Stocktaking calamity – on United Nations’ Global Stocktake report

Source– The post is based on the article “Stocktaking calamity” published in “The Hindu” on 11th September 2023.

Syllabus: GS3- Environment

Relevance- Issues related to climate change

News– The United Nations’ Global Stocktake report was released just ahead of the G-20 meet.

What is the purpose of Global Stocktake from the United Nations?

It outlines the extent of challenges facing the world’s major economies. It will serve as a blueprint to guide discussions during the 28th Conference of Parties in Dubai.

Its primary purpose is to provide an official assessment of the progress made by countries since 2015 in curbing greenhouse gas emissions.

In that year, during the Paris Agreement,countries committed to limiting global emissions by more than 2°C and ideally restricting the rise to 1.5°C.

What are some important takeaways from the global stocktake?

The report acknowledges that, despite making some progress, the world is currently emitting gases at a rate that will almost certainly exceed the limits agreed upon in Paris.

The report emphasizes that reaching net-zero CO2 emissions by 2050 requires much more ambitious action and support for implementing domestic mitigation measures.

The emissions gap consistent with limiting global warming to 1.5°C in 2030 is estimated to be between 20.3 billion tonnes and 23.9 billion tonnes of CO2.

These are significant gaps that cannot be closed without a rapid expansion of renewable energy resources and a departure from fossil fuel sources.

What developments took place at the recent G-20 summit on climate change?

Little progress has been made in terms of transitioning to cleaner energy sources.

G-20 countries own 93% of existing coal power plants and 88% of planned ones globally.

The G-20 Leaders Declaration formally acknowledged the requirement for significant financial commitments.

It stated that there is a need for approximately USD 5.8-5.9 trillion in the period before 2030 to support developing countries and an additional USD 4 trillion per year for clean energy technologies by 2030 to achieve net-zero emissions by 2050.

The report also emphasizes the importance of addressing deforestation and the adoption of electric vehicles as crucial components of a clean energy economy.