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.
|Paris Agreement on Climate Change |
· The Paris Agreement is a legally binding global climate agreement established under the United Nations Framework Convention on Climate Change (UNFCCC).
· It was adopted in 2015 during the 21st UNFCCC Conference of the Parties (COP21).
· The primary goal of the agreement is to combat climate change by limiting global warming to well below 2 degrees Celsius above pre-industrial levels, with an ambition to restrict the increase to 1.5 degrees Celsius.
· The Paris Agreement replaced the Kyoto Protocol as the primary international agreement addressing climate change.
Ø It provides a framework for countries to collaborate in reducing greenhouse gas emissions, adapting to climate change impacts, and supporting developing nations in their climate change efforts.
Ø Under this agreement, each country is required to submit and update their Nationally Determined Contributions (NDCs) every five years, outlining their plans to reduce greenhouse gas emissions and adapt to climate change.
o NDCs represent pledges made by countries to reduce emissions and address the impacts of climate change.