By Magdalena A K Muir
Representatives of the Federated States, Regions and Cities, companies and investors participating in the World Summit of Regions for Climate recognize that the fight against climate change must include the “bottom-up” commitment of all stakeholders: local, regional and national l governments, businesses and the private sector, financial institutions, civil society and NGOs, academia and research, intergovernmental organizations and the international community,and that key sectors impacted by climate change include health, energy, water and agriculture. Sub-national governments and the business and finance sector made commitments in the Paris Declaration on October 11, 2014. These commitments are summarized below, with further information in Paris Declaration.
Sub-national governments made the following commitments:
1: Adopt, support and engage in concrete “bottom-up” lead by local authorities in partnership with businesses and investors.
2nd Commitment: Commit concrete measures to fight against global warming within such action programs according to our respective local conditions, and taking as an example the targets proposed by the European Commission for a climate and energy package for 2030 , as well as the UNSE4ALL objectives for 2030.
3: Commit to extend action programs to the international community and all stakeholders for effective implementation of low carbon infrastructure projects, in
particular through Public Private Partnerships (PPP) at the local level, and through training for local decision makers and technical staff.
4: Encourage and support financing mechanisms specifically designed to ensure the value chain in delivering bankable low carbon projects for sub-national governments. Such financial schemes support access to public funding, including pre-investment facilities to cover the costs of feasibility studies and public debt funding; and Private financing.
5: Interregional cooperation programs to effectively reduce greenhouse gas emissions (GHGs), increase renewable energy generation, and
adopt energy efficiency and energy security measures, and sharing ideas and best practices and direct participation in carbon credit exchange;
6: Publicly report and disclose GHG reduction efforts and possibly other local climate actions implemented at the local level, and climate change metrics and benchmarking performance.
7: Mobilize all stakeholders around projects that build the capacities of young people, as well as on specific training courses leading to green jobs and contribute to the
transition to the green economy.
The business and finance sector made the following commitments
1: Promote, support and engage in a “bottom-up” approach through joint action by local and regional authorities, businesses and investors.
2: Take concrete measures to fight against global warming including resource efficiency measures,and measures to introduce cleaner energy and low-carbon thinking, product and process innovation.
3:Invest in the development of international capacity building and solutions to facilitate implementation of actions and projects to fight against global warming;
4: Support and develop new and innovative financing schemes with the whole finance sector to unlock the necessary $1000bn/year to invest in projects to fight climate change.
5: Develop capacity to engage in Public Private Partnership projects to implement solutions for climate change and to support sub-national and local governments to develop their capacity for these projects.
6: Publicly report and disclose GHG reduction efforts implemented in the business and finance sector.
News Release of World Summit of Regions for Climate