|Topic: GS3 – Environment
Global Stocktake Findings
- A sobering truth is shown by the global stocktake, which includes the most recent assessments from the Intergovernmental Panel on Climate Change (IPCC).
- By 2030, relative to 2019 levels, current nationally determined contributions (NDCs) are expected to reduce global greenhouse gas emissions by a pitiful 2%.
- In order to keep the increase in global temperature to 1.5 degrees Celsius by 2050, it is necessary to reduce emissions by 50% by 2030, which will need significant worldwide effort.
Challenges in Climate Finance
- The accomplishment of developing countries’ NDCs is reliant on rich nations providing financial and technological support, but this relationship has not been good.
- The $100 billion annually promised in 2009 to fund climate action has never materialised, and the sums cited have been supported by dubious sources.
- Complicating matters further is the absence of a precise definition of climate financing, which emphasises how urgently transparent and widely accepted financial systems are needed.
Financial Shortfalls and Future Projections
- The estimates provided by the IPCC highlight the significant financial disparity between present efforts and the necessary magnitude.
- For the next seven years, developing nations must spend about $800 billion annually to implement their NDCs, with an extra $215–$387 billion needed each year for adaptation alone.
- The insufficiency of the pledged amounts, even after the establishment of a loss and damage fund at COP28, presents a major obstacle to adequately addressing climate consequences.
Positive Outcomes and Reorienting the Global Economy
- Notwithstanding these difficulties, COP28 produced a number of noteworthy results.
- The conference endorsed historic wording emphasising a just, orderly, and equitable movement towards net-zero emissions by 2050, acknowledging the need to move away from fossil fuels.
- Goals like tripling the world’s renewable energy capacity and tripling advancements in energy efficiency show a dedication to sustainable growth patterns.
- Furthermore, the acceptance of green, blue, and nuclear energy signifies a move towards cleaner energy sources.
India’s Stand and Collaborative Initiatives
· Leading the way in renewable energy, India has largely followed the UNFCCC’s consensus targets, staying out of particular groups.
· The clear recognition of the effects of climate change on food security, health, and biodiversity loss demonstrates a deeper comprehension of the interrelated ecological issues.
· In order to handle complex global concerns, COP28 establishes a direction towards a cross-domain and cross-disciplinary approach.
|What is COP 28’s theme and agenda?
- Even though COP28 shown encouraging progress in recognising the pressing need for climate action, major obstacles were also made clear, particularly with regard to closing the funding gap and meeting aggressive emission reduction objectives.
- A transparent and equitable climate finance framework is still necessary, as countries struggle to prevent the worst effects of the global climate crisis.
|Practice Question: Discuss the significance of the global stocktake, emphasizing the urgency for coordinated international efforts to address the climate crisis