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Your Climate Action Diary - 59

Year 2024 • Week 12 • Anushthatri Sharma
Hi,
 
Hope you are well.

New study this month from EU’s climate agency has confirmed that 2023 was indeed the planet’s hottest year. It puts the warming planet on display and confirms the trend we are on with our ‘still’ continuous emission of greenhouse gasses (which by the way, is also at its peak).

But what about climate-action? The Paris Agreement and the subsequent COPs? And dialogues in Climate Finances? While we are struggling to find common solutions (and in most cases, ‘to action after solutions’ have been worked out), truth be told, there are successes in each of them ( look for Government and RBI in action, respectively in today’s newsletter ). 

But it is worth thinking if we have got the ‘speed of action’ wrong. In an often described ‘fast-paced-modern-world’ how come we are changing slower than the climate ?

Give it a thought.

Regards, 

Harish

EU Unveils Ambitious Climate Target

The EU proposed a 90% net emission reduction by 2040 compared to 1990 levels. This is a steeper target than the previous 55% by 2030 goal. The plan includes phasing out fossil fuels, but some gas imports may continue after 2050. Critics say the EU should do more as a historical polluter and that the plan relies too heavily on unproven carbon capture technologies.

RBI Mandates Climate Risk Disclosure for Banks

The RBI proposed guidelines on climate-related financial disclosures for banks and other financial institutions. The disclosures will be aligned with the TCFD framework and cover 4 areas: governance, strategy, risk management, and metrics/targets. This will require banks to assess their climate risks and opportunities and integrate them into risk management processes.

India Subsidizes Rooftop Solar for Homes

The Indian government approved a subsidy program to install rooftop solar panels on 10 million homes. The program will cover up to 60% of the cost and provide loans for the rest. This aims to add 30 GW solar capacity and benefit lower-middle-class households.

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