UNEP production gap report

Subject – Environment

Context – UNEP production gap report: Net-zero targets by countries are empty pledges without plans

Concept –

The climate crisis has become clearer than ever, but it has not been able to compel major emitters to improve action on the ground so far. Governments across the world are still planning to produce more than double the fossil fuels than what the world requires to limit the global temperature rise to 1.5 degrees Celsius.
This was flagged by the United Nations Environment Programme (UNEP) report released October 20, 2021.
The production gap to achieve the climate goal is the widest for coal: Production plans and projections by governments would lead to around 240 per cent more coal, 57 per cent more oil, and 71 per cent more gas in 2030 than global levels consistent with limiting warming to 1.5°C.
The modelling analysis has considered carbon dioxides removal (CDR) technologies to be deployed widely and methane emissions and leakages to be arrested.

The most worrying factor is that almost all major coal, oil and gas producers are planning to increase their production till at least 2030 or beyond.
This has been fuelled by incremental capital flow towards fossil fuels in comparison to clean energy in the post novel coronavirus disease (COVID-19) recovery phase. The Group of 20 countries has channelised $300 billion to fossil fuels since the beginning of the pandemic, and the sector is still enjoying significant fiscal incentives.