The climate goals and challenges

Source: The post online the climate goals and challenges has been created, based on the article “Time for action: Concrete action must take centre stage in climate mitigation” published in “The Hindu” on 5th November 2024

UPSC Syllabus Topic: GS paper 3 – Environment — Conservation.

Context: The article discusses the upcoming climate conference in Baku, Azerbaijan, where countries will negotiate actions to limit global warming. Key issues include emission reduction targets, climate finance for developing countries, carbon markets, and the need for concrete action over endless negotiations.

For detailed information on Need for climate finance read Article 1, Article 2

What are the climate goals and challenges?

1. The climate conference aims to prevent global temperatures from rising above 1.5° C above pre-Industrial levels.

2. Scientific assessments say greenhouse gas emissions must peak by 2025 and drop 43% by 2030.
3. But, current global commitments would only cut emissions by 2.6% by 2030 compared to 2019.
4. In 2023, emissions reached 53 billion metric tonnes, continuing an upward trend.

What are the funding issues faced by developing countries?

1. Developed countries promised $100 billion per year in climate finance to help developing countries transition to clean energy, starting in 2020.

2. However, unclear definitions of ‘climate finance’ and delays in funding have led to frustration.
3. Developing countries need this support to grow without relying on fossil fuels. By 2025, countries must agree on a New Collective Quantified Goal (NCQG), with $100 billion as the base amount.
4. Rich countries also argue that large emitters like China and India should contribute.

What is the debate over carbon markets?

1. Carbon markets allow rich countries or companies to fund green projects in developing nations and earn credits.

2. These credits are tradeable, but setting accounting rules is challenging. The lack of clear guidelines has delayed their effectiveness in financing emission cuts.

Way forward:

Climate negotiations often become lengthy legal debates. To make real progress, countries must move from discussions to concrete actions.

Question for practice:

Discuss the challenges faced by developing countries in accessing climate finance and how these challenges impact their ability to transition to clean energy.