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Your Climate Action Diary - 74

Year 2024 • Week 44 • Anushthatri Sharma
Hello,

Hope you're doing well!

With just two weeks away until this year's international climate negotiations at Baku, Azerbaijan (COP29), the spotlight is once again on national dynamics.
As we await crucial climate action pledges again, the United Nations Environment Programme (UNEP) has issued a report that makes a clarion call for a 42% reduction in global greenhouse gas emissions by 2030 (compared to 2019 levels) to limit warming to 1.5°C. UNEP warns that if current policies persist, we could face a staggering temperature rise of 2.6–3.1°C by the century’s end, with many consequences already unfolding.

Moreover, UNEP highlights that the G20 nations, which account for 82% of global emissions, are collectively “off track” in achieving their climate commitments.

In tandem, the International Energy Agency (IEA) has released its ‘World Energy Outlook 2024’ Report, forecasting a transition into an “age of electricity” as fossil fuel demand peaks, potentially enhancing green energy investments. However, it also underscores the high levels of uncertainty driven by the ongoing geopolitical conflicts, particularly those in the Middle East and Russia.

Stay Informed and Inspired, 
Harish

(Team OnePointFive) 

BRICS Nations Turn the Page on Fossil Fuels

The BRICS nations are on the brink of a major energy shift. By the end of 2024, fossil fuels will account for less than 50% of their total power capacity, marking a significant milestone in their transition to renewable energy. This is driven by rapid growth in wind & solar power, which has outpaced fossil fuel projects. However, ongoing investments in coal, oil & gas pose a challenge to this clean energy transition. The BRICS nations face the challenge of balancing their renewable energy ambitions with their fossil fuel infrastructure to ensure a sustainable energy future.

Global Regulators Scrutinize Banks' Climate Risk Management

Global banking regulators, led by the Basel Committee, have recently conducted a survey to assess banks' climate risk management practices. This move highlights the growing importance of climate-related financial risks & the need for consistent regulatory approaches. The survey aimed to gather insights into banks' risk assessment, operational resilience, & data collection capabilities in the context of climate change. The survey also seeks to establish a common understanding & potential convergence in regulatory frameworks.

India Prepares for COP29 Baku with Carbon Intensity Targets

India is nearing the finalization of carbon intensity targets for specific industries to prepare for the upcoming COP29 in Baku. This move is crucial for establishing a compliance carbon market. Companies will be required to maintain emissions within specified limits or purchase credits from those with surplus emissions. This approach aims to incentivize carbon reduction and foster a market-driven solution to climate change mitigation.

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