Emission Gap Report 2023

The UN report has revealed that the world was set to become warmer by at least 3 degree Celsius by the end of the century with the current climate policies of the countries.

Emission Gap Report 2023

Emission gap –It is the difference where greenhouse gas emissions are projected to be in 2030 and where they should be to limit global warming to well below 2°C or 1.5°C.
Report - It is an annual assessment that evaluates the gap between the amount of global greenhouse gas emissions now and what is necessary to meet the objectives of the Paris Agreement.
Based on the latest scientific assessments and data, it explores the actions and policies needed to close the emission gap and achieve the goals of the Paris Agreement.
Published by- United Nations Environment Program (UNEP)
Theme- “Broken Record – Temperatures hit new highs, yet world fails to cut emissions (again)”.

What are the key takeaways of the report?

Limited probability- There is only a 14% chance of limiting global warming to 1.5°Celsius over pre-industrial levels.
Nationally Determined Contributions (NDC)- Even if the existing NDCS are delivered by 2030, the world will warm by 2.5°C, breaching the 2°C target set by the Paris Agreement.
Lack of commitment- Only 9 countries have updated their NDC since the COP27of UNFCCC in 2022.
Emissions- Approximately two-thirds come from fossil fuel-based CO2 emissions.
G20 nations are responsible for three-quarters of the current warming.
The three largest emitters are China, United States and India.

Climate change- There is increasing frequency and intensity of extreme weather events and temperature anomalies.
As emission gap is widening urgent and ambitious action is needed to close the emission gap.
Lack of credibility- The net zerocommitments made by 97 parties, covering 82% of global emissions varies widely and are insufficient.
Temperature rise-The world is on track to warm by at least 3°Celsius by 2100, and that 86 days in 2023 have already exceeded the 1.5 degree Celsius limit set by the Paris Agreement.

Global Climate Friendly Initiatives

Inflation Reduction Act- It is a US law that aims to fight inflation, lower the deficit, reduce the price of prescription drugs for seniors, and reduce the country’s carbon emissions.
Fit for 55- It is a set of proposals by the European Commission to revise and update European Union (EU) legislation with the goal of reducing net greenhouse gas emissions by at least 55% by 2030 and achieving climate neutrality by 2050.
REPowerEU- It is a plan by the European Commission to support the clean energy transition and reduce the EU’s dependence on fossil fuels, especially Russian gas, oil and coal imports.

What are the suggestions made by the report?

Climate finance- There is an urgent need for affordable finance in lower-middle-income countries for clean energy investments.
Net zero pledges- Enhance the feasibility and credibility of net-zero pledges, by specifying the role of carbon dioxide removal and aligning near-term emission trajectories with long-term targets.
Policy framework- Strengthen the policy support and innovation system for carbon dioxide removal, by developing clear governance frameworks, creating niche markets and incentives.
Collaborative action- Increase the ambition and action of all actors, including national and subnational governments, businesses, investors, civil society and individuals, and foster collaboration and synergies across sectors and scales.
Foster transparency- Enhance accountability of emission reduction efforts, by improving the quality and comparability of GHG inventories, NDCs and long-term strategies.
C02 removal strategies- CO2 removal strategies is the direct removal of CO2 from the atmosphere and its durable storage in geological, terrestrial, or ocean reservoirs or in products. It involves
- Carbon capture and storage and
- Carbon capture and utilisation
Urgent action- The world needs to reduce emissions by 8.7% every year from 2024 to achieve the 1.5°Celsius target.

Source:

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