Active Stocks
Mon Apr 22 2024 12:36:58
  1. Tata Steel share price
  2. 162.65 0.34%
  1. HDFC Bank share price
  2. 1,518.90 -0.81%
  1. Wipro share price
  2. 462.15 2.05%
  1. NTPC share price
  2. 345.30 -1.60%
  1. Tata Motors share price
  2. 971.30 0.84%
Business News/ News / World/  G7 urges major economies: Net zero by 2050, emissions peak by 2025
BackBack

G7 urges major economies: Net zero by 2050, emissions peak by 2025

Considering the energy crisis resulting from the ongoing Russia-Ukraine conflict, the group has temporarily permitted developed countries to invest in gas as a response.

U.S. President Joe Biden, from left, Japan's Prime Minister Fumio Kishida, Australia's Prime Minister Anthony Albanese and India's Prime Minister Narendra Modi hold a Quad meeting on the sidelines of the G7 summit, at the Grand Prince Hotel in Hiroshima, western Japan, Saturday, May 20, 2023. (Jonathan Ernst/Pool Photo via AP) (AP)Premium
U.S. President Joe Biden, from left, Japan's Prime Minister Fumio Kishida, Australia's Prime Minister Anthony Albanese and India's Prime Minister Narendra Modi hold a Quad meeting on the sidelines of the G7 summit, at the Grand Prince Hotel in Hiroshima, western Japan, Saturday, May 20, 2023. (Jonathan Ernst/Pool Photo via AP) (AP)

The G7 nations have called on major economies, such as India and China, to make a commitment to achieve net zero emissions by 2050 and reach the peak of their emissions by 2025, as reported by PTI.

However, considering the energy crisis resulting from the ongoing Russia-Ukraine conflict, the group has temporarily permitted developed countries to invest in gas as a response.

"We call on all Parties – especially major economies – whose 2030 NDC targets or long-term low GHG emission development Strategies (LTSs) are not yet aligned with a 1.5 degree Celsius pathway and net zero by 2050 at the latest, to revisit and strengthen the 2030 NDC targets and publish or update their LTSs as soon as possible and well before UNFCCC-COP28, and to commit to net zero by 2050 at the latest," a G7 communique issued on Saturday read.

"Furthermore, we call on all Parties to commit at UNFCCC-COP28 to peak global GHG emissions immediately and by no later than 2025," it said.

The G7 nations expressed the need to expedite the reduction of their reliance on Russian energy and tackle the worldwide consequences of the Russia-Ukraine conflict on energy supplies, gas prices, inflation, and the well-being of individuals.

"In this context, we stress the important role that increased deliveries of LNG can play and acknowledge that investment in the sector can be appropriate in response to the current crisis and to address potential gas market shortfalls provoked by the crisis. In the exceptional circumstance of accelerating the phase out of our dependency on Russian energy, publicly supported investment in the gas sector can be appropriate as a temporary response," the communique said.

Critics have denounced the decision, stating that it contradicts the appeals made by the Intergovernmental Panel on Climate Change and the International Energy Agency to cease new investments in fossil fuel production.

"The G7, among the richest nations in the world, have once again proved to be poor leaders on tackling climate change. Paying lip service to the need to keep global warming below 1.5 degree Celsius while at the same time continuing to invest in gas shows a bizarre political disconnect from science and a complete disregard of the climate emergency," said Harjeet Singh, the head of Global Political Strategy, Climate Action Network International.

The G7 nations announced that they have discontinued providing new direct government assistance for unmitigated international thermal coal power generation starting in 2021. They urged other countries, particularly major economies, to follow suit.

Additionally, they pledged to collaborate with other developed nations to fulfill the objective of mobilizing USD 100 billion annually in climate finance (for the period from 2020 to 2025) this year, albeit three years behind schedule.

However, the communique released on Saturday after the meeting of G7 leaders in Hiroshima, Japan, doesn’t mention if this amount will be increased for the post-2025 period.

India has committed to going net zero by 2070 and China by 2060. Net zero means achieving a balance between the greenhouse gases put into the atmosphere and those taken out.

India submitted its long-term low emission development strategy (LT-LEDS) to the UN climate body at COP27 in Egypt's Sharm el-Sheikh, detailing what it would do to achieve the net zero emissions target by 2070.

In 2021, India's then environment secretary Rameshwar Prasad Gupta had said that the country's emissions would peak between 2040 and 2045 and then decrease.

At the G7 Ministers Meeting on Climate Energy and Environment in Japan's Sapporo last month, Union Environment Minister Bhupender Yadav had said that meeting the global target of achieving net zero emissions by 2050 will require developed nations to scale up their emission reduction efforts.

India has maintained that the historical cumulative emissions of countries should be the measure of their responsibility to raise ambitions and that some developed nations "must reach net zero even before 2030".

The group of seven, comprising the US, France, the UK, Italy, Germany, Canada and Japan, represent the world's richest democracies. Under its G7 presidency, Japan invited India and seven other countries to the summit as guests.

The Earth's global surface temperature has risen by around 1.15 degrees Celsius as compared to the pre-industrial (1850-1900) average and the CO2 spewed into the atmosphere since the start of the industrial revolution is closely tied to it.

Major damage had already been done before the 1990s when economies like India started to develop, reports suggest.

According to the "Global Carbon Budget Report - 2022", more than half of the world's CO2 emissions in 2021 were from three places -- China (31 per cent), the US (14 per cent), and the European Union (eight per cent).

Ranking fourth, India accounted for seven per cent of global CO2 emissions.

According to a recent report from the United Nations Environment Programme, India's per capita greenhouse gas emissions stand at 2.4 tCO2e (tonnes of carbon dioxide equivalent), which is significantly lower than the global average of 6.3 tCO2e.

In comparison, the United States has the highest per capita emissions at 14 tCO2e, followed by Russia (13 tCO2e), China (9.7 tCO2e), Brazil and Indonesia (approximately 7.5 tCO2e each), and the European Union (7.2 tCO2e).

(With inputs from PTI)

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 21 May 2023, 08:39 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App