/22/opinion/paris-agreement-climate-china-india.html

90 Brodie, C. (2017). India will sell only electric cars within the next 13 years. World Economic Forum. https://www.weforum.org/agenda/2017/05/india-electric-car-sales-only-2030/

*Anishka De Zylva is a Research Associate at the Lakshman Kadirgamar Institute of International Relations and Strategic Studies (LKI) in Colombo. The author acknowledges Ashvin Perera and Dinuka Malith for their research assistance. The research included in this Explainer was supported by the John Keells Holdings PLC. The opinions expressed in this Explainer, and any errors or omissions, are the author’s own.

Year:

  • 2017

Author:

  • Anishka De Zylva

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