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Your Climate Action Diary - 51

Year 2023 • Week 45 • Anushthatri Sharma
Hi,

Just 2 weeks ahead of this year's COP, the UN Production Gap Report has revealed some very disturbing facts, becoming much of the talking point in recent weeks.

The report which tracks the misalignment between governments’ planned fossil fuel production & global production levels (with respect to limiting global warming to 1.5°C or 2°C), looked at 20 major fossil fuel producing countries and underscored the wide gap between world leaders’ lofty promises to take stronger action on climate-change and their nations’ actual production plans

It will be important to note if world leaders at COP28 Climate Conference intend to discuss/action on a phaseout of fossil fuels.

Can we really address climate catastrophe without tackling its root cause (fossil fuel dependence) at the COP? We will be following this story closely. 
Harish
Team - OnePointFive Tribe

Global Corporates Lag in Quality Net-Zero Pledges

A report by Oxford University reveals that while half of the world's top 2,000 listed companies aim for net-zero emissions by mid-century, only just 4% meet the stringent criteria of the UN's Race to Zero campaign, including comprehensive emission coverage & immediate reduction actions. Only 37% address Scope 3 emissions, and 13% have quality standards for carbon offsets. The findings from the Net Zero Tracker consortium highlight the need for more robust corporate commitments ahead of the COP28 climate talks.

Governments' Fossil Fuel Plans Threaten Climate Goals

A new report reveals that governments plan to increase fossil fuel production by 110% in 2030, exceeding targets for limiting global warming to 1.5°C. Despite 151 nations committing to net-zero emissions, the report urges a near-total coal phase-out by 2040 and a 75% reduction in oil and gas production by 2050. UN Secretary-General António Guterres calls for COP28 to signal the end of the fossil fuel era.

India Unveils Guidelines for Carbon Market Implementation

India has outlined rules for its compliance carbon market, revealing how emission allowances will be issued and traded. This paves the way for the official launch of the market, set to occur around 2026. The compliance mechanism will cover 11 sectors gradually, including petroleum refineries, cement, steel, and thermal power plants. India's approach involves an intensity-based method, setting annual targets for greenhouse gas emission intensities. The market covers various greenhouse gases beyond CO2.

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