As the first-ever global stocktake approaches its conclusion at the upcoming annual climate talks (COP28) in Dubai this December, a range of critical measures to combat climate change are gaining traction. Calls for the phase-out of fossil fuels, a significant increase in renewable energy capacity, and revisions to global subsidies on fossil fuels are among the key points emerging from the United Nations Framework Convention on Climate Change (UNFCCC) report.
According to the report, discussions are underway on a global scale to encourage the phasing out of inefficient fuel subsidies by 2025, with a simultaneous push for increased investments in renewable energy. Natalie Jones, a policy advisor at the International Institute for Sustainable Development (IISD), emphasized the prominence of the fossil fuel phase-out initiative within the proposed decisions.
Despite recent commitments made at previous COP conferences, the issue of rising fossil fuel subsidies continues to plague global efforts. A record high of $1.4 trillion in public funds was allocated to support fossil fuels in 2022, as reported ahead of the G20 Leaders’ Summit in New Delhi this September. This alarming trend underlines the urgency for immediate action to mitigate the impacts of increasing global temperatures.
With the global surface temperature already risen by 1.15 degrees Celsius, scientists stress the critical need to halve emissions by 2030 from 2009 levels to curb the alarming trajectory of climate change. The report also emphasizes the importance of global cooperation, particularly in supporting developing nations’ transition to clean energy and climate change adaptation.
In the lead-up to COP28, the global stocktake discussions are also considering measures such as a call for the phasing out of unabated coal power generation by 2040, a significant boost in renewable energy deployment, and a doubling of low-carbon hydrogen production by 2030. Furthermore, the role of natural gas as a transitional fuel is being deliberated, highlighting the complexity of the energy transition.
India has actively contributed to these discussions, emphasizing the need for equity in actions taken by both developed and developing nations. The global community awaits the outcomes of COP28 with anticipation, hoping for robust measures and agreements to combat the pressing challenges posed by climate change on a global scale.
Also Read: Sustainability: Promoting Eco-Friendly Festivities For Better Environment
https://thelogicalindian.com/h-upload/2023/10/18/500x300_233935-fireflyasymbolicrepresentationoftheearthwithvariousiconsrepresentingnaturalgasrenewabl.webp
Trending
2023-10-18 05:37:04.0
Global Urgency: Incorporating Fossil Fuel Phase-Out Into UN Global Stocktake Agenda
