The Conference of the Parties to the UN Framework Convention on Climate Change committed, for the first time in its 28 years of climate talks, to move away from fossil fuels that release greenhouse gases, such as coal, oil, and gas, by 2050 in order to limit global warming to 1.5°C.
The road to this lofty objective is difficult and will put the nations’ willingness to practise what they preach to the test. Countries all throughout the world must rethink their policies, subsidies, and laws in light of this shift.
Source: Hindustan Times
A significant change in the way businesses are powered and electricity is produced and used is necessary to achieve net-zero emissions by the middle of the century. Because more than three-fourths of the world’s energy is still derived from coal, oil, and gas, despite all the efforts made in recent decades to transition to renewable and other green energy sources.
Source: CBC News
Billion-dollar investments are required in addition to technology support for carbon collection and adaptation to renewable energy sources in order to “transition away” for the developing countries in a fair and just way. Even while wealthy countries offered a record $12.8 billion to the Green Climate Fund at COP28, it is unclear if they would follow through on their commitments or if the Global South will once more be left high and dry by unfulfilled aid promises.
The largest obstacle to turning goals into reality is a lack of funding. Given that 2023 will be the hottest year on record, it is more important than ever to stop climate change. The states must fully respect the course decided upon at COP28.
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