US commits to 61% emissions cut by 2035: What does its updated NDC plan say?

Sub: Env

Sec: Climate Change

Context:

The United States has announced its emission reduction target for 2035, as part of its updated Nationally Determined Contribution (NDC) under the Paris Agreement, committing to a reduction of 61-66% below 2005 levels.
This target builds on the existing 2030 goal of 50-52% reductions over 2005 levels.
The first round of NDCs contained climate targets that countries intended to achieve by 2030. The second round of NDCs for 2035, are now due, and have to be submitted by February next year.

Emission Reduction by US: Projections

The US surpassed its 2020 target of reducing emissions by 17% below 2005 levels.
The country is on track to achieve the 2030 target of 50-52% reductions and projects up to 57% reductions under current policies by 2035.
The 2035 target is described as consistent with the global trajectory for limiting temperature rise to 5°C and achieving net-zero emissions by 2050.

Criticism of US Emission Targets:

The US must achieve 62-65% reductions by 2030 from 2005 levels for alignment with the 1.5°C pathway, but this level is only targeted for 2035.
According to the Intergovernmental Panel on Climate Change (IPCC), global emissions must fall 43% below 2019 levels by 2030 to keep alive any hopes of meeting the 1.5⁰C target.
The US is expected to have 46% reduction over 2019 levels by 2030, but this falls short of the 43% reduction needed globally, given the US’s share of historical emissions.

Climate Finance:

The 2035 NDC does not outline commitments for climate finance, a crucial obligation for developed nations under the Paris Agreement.
Climate finance contributions from US have been modest, increasing from $1.5 billion in 2021 to $9.5 billion in 2023, but falling short of its historical emissions share.

Global Commitments:

At COP29 in Baku, developed countries agreed to increase climate finance from $100 billion to $300 billion annually by 2035.