There are now three decades worth of scientific evidence of a changing climate, yet politics and economics have so far limited an agile and coordinated climate response at the global level. Four years after Paris, the time to make material progress in limiting global warming to well below 2oC is running out. The international climate negotiations in 2019 mark the beginning of the final year for tying up the loose ends of the Paris Agreement rulebook, which is intended to set out common ground for the implementation of Paris. The most critical issues to resolve include working out how carbon markets would operate and reaching an agreement on common timeframes for national climate plans. Clear and wide-reaching rules for Paris implementation would support the runway for more ambitious pledges, longer-term strategies and bolder policies that governments and businesses could develop post-2020.
This report by HSBC Global Research looks at the key issues for the 2019 climate negotiations, providing an overview of the complexities and the benefits of reaching a global agreement, and government positioning.