Emission Gap Report 2023

Why in news?

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.

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 COP27 of 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 zero commitments 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.

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.

References

1. Down To Earth- 14% chance of limiting global warming
2. UNEP- Emission Gap Report 2023