Posted: Post Date – 12:27 AM, Monday – Oct 31 22
Ahead of the United Nations climate conference (COP27), ominous reports suggest that countries are far behind targets set to curb global warming. Despite grand promises, greenhouse gas emissions continue to wreak havoc on the planet. According to the United Nations Environment Programme’s (UNEP) Emissions Gap Report 2022, the world still falls short of the Paris Agreement climate goals, with no reliable way to ensure that temperature rises are limited to 1.5 degrees Celsius. Global temperatures are still set to rise by 2.4-2.6 degrees Celsius by the end of the century with countries’ current pledges to cut greenhouse gas emissions, the report warned ahead of a planned climate summit in Sharm el-Sheikh. In Egypt early next month. The only way to avoid climate catastrophe is an urgent system-wide transformation of high-carbon emitting sectors such as electricity supply, industry, transport, buildings and the financial system. Despite the Nationally Determined Contributions (NDCs) pledged by 193 countries, the Earth’s average temperature will still rise by about 2.5 degrees Celsius by the end of the century. This will increase the frequency and intensity of extreme weather events that have already led to disaster. Even a 1.1 degree Celsius increase would be devastating for the economy. The current commitment is to increase emissions by 10.6 percent by 2030 from 2010 levels. India submitted an updated NDC in August, which included reducing the emissions intensity of its gross domestic product (GDP) by 45% by 2030 from 2005 levels and achieving a 50% cumulative electricity generation from non-fossil fuel sources by 2030 installed capacity.
With emissions reports showing a gap between commitments, commitments and actions, it’s clear the world needs to do more to examine the harmful effects of climate change. If temperature rise must be limited to 1.5 degrees Celsius, the world will have to achieve net zero carbon emissions by 2050. Developed countries must do most of the heavy lifting by sticking to their climate commitments, reducing their reliance on fossil fuels, investing heavily in renewable energy, and enabling developing countries to adapt to the climate crisis by providing adequate funding and clean technology. To meet the goals of the Paris Agreement, the world needs to reduce greenhouse gases at unprecedented levels over the next eight years. The success of the energy transition will depend on climate finance in industrialized countries. Ambitious climate targets set by India and other countries can only be achieved with sufficient funding. According to official calculations presented to parliament a few years ago, India will need at least $2.5 trillion to meet its 2030 climate goals. By 2030, this will translate to $170 billion per year. But the updated NDC is more ambitious and requires more funding.