At COP27, move the needle on climate action

Source– The post is based on the article “At COP27, move the needle on climate action” published in The Hindu on 29th October 2022.

Syllabus: GS3- Environment

Relevance– Climate change

News- The article explains the issues related to climate change. It suggests the way forward to the low carbon path.

What are the core issues related to fighting against climate change?

The climate action plans of countries are inadequate for reaching carbon neutrality by 2050.

Developed economies are not taking responsibility for their past emissions. They are not willing to extend financial help to developing economies.

There is still heavy burning of fossil fuels by the top five emitters — China, the United States, India, Russia, and Japan as well as Southeast Asian countries taken together.

What is the scenario with India and China?

Both India and China have high reliance on fossil fuels. In China, Coal and gas contribute 70% to energy production.

India has announced net zero for 2070 and China for 2070. This is not sufficient to fight climate change.

There is a need to advance their date for net zero to 2050.

What is the way forward?

There should be extensive use of markets to help shift the global economy to a low-carbon path.

Radical shift in countries adopting carbon pricing is needed. For example, significant carbon tax on the source of pollution.

It should reiterate the need for all countries to eliminate fossil fuel subsidies.

For climate financing, something similar could be done to what was achieved during the

COVID-19 pandemic. Rich countries raised vast amounts of financing during the crisis

Climate projects can be vastly scaled up by multilateral development banks, such as the World Bank and Asian Development Bank.

Massive investment in clean energy is needed. Energy is responsible for three-fourth of GHG emissions in air.