Prime Minister Narendra Modi pledged that the nation will meet the target of net zero emissions by 2070. ‘Net Zero’ emission implies a situation where all the carbon dioxide or greenhouse gases produced are completely absorbed via natural solutions or through the use of advanced technology. India also made a commitment of getting half of its energy from renewable resources by 2030 them - we are still careening towards climate catastrophe. He said, “So, as we open this much anticipated climate conference, we are still heading for climate disaster.” Sir David Frederick Attenborough, English broadcaster, natural historian and author, called for a new industrial revolution powered by millions of sustainable innovations to counter the terrible decline caused due to the previous industrial revolution. He said that humans are the greatest problem solvers to have ever existed on Earth. Guterres said that G20 countries have key responsibility of mitigation and immediate concrete action to reduce global emissions by 45 per cent by 2030, because they represent around 80 per cent of the emissions. Moreover, he suggested that countries revisit their national climate plans and policies, not every five years, but every year, if
commitments fall short by the end of COP26. Guterres also announced the establishment of a Group of Experts to propose clear standards to measure and analyse net zero commitments from non-state actors, because he mentioned that there is a deficit of credibility and a surplus of confusion over emissions reductions and net zero targets, with different meanings and different metrics. Over 20 countries and financial institutions at the COP26 vowed to halt all financing for fossil fuel development overseas, and to divert that money, estimated at around $8 billion a year, to green energy. The signatories for the same included the US, UK, Denmark, and some developing countries, including Costa Rica. The European Investment Bank is one of the financial institutions involved. In addition, a finance pledge was made, also known as the Glasgow Financial Alliance for Net Zero (GFANZ). Under this, by 2050, all assets managed by hundreds of the world’s biggest banks and pension funds will be aligned with net zero emissions. Cristián Samper, an ecologist and President of the Wildlife Conservation Society in New York City, commented that the involvement of the financial sector and of ministers of finance and energy in the meeting is a game-changer. One of the biggest commitments came from India as its Prime Minister Narendra Modi, pledged that the nation will meet the target of net zero emissions by 2070. ‘Net Zero’ emission implies a situation where all the carbon dioxide or greenhouse gases produced are completely absorbed via natural solutions or through the use of advanced technology. India also made a commitment of getting half of its energy from renewable resources by 2030. Many scientists have been skeptical about mid-century net-zero pledges, partially because it is easier to make long-term promises but hard to make the difficult short-term decisions that are required to meet those pledges. But India’s commitment comes as a good change as it includes measurable near-term targets, such
as a pledge to provide 50 per cent of the nation’s power through renewable resources and to reduce projected carbon emissions by one billion tonnes of carbon dioxide by 2030. Joe Biden, President of the United States of America, started his address by saying that if world leaders came together and commit, they could keep the goal of limiting global warming to 1.5 degrees. He said that Glasgow has to be the kick off of a decade of ambition and innovation to preserve our shared future, for climate change is already costing nations millions of lives and dollars every year. Biden said that his government will soon release a long term plan as well to enable the country to become a net zero emitter by 2050. More than 130 countries also pledged to halt and reverse forest-loss and land degradation by 2030. The signatories, including Brazil, the Democratic Republic of the Congo, and Indonesia, are home to 90 per cent of the world’s forests. Additionally, a group of high-income countries, including Canada, the United States, the United Kingdom, and EU countries, has pledged $12 billion in public finance for forest protection between 2021 and 2025. However, they have not specified how the funding will be provided. A statement from the group said that governments intend on working closely with the private sector to leverage vital funding from private sources to deliver change at scale. Referring to the pledges at COP26, Dr Niklas Höhne, Professor, New Climate Institute, said that none of the countries that have a net zero carbon emission target have so far implemented sufficient short-term policies to put itself on a trajectory towards it. Known for monitoring and assessing national carbon cutting plans, he said that “right now, it is more a vision, or imagination, and it is not matched by action.” Experts have noticed that despite repeated calls from developing countries for a larger share of the finance to be used to help them to adapt to higher temperatures, the focus is still on using the money to help them cut emissions.
www.urbanupdate.in | November 2021
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