 "A scientific, sustainable way to finance climate goals")
According to the Intergovernmental Panel on Climate Change, the world needs to reduce greenhouse gas emissions by at least 43 percent by 2030 (compared to 2019 levels) and by at least 60 percent by 2035 to limit warming to 1.5 degrees Celsius
International non-profit organisation Climate Group kicked off the annual Climate Week NYC on Sunday, urging countries to tax imports of oil and gas to fund the green transition, remove barriers to renewable energy expansion, and rapidly reduce methane emissions.
Organised by Climate Group in partnership with the United Nations, Climate Week NYC is an annual event held in New York City that brings together world leaders, businesses, activists, and organisations to discuss and accelerate global climate action.
Releasing a seven-point to-do list to get the world on track with climate goals, Climate Group said the UN climate negotiations and the implementation of agreements alone are not delivering the speed of emissions cuts needed to avoid breaching the 1.5 degrees Celsius guardrail.
According to the Intergovernmental Panel on Climate Change, the world needs to reduce greenhouse gas emissions by at least 43 percent by 2030 (compared to 2019 levels) and by at least 60 percent by 2035 to limit warming to 1.5 degrees Celsius.
Earth’s global surface temperature has already increased by around 1.15 degrees Celsius compared to the average in 1850-1900 due to the rapidly increasing concentration of greenhouse gases — ?primarily carbon dioxide and methane — in the atmosphere.
“But global emissions continue at their dangerous levels despite the rapid growth of renewables and the sale of electric vehicles. Coal and oil usage have gone up. Even the US, with its most ambitious administration on climate in history, only reduced emissions by 1.9 percent in 2023,” Climate Group said in a statement.
“It’s time for a reality check. We can’t keep making ambitious commitments but then only half implementing them…Climate discussions often focus on targets we need to reach by 2030, or even 2050. These are important milestones, but when it comes to the results we need right now, we’re still collectively failing,” said Climate Group CEO Helen Clarkson.
The group urged G20 countries to agree on a minimum new “import tax on oil and gas” to support the energy transition and to dismantle barriers to the rapid deployment of renewable energy to meet the 2030 target of tripling renewable energy capacity.
It also called for governments to rapidly cut down methane emissions and create a powerful global agency to monitor and reduce methane leaks.
Methane is a potent greenhouse gas, with over 80 times the warming impact of CO2 over a 20-year period. It is responsible for nearly a third of the rise in global temperatures since the Industrial Revolution.
The non-profit advocated for greater compensation for workers to ensure a just transition away from coal and demanded a ban on the relining of coal-based steel furnaces. “Electric furnaces and the production of green hydrogen should be the norm from now on,” it said.
Climate Group suggested that governments and businesses prioritise buying low-carbon products and renewable energy, and that all businesses aim to be five per cent more efficient in a year by upgrading buildings and using electric vehicles.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 22 2024 | 10:04 AM IST
