As G20 drags feet, UN’s global climate stocktake flags large deficits

As G20 drags feet, UN’s global climate stocktake flags large deficits

Subject :Environment  

Section: Climate change

Context:

• A new report released by UN Climate highlights the rapidly closing window of opportunity to contain the rise in global temperatures within 1.5 degree Celsius from pre-industrial times.

Article 14 of Paris Agreement:

• Global Stocktake – A “global stocktake”, to take place in 2023 and every 5 years thereafter, will assess collective progress toward achieving the purpose of the Agreement in a comprehensive and facilitative manner.
• It will be based on the best available science and its long-term global goal.
• Its outcome will inform Parties in updating and enhancing their actions and support and enhancing international cooperation on climate action.

Global Stocktake Report 2023:

• According to the synthesis report of the Global Stocktake (GST), a Paris Agreement-mandated exercise at assessing the progress on climate action, countries were nowhere close to achieving targets that would keep global warming under agreed levels.
• Report says that, reduction of around 43, 60 and 84 per cent in global GHG (greenhouse gas) emissions below the 2019 level is needed by 2030, 2035 and 2050 respectively.
• There are deficits in every aspect of climate action — mitigation, adaptation, finance, technology and capacity building.

Recommendations:

• Rapidly decarbonize both the supply side and demand side of the energy system at the same time.
• Triple renewable energy by 2030,
• Commercialize other zero carbon solutions like hydrogen and scale up the energy system free of all unabated fossil fuels,
• Fundamental reform of the international financial architecture that was built for the last century.

Disagreement among G20 members over climate change goals:

• There is a disagreement over climate change related paragraphs in the joint communique of the G20 group.
• The Environment and Climate Sustainability Working Group of G20 met at Chennai earlier in July.
  • Developed countries pressed for enhancement of mitigation targets from everyone,

Developing countries in the group emphasized on deliveries on the unfulfilled promises related to finance and technology and urged the developed countries to do more.