India submitted its Nationally Determined Contribution (NDC) to the United Nations (UN) ahead of time. The United Nations Framework Convention on Climate Change (UNFCCC) set a September 23 deadline for countries to submit their NDCs ahead of its NDC synthesis report that will analyse the impacts of the submitted NDCs in order to determine whether the world is on track to meet its Paris Agreement goals. Last year’s NDC synthesis report concluded that the NDCs would not limit warming to 2°C.
RBI steps up efforts to assess climate risks to India’s financial system
The Reserve Bank of India (RBI) is looking to make the country’s financial system climate resilient. To begin with, it put together a discussion paper on sustainable finance and climate risks. It asked relevant stakeholders to give their feedback. It also released a survey report that assessed how prepared commercial banks were to take on climate risks. These steps are significant considering just two years ago, a global survey by the Bank of International Settlements (BIS) found the RBI had no initiatives to assess climate risks.
US climate bill: China asks US to end trade sanctions on Chinese solar panels, contribute more climate finance
China’s suspension of climate cooperation with the US continues despite the latter’s recent climate bill. Soon after the bill was passed by Congress, the US’ ambassador to China Nicholas Burns tweeted that his country was acting on climate change and it was China’s turn to do so by reconsidering its suspension of climate cooperation.
China, however, responded questioning whether the US could deliver on the promises put forth in the climate bill. It also asked for a lifting of trade sanctions against Chinese solar panels and criticised the US’ failure to put forth its share of climate finance. Relations between the two countries took a further hit after congressional leader Nancy Pelosi visited Taiwan, an independent democracy, which Beijing considers to be part of China.