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Context

• A new issue brief was released by the Council on Energy, Environment and Water (CEEW).

Findings of the Report

• Developed countries are projected to collectively emit around 3.7 giga tonnes extra carbon dioxide (CO2) in 2030, against the reduction goals expressed in their nationally determined contributions (NDCs) under the 2015 Paris Agreement.
• This represents a 38% emission overshoot, with the United States, European Union, and Russia responsible for 83% of this.
• Only two developed countries-- Norway and Belarus are on track to achieve their nationally determined contributions (NDCs) for this decade.
• Currently, developed countries’ NDCs for 2030 collectively represent a 36% reduction in emissions from their 2019 levels. This is less than the global average of 43% that is required to keep the 1.5°C target alive.
• The report highlights the implications of this for developing countries, which need sufficient carbon space to address their development challenges.
• To achieve net-zero emissions goal by 2050, developed countries bank on drastically reducing emissions after 2030.
• Even if net zero by 2050 is achieved, developed countries would still consume 40-50% of the remaining carbon budget.

Recommendations made

• Developed countries need to enhance their NDCs and scale up climate action to bridge the projected 3.7 GtCO2e implementation gap by 2025.
• What remains of the global carbon budget to keep global warming below 1.5°C is estimated to be about 500 GtCO2.
• This amount will be depleted by the end of the decade at the current rate of global emissions according to the Intergovernmental Panel on Climate Change (IPCC).
• Around 40-50% of the remaining global carbon budget for the 1.5°C target would be consumed by developed countries even if they achieve net zero emissions by 2050, CEEW has projected.

Implications and Closing Remarks

• Even in this critical decade, developed countries are not projected to meet their 2030 NDC targets.
• This failure has implications for the limited global carbon budget available now, especially for developing countries like India.
• The climate journey of developed countries – historical and proposed – does not show deep enough emission reductions to reflect climate leadership.
• This means that the burden to mitigate global warming shifts to developing countries, which is problematic in a context where financial support to developing countries to achieve this transition has not been forthcoming, as promised.
• It is also crucial for the Global South to have produced this analysis and not just rely on handed-down assessments that focus disproportionately on emissions of emerging economies.
• To fulfil their responsibility as historical emitters and financially capable economies, developed countries must do more than meet the global average in emission reduction.

Council on Energy, Environment and Water

• The Council on Energy, Environment and Water, commonly known as CEEW, is a Not-for-profit Think Tank and policy institution.
• It is based in New Delhi, India.
• CEEW was founded in 2010 with a mission to identify integrated solutions required to achieve balanced growth and development for India.
• CEEW was formed to provide independent research-based insights to policymakers for building a sustainable India.
• CEEW's research areas include energy and resource efficiency and security; power sector reforms, industrial decarbonization, sustainable mobility and cooling, sustainable food systems, climate risks and adaptation, air quality, water resources management, sustainability finance, energy-trade-climate linkages, and climate geoengineering governance.
• CEEW is an independent research institution, which receives its funding through donations and grants.

IMPORTANT LINKS:

https://www.iasgyan.in/daily-current-affairs/climate-finance

https://www.iasgyan.in/daily-current-affairs/climate-action-summit-2023

https://www.iasgyan.in/daily-current-affairs/nationally-determined-contributions

https://www.iasgyan.in/daily-current-affairs/indias-updated-nationally-determined

https://www.iasgyan.in/daily-current-affairs/climate-action-summit-2023

https://iasgyan.in/blogs/all-about-intergovernmental-panel-on-climate-changeipcc

https://www.iasgyan.in/daily-current-affairs/ipcc-ar6-synthesis-report

PRACTICE QUESTION Q. To fulfill their responsibility as historical emitters and financially capable economies, developed countries must do more than meet the global average in emission reduction. Justify.