Editorial: Climate targets off the mark
Ahead of the United Nations climate conference — COP27 —, there are ominous reports suggesting that the nations are far behind the targets set for containing global warming. Despite the grand pledges, greenhouse emissions continue to play havoc with the planet. According to the United Nations Environment Programme’s (UNEP) Emissions Gap Report 2022, the world […]
Ahead of the United Nations climate conference — COP27 —, there are ominous reports suggesting that the nations are far behind the targets set for containing global warming. Despite the grand pledges, greenhouse emissions continue to play havoc with the planet. According to the United Nations Environment Programme’s (UNEP) Emissions Gap Report 2022, the world is still short of the Paris Agreement climate goals, with no credible pathway to ensure that the temperature increase is capped at 1.5 degree Celsius. Current pledges by countries for reducing greenhouse gas emissions would still leave the world warmer by 2.4-2.6 degrees Celsius by the end of the century, the report has warned in the run-up to the climate summit slated to be held at Sharm el-Sheikh in Egypt early next month. The only way to avert climate disaster is by undertaking an urgent system-wide transformation in high carbon-emitting sectors such as electricity supply, industry, transport, buildings and financial systems. Despite the Nationally Determined Contributions (NDCs) —pledged by 193 countries—, the planet is still on course for around a 2.5 degree C rise in average temperatures by the end of the century. This will increase the frequency and intensity of extreme weather events, which have already led to catastrophes. The effect of even 1.1 degree C warming has been devastating for economies. The current commitments will increase emissions by 10.6% by 2030 compared with 2010. India submitted its updated NDCs in August, which includes reducing the emissions intensity of its gross domestic product (GDP) by 45% by 2030 from the 2005 level and achieving 50% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.
As the emissions report shows a gap in commitments, promises and action, it is clear that the world needs to do much more to check the deleterious impacts of climate change. The world would have to reach net-zero emissions of carbon by 2050 if it had to limit the temperature rise to 1.5 degree C. The developed world has to do much of the heavy lifting by sticking to its climate commitments, reducing dependence on fossil fuel, investing massively in renewables, and enabling developing countries to adapt to the climate crisis by providing adequate finance and clean technology. To meet the Paris Agreement goals, the world needs to reduce greenhouse gases by unprecedented levels over the next eight years. The success of the energy transition would hinge on climate finance by the industrialised nations. The ambitious climate goals set by India and other countries can be met only if they get adequate funds. According to the official calculations presented in Parliament a few years ago, India will need at least $2.5 trillion to meet its 2030 climate targets. It translates into $170 billion every year till 2030. But the updated NDC is much more ambitious and requires much more funds.
