Why is it in the news?

• The 2023 Production Gap Report, titled “Phasing down or phasing up,” has been unveiled.

Key Findings of the Report 

• Production Gap: If global carbon dioxide (CO2) emissions continue at the current pace, the world could exceed the remaining emissions budget compatible with a 50% chance of limiting long-term warming to 1.5°C by 2030.
• Governments planning to produce 110% more fossil fuels in 2030 than aligned with 1.5°C limit.
• Conflicts between Commitments: Major producer countries aim for net-zero emissions but not reducing coal, oil, and gas production to meet 1.5°C targets.
• Increase in Fossil Fuel Production: Government plans foresee growth in global coal production until 2030 and oil and gas production until at least 2050.
• India’s Nationally Determined Contribution (NDC): India aims to reduce emissions intensity of GDP by 45% by 2030, increase non-fossil power capacity to 50% by 2030, and achieve net-zero emissions by 2070.
• Lack of policies for a managed wind-down of fossil fuel production in India.

Suggestions from the Report

• Transparency: Governments should be more transparent in their plans and support for fossil fuel production, aligning them with climate goals.
• Reduction Targets: Governments should adopt short- and long-term reduction targets for fossil fuel production to complement climate mitigation goals.
• Equitable Transition: Recognize differentiated responsibilities and capabilities among countries.
• Countries with greater capacity should pursue ambitious reductions and support transition financing in less-capable countries.