Major oil and gas firms have pledged to go carbon neutral by 2050: COP28 chief
- November 30, 2023
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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Major oil and gas firms have pledged to go carbon neutral by 2050: COP28 chief
Subject: Environment
Section: Climate change
Context:
- Several oil and gas companies have committed to becoming net zero — or carbon neutral — by 2050, the 28th Conference of Parties (COP28) President-designate Sultan Al Jaber said.
Net Zero Target:
- It is a state in which a country’s emissions are compensated by the absorption and removal of greenhouse gases from the atmosphere.
- Further, absorption of the emissions can be increased by creating more carbon sinks such as forests.
- While the removal of gases from the atmosphere requires futuristic technologies such as carbon capture and storage.
- A significant number of oil and gas companies are aligned towards net zero targets by 2050 and net zero methane targets by 2030.
- The oil and gas operations account for around 15% of total energy-related emissions globally or about 5.1 billion tonnes of greenhouse gas emissions.
- 85% of the world’s economies were “behind” the COP28 target of tripling renewable energy.
Steps taken by India to achieve Net Zero Target by 2070:
- India’s renewable energy targets have steadily become more ambitious, from 175 GW by 2022 declared at Paris, to 450 GW by 2030 at the UN Climate Summit, and now 500 GW by 2030, announced at COP26.
- India has also announced the target of 50% installed power generation capacity from non-fossil energy sources by 2030, raising the existing target of 40%, which has already been almost achieved.
- India’s Nationally Determined Contribution (NDCs):
- To reduce the Emissions Intensity of its GDP by 45% by 2030, from the 2005 level.
- To achieve about 50% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030,
- To create an additional carbon sink of 2.5 to 3 billion tonnes of CO2 equivalent through additional forest and tree cover by 2030.
- India Cooling Action Plan (ICAP) will help address cooling requirements and reduce the cooling demand in the country.
- Green Hydrogen Mission to shift from fossil fuel to clean energy sources.
- Zero Emission Vehicle- Emerging Market Initiative (ZEV- EMI), launched jointly by WBCSD and the U.S., U.K. and governments under the ZEVTC, aims to elevate cooperation between governments and businesses in EMDEs to accelerate the transition to ZEVs
Source: The Hindu