Paris Agreement News

climate change are evident through increased floods, droughts, heat waves and other extreme weather events across the globe. Scientists warn that if immediate action is not taken, the damage caused may become irreversible by 2030. One of the major contributors to global warming is greenhouse gas emissions from traditional internal combustion engine (ICE) vehicles. However, there is still hope if we accelerate the adoption of zero-emission electric vehicles. The Auto Industry's Electric Shift

climate activists have increasingly turned to courts to precipitate climate action. They want recognition of climate action as intrinsic as safeguarding constitutional and human rights. Starting with courts in the Netherlands, Australia, the US and Germany, and, more recently, European Court of Human Rights (ECtHR) and India’s Supreme Court — in its recent decision to include the adverse impact of climate change as a part of fundamental rights — judicial verdicts have held that governments are dutybound to enact and enforce suitable laws to protect present and future generations from the adverse effects of climate change. Citizen-led judicial activism, particularly from vulnerable and interest groups, reflects a rising public consciousness that governments’ failure to take timely and resolute climate action is a human rights issue. With constitutional courts upholding this position, climate action by the state is no longer a choice but an imperative.

El Nino has peaked as one of the five strongest on record and will continue to impact global climate in the coming months despite a weakening trend, the World Meteorological Organisation said on Tuesday. The UN agency also said above-normal temperatures are predicted over almost all land areas between March and May. The prevailing El Nino conditions fuelled record temperatures and extreme events the world over, with 2023 being the warmest on record. According to the European Union's Copernicus Climate Change Service, the global mean temperature breached the 1.5-degree Celsius threshold for an entire year for the first time in January.

global temperatures were more than 1.5 degrees Celsius warmer than pre-industrial levels for 12 consecutive months. From February 2023 to January 2024, average temperatures were 1.52 degrees Celsius — converted, the equivalent of 2.73 degrees Fahrenheit — warmer than between 1850 and 1900. That's when humans started warming the planet by burning fossil fuels and pumping greenhouse gases into the atmosphere. This came as the planet experienced its hottest January on record, according to the European Union's Copernicus Climate Change Service (C3S).

Loss and Damage Fund (LDF) at COP28 has fulfilled a long-standing demand of developing countries. Many countries announced their contributions to the fund, cumulatively amounting to about $700 million. The term 'loss and damage' refers to: Stretched limits Impacts that go beyond the limits of adaptation and mitigation efforts, such as economic losses (damage to infrastructure and productive systems) and non-economic losses (loss of lives, livelihoods, cultural heritage and biodiversity). Slow and furious Slow-onset events like sea-level rise and ocean acidification, as well as extreme weather events like floods, droughts and storms. The decision to create LDF was taken at COP27 at Sharm el-Sheikh, Egypt.

Organised by shareholder campaign group Follow This, the resolution currently has the backing of around five per cent of Shell's stock. | Credit: iStock

Tata Power, Adani Power and Reliance Power. India’s installed power capacity as of May 2023 was about 418 GW. Of this, the overall capacity of fossil-based power plants was about 237 GW, with the share of coal at 205 GW.

Rajnath Singh said India has emerged as a global growth engine and is providing a new direction to the world. The minister emphasised that the growth story has showcased that there is no trade-off between economic growth and distributive justice. «Our growth model shows that equal opportunities to everyone and the accelerated growth rate can be achieved simultaneously,» the minister said at Ficci's 96th annual general meeting and annual convention in New Delhi. He added that the growth being achieved is sustainable and has not come at the cost of environmental degradation. «We have chosen the path of green growth.

COP28 is approaching the end of the first week and the kings, presidents and prime ministers have flown off. Now, hundreds of seasoned climate diplomats must get down to the tough job of negotiating a text that everyone can agree on. Adnan Amin, who as chief executive officer of COP28 is one of Sultan Al-Jaber’s most senior lieutenants, said in an interview there are several areas that are likely to test negotiators over the rest of the summit. The tussle over whether the final agreement should commit to a “phase down” or “phase out” fossil fuels is prominent as always and different formulations are currently being shopped.

