Why is it in the news?

• The United Nations climate secretariat released a ‘synthesis report’ ahead of the G-20 summit to discuss progress toward the goals of the Paris Agreement.
  • The report is part of a larger exercise known as the ‘global stocktake,’ which occurs once every five years to assess countries’ efforts in containing greenhouse gases and transitioning to renewable energy sources.

About the Report

• The report indicates that the world is not on track to achieve the Paris Agreement targets, but there is still a narrowing window for countries to take action.
• It highlights the emissions gap, stating that current pledges, even if fully implemented, would only cut 2-3 billion tonnes of CO2, leaving an emissions gap of around 20 billion tonnes.
• The report’s key findings emphasize the need for more ambition in reducing greenhouse gas emissions, scaling up renewable energy, eliminating unabated fossil fuels, halting deforestation, and supporting adaptation and financial arrangements in developing countries.
• The report’s impact is seen in the G20 Leaders Declaration, which formally recognizes the massive financial requirements for transitioning to a renewable energy economy, estimating the need for USD 5.8-5.9 trillion in the pre-2030 period for developing countries and USD 4 trillion per year for clean energy technologies by 2030 to reach net zero by 2050.