New Delhi [India]November 4 (ANI): The 27th session of the Conference of the Parties to the UNFCCC or COP27 will be held in Sharm el-Sheikh, Egypt from November 6 to 18, in an effort to build on past successes and pave the way for dealing effectively. global climate change.
Dan Klein, Head of Future Energy Pathway, S&P Global Commodity Insights, said that against a backdrop of economic and geopolitical uncertainties, there are at least seven key things to watch for at COP27 in Egypt.
“Clearly, the first and foremost question for the COP27 percent is what is actually possible in terms of unity and reconciliation, where recession and unequal funding factors and geopolitics are opening the gap,” Klein said.
Ahead of the widely-followed annual global climate meeting, S&P Global Commodity Insights has taken a look at at least seven key points during the two-week-long summit.
they are:
Can the world unite around climate right now?
Western Europe and the US have significant plans to reduce carbon emissions, but even if emissions in these regions drop to zero, emissions from the rest of the world need to drop 65 percent to reach the global 2-degree target. will be required. There is a real possibility that the current global energy crisis will lead to some backlash from existing climate commitments at COP27.
Will the COP remain relevant?
Major policies and initiatives to address climate focus on individual country goals rather than collective climate actions. Wealthy nations are trying to address their own strategic objectives as well as their citizens’ concerns about economic uncertainty and rising inflation. The second week of the COP, when time constraints usually speed up negotiations, could dominate decisions in the concurrent G20 meeting.
Will COP27 provide clarity for voluntary carbon market participants?
Expect a focus for the Center on Article 6.2, and which mitigation activities qualify for Internationally Transferred Mitigation Outcomes (ITMOs), where emissions reductions achieved in one country can be passed on to another country. Analysts at S&P Global Commodity Insights expect the positive announcements to have the potential to support higher long-term carbon credit prices.
Will countries accelerate decarbonization targets?
It will ask to see whether and how countries change their nationally determined contributions (NDCs) to the Paris Agreement, and whether energy security concerns affect decarbonization goals. The United States may be an outlier this year as the recently passed Inflation Reduction Act adds real credibility to the US NDC.
What is the progress on the additional agreements signed last year?
Coal, methane and deforestation were featured in COP26. Will this be the year countries finally agree to phase out coal, even amid energy security concerns? More than 100 countries signed the Global Methane Pledge to reduce methane emissions by 30 percent by 2030, and 100 countries committed to ending deforestation by 2030. The signatories to these agreements will be scrutinized to show progress.
What will India do?
India will seek funding from the developed world to address carbon mitigation, pointing to the fact that per capita fossil fuel consumption in the US is 10 times higher than India’s level.
Are rich countries willing to fund poorer countries’ mitigation and adaptation efforts?
International agreements for wealthier countries have largely fallen short of decarbonization efforts in developing countries. Recent weather events, such as floods in India and Pakistan, are being directly linked to climate change, which may fuel the campaign to create a mechanism for payment for damages and damages, even though wealthier nations face difficult macroeconomic conditions. You can oppose this campaign.
What did India announce at COP26 held in 2021?
At the COP26 summit in Glasgow in late 2021, Prime Minister Narendra Modi committed to an ambitious five-part “Panchamrut” pledge, including reaching 500 GW of non-fossil power capacity, half of all energy needs from renewable energy. production, reducing emissions. 1 billion tonnes by 2030.
India aims to reduce the emission intensity of GDP by 45 percent. Finally, India is committed to net-zero emissions by 2070.
Speaking of, India has gone ahead and banned the use of many single-use plastics starting from July 2022.
The adverse effects of plastics on single-use plastic items littered both terrestrial and aquatic ecosystems, including the marine environment, are globally recognized. Addressing pollution caused by single-use plastic items has become a significant environmental challenge facing all countries.
India is expected to take up matters such as climate finance for the developing world where per capita emissions are comparatively low compared to the developed world to address carbon mitigation. (ANI)
This report is automatically generated from ANI news service. ThePrint assumes no responsibility for its contents.