CO2) emissions from fossil fuels are projected to increase by 1.1% to reach record levels of 36.8 billion tonnes this year from 2022 with emissions in India being estimated to increase by 8.2% and in China by 4% whereas it may decline by 7.4% in the EU and 3% in the USA during the same period, said a Global Carbon Budget report. The analysis shows that the increase in fossil emissions is driven mainly by China and only to a smaller degree by India which still has clear development needs to overcome. Released on the sideline of the UN climate conference (COP28) on Tuesday, the report underlined that there is a 50% chance that global warming will exceed 1.5 degree celsius (Paris Agreement warming limit threshold) «consistently» in about seven years at the current emissions level. «It now looks inevitable we will overshoot the 1.5 degree C target of the Paris Agreement, and leaders meeting at COP28 will have to agree to rapid cuts in fossil fuel emissions even to keep the 2 degree C target alive,» said Pierre Friedlingstein of Exeter's Global Systems Institute, who led the study.

Paris Agreement goals, however there is little agreement on what needs to be done to get back on track. Differences remain on how to tackle fossil fuels, emphasis on coal as negotiators continue with their efforts to narrow differences before ministers take over at the end of the week. The global stock take is the main deliverable of the Dubai talks. It is the ambition mechanism of the Paris Agreement, where countries collectively assess progress across all pillars — emissions reduction, adapting to impacts of climate change, loss and damage, means of implementation, including finance. The text released early morning on Tuesday puts together several options representing country or negotiating group positions.

By Simon Jessop, Maha El Dahan and Hadeel Al Sayegh

The annual U.N. climate talks are nearly two weeks of delegates meeting

Shattering previous records, global mean temperature till October this year was around 1.4 degree Celsius above the pre-industrial level (1850-1900 average), the WMO said. Data so far shows 2023 almost touched the warming limit threshold of 1.5 degree C. This, however, does not mean that the world will permanently exceed the 1.5 degree C level specified in the Paris Agreement, which actually refers to long-term warming over many years. July '23 all-time warmest month on record, says WMO report Based on the data till October, it is virtually certain that 2023 will be the warmest year in the 174-year observational record, surpassing the previous joint warmest years, 2016 at 1.29 degree C above the 1850-1900 average and 2020 at 1.27 degree C.

International Monetary Fund (IMF). In a blog, the IMF's Simon Black, Florence Jaumotte, and Prasad Ananthakrishnan argued that emerging and developing countries (EMDEs) need $2 trillion annually, a fivefold increase from 2020. Even if advanced economies meet or somewhat exceed their promise to provide $100 billion a year, the bulk of the financing for these low-carbon investments will need to come from the private sector, they argued. «Eight years on from the Paris Agreement, policies remain insufficient to stabilise temperatures and avoid the worst effects of climate change.

Emissions mitigation targets: The first global stocktake report found that the current emissions reduction targets that countries have established, as part of their commitments under the Paris Agreement, are insufficient to meet the overarching goal of the Agreement to ideally limit the global temperature rise to 1.5 degrees Celsius above pre-industrial levels. 2.Phase out fossil fuel: The European Union has announced that it will be bringing a proposal to phase out unabated fossil fuel use to COP28.

The report shows much more action is needed now to bend the world’s emissions trajectory further downward and avoid the worst impacts of climate change. “Today’s report shows that governments combined are taking baby steps to avert the climate crisis. And it shows why governments must make bold strides forward at CoP28 in Dubai, to get on track,” said the Executive-Secretary of UN Climate Change, Simon Stiell.

The ongoing charges figure (OCF) for the newly-launched ETFs range is 0.25% for hedged share classes, and 0.20% for unhedged share classes.

Solar power is set to dominate global electricity markets within the next few decades, and may have already reached an “irreversible tipping point,” according to a study published this week in Nature Communications. The study finds that solar adoption will continue apace barring any major policy shifts geared at disrupting it.

The share classes will contribute to projects actively combatting climate change, but also that go beyond the reduction of emissions in investors’ portfolios.

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