The highly publicized annual Climate Change mitigation summit, COP27, is scheduled to be held from November 6 to 18 in Sharm El-Sheikh, Egypt. COP27 stands for: 27th Conference of Parties of UNFCCC (United Nations Framework Convention on Climate Change). Every year this conference is held for the international community to come together and deliberate on adapting, tackling and financing mitigation measures for climate change.
This year’s conference is even more crucial as there were many adverse weather events throughout the globe: typhoons in Bangladesh, unprecedented floods in Pakistan, wildfires in North America, heatwaves in Europe, dry rivers in China and drought in Africa.
Keeping climate action as a priority, the Egyptian Government has named this year’s summit as COP of Action.
IMF: 3 Parameters to Mitigate Climate Change
According to International Monetary Fund’s Managing Director Kristalina Georgieva, the global community must act on three parameters to stop climate change from getting worse: strong policies for achieving net zero by 2050, steadfast measures to adapt to locked in global warming, and serious commitment to climate financing to help countries most vulnerable to Climate Change.
“If we act now, not only can we avoid the worst, but we can also choose a better future. Done right, the green transformation will deliver a cleaner planet, with less pollution, more resilient economies, and healthier people.”, said Kristalina in her blog post.
India’s Agenda
Although 140 countries responsible for 91% of Global Greenhouse Gas Emissions have set Net Zero targets for 2050, India has set a more conservative and achievable target of 2070.
Prime Minister Narendra Modi, at last year’s COP26, pledged an ambitious commitment of “Panchamrit”. Panchamrit is a five-part action plan: Reach 500 GW Non-fossil energy capacity by 2030, 50 per cent of its energy requirements from renewable energy by 2030, Reduction of total projected carbon emissions by one billion tonnes from now to 2030, Reduction of the carbon intensity of the economy by 45 per cent by 2030, over 2005 levels and achieving net zero by 2070.
This year India aims to focus on discussions around Climate Financing. It is an important matter because the developing world has far less per capita emissions than the developed world. Yet, it will bear the brunt of all adverse effects of climate change.
Thus, India wants clarity on the definition of Climate Financing. It wants the developed world to focus its attention on fulfilling the goal of 100$ billion of climate finance by 2020 and thereafter every year through 2025.
“Due to lack of common understanding, several estimates of what has flown as Climate Finance are available. While the promised amount must be reached as quickly as possible, there is a need now to substantially enhance the ambition to ensure adequate resource flow under the new quantified goal post-2024”, a statement put out by the ministry of Environment, Forest and Climate Change said.
Bhupendra Yadav, Union Cabinet Minister of Environment, Forest and Climate Change, will lead this year’s delegation to COP27.
With Inputs from ANI
