The Paris Agreement on Climate Change and Sri Lanka

August 30, 2017   Reading Time: 14 minutes

Reading Time: 14 min read

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.

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Contents

1. What are the aims of the Paris Agreement?
2. Adoption, ratification, and entry into force
3. States’ commitments under the Agreement
4. Critiques of the Paris Agreement
5. The Paris Agreement post-Trump
6. International responses to US withdrawal from the Agreement
7. Sources of funding for state commitments under the Agreement
8. Implications of the Paris Agreement for Sri Lanka
9. Conclusion: summary of policy recommendations for Sri Lanka
10. Key Readings

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.

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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 21^st 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 21^st 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.
  • In 2009, at COP 15, developed states agreed to collectively mobilise USD 100 billion a year by 2020²¹ to finance the climate change initiatives of developing states.
  • In 2015, at COP 21, it was decided that developed countries will continue²² to collectively mobilise USD 100 billion a year by 2020 for climate change mitigation and adaptation efforts in developed countries.
• 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

• In June 2017, US President, Donald Trump, announced that the US will withdraw³¹ from the Paris Agreement, and indicated that the US would seek to renegotiate³² the Paris Agreement or enter into a new climate change deal.
• The announcement caused widespread concern, especially since the US is one of the world’s largest³³ GHG emitters, a key source of funding³⁴ to achieve the Agreement’s objectives, and has been a global leader³⁵ in climate change initiatives. Specific concerns included:
  • The Obama administration had pledged USD 3 billion to address climate change in developing countries,³⁶ but it disbursed only USD 1 billion³⁷ of that pledge.
  • In addition to funding, transfers of technological expertise³⁸ are essential to achieving the aims of the Paris Agreement. The withdrawal of the US could mean minimal US support in terms of climate-smart technology transfers.
• The US will join Nicaragua and Syria as the only states of the 197 member states of the UNFCCC that have not joined the Paris Agreement.
  • Nicaragua did not join the Agreement because it argues that the Agreement is not ambitious enough,³⁹ and Syria was unable to join the agreement due to its longstanding internal conflict.⁴⁰

6. International responses to US withdrawal from the Agreement

• The withdrawal of the US from the Paris Agreement has created an opportunity for China and the EU to show leadership⁴¹ in climate change, alone and together.

China

• At the World Economic Forum in Davos in 2017, prior to US withdrawal, President Xi Jinping of China emphasised the importance of protecting the environment⁴² while pursuing economic and social goals. He stated that,⁴³ “the Paris Agreement is a hard-won achievement … all signatories should stick to it rather than walk away.”
• China has encouraged developed states⁴⁴ to contribute more financing to combat climate change. It also established its own climate change fund in September 2015: the “China South-South Climate Cooperation Fund.”⁴⁵
• China has pledged USD 3.1 billion⁴⁶ (USD 100 million more than pledged by the Obama administration) to support developing states in climate change mitigation and adaptation.

European Union

• EU Commissioner for Climate Action and Energy, Miguel Arias Cañete, has remarked⁴⁷ that

“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

• India has reiterated⁵¹ its commitment to the Agreement, and New Delhi refuted⁵² President Trump’s statement that India’s participation in the Paris Agreement is contingent on receiving “billions and billions and billions of dollars”⁵³ in foreign aid from developed countries.

7. Sources of funding for state commitments under the Agreement

• The Paris Agreement stipulates⁵⁴ that the financial mechanism of the UNFCCC, including its operating entities,⁵⁵ shall serve as the financial mechanism of the Paris Agreement. These include:
  • The Green Climate Fund (GCF), established in 2010 with pledged funding of USD 10.3 billion;⁵⁶ and
  • The Global Environment Facility (GEF), established in 1992 with funding of USD 4.43 billion.⁵⁷
• Other climate finance mechanisms that can facilitate the aims of the Paris Agreement, include the Adaptation Fund (USD 355.8 million),⁵⁸ Climate Investment Funds(USD 8.3 billion),⁵⁹ China South – South Climate Cooperation Fund (USD 3.1 billion),⁶⁰development banks, such as the Asian Development Bank,⁶¹ and private sector development assistance.

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

 

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.
  • El Salvador’s Ministry of Foreign Affairs is coordinating⁷⁸ efforts to create a climate finance tracking system, which would monitor funds flowing through and outside government systems.
  • Its Ministry of Foreign Affairs is also mapping climate finance, and maintaining a climate finance database⁷⁹ to ensure national entities are aware of climate finance opportunities.

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.