UN Climate Ambition Summit 2023

Relevance: GS3- Conservation, Environmental Pollution, and Degradation, Environmental Impact Assessment

(Source: The Hindu, 09/22/2023)

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Why in the News?

• The UN Climate Ambition Summit was organised on the sidelines of the 78th United Nations General Assembly at UN headquarters in New York.
• The summit marked the absence of major economies like India, USA and China whose actions significantly influence the future of global emissions.

Major Outcome of the summit

• All Government leaders are expected to present updated following documents
  • Pre-2030 Nationally Determined Contributions (as agreed in Glasgow)
  • Updated net-zero targets
  • Energy transition plans with commitments to no new coal, oil and gas
  • Fossil fuel phase-out plans
  • Ambitious renewable-energy targets
  • Green Climate Fund pledges
• All main emitters and notably all G20 governments are asked to commit to presenting, by 2025, more ambitious economy-wide Nationally Determined Contributions featuring absolute emissions cuts and covering all gases.
• Leaders of businesses, cities, regions and financial institutions are expected to present transition plans.
• Leaders of governments, international and regional organisations and financial institutions, the private sector and civil society will present existing or emerging implementation partnerships addressing challenges and opportunities related to accelerating the decarbonization of high-emitting sectors.

Updated targets given by countries:

• Nepal announced a revised target of achieving Net Zero emissions by 2045 instead of 2050, Thailand expressed its determination to be Net Zero by 2050 and Portugal announced a goal to be carbon neutral by 2045, instead of 2050.
• Brazil has announced the reinstatement of its original 2015 nationally determined contributions (NDC).

Climate finance

• At the G20 Leaders’ Summit in New Delhi this year, the UK and South Korea announced replenishment of the Green Climate Fund of $2 billion and $300 million, respectively.
• Other countries also pledged replenishments, like Spain (€225 million or approximately $240 million), Germany (€2 billion or $2.13 billion), Iceland ($5.6 billion) and Slovakia (€2.2 million or $2.34 million).
• Commitments to the Loss and Damage Fund (LDF), established at COP27 in Egypt, remained even more inconspicuous.
• Apart from Austria and Spain, no references were made to financing the LDF.

Other outcomes

• The European Union and Canada emphasised the call for covering at least 60 percent of global emissions by carbon pricing.
• Germany announced the launch of the International Climate Club, which it will co-chair with Chile, aiming to decarbonise industrial sectors and scale up green growth.

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FAQ

MCQ

Question: Consider the following statements

1. The Loss and Damage Fund was established during COP 26 of UNFCCC.
2. The Green Climate Fund was established during COP 16 of UNFCCC in 2010.

Which of the statements given above is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2