Meeting the Goals of the Paris Agreement

The first Global Stocktake (GST) Report 2023—mandated under Article 14(1) of the Paris Agreement—echoes the previous warning that mitigation and adaptation efforts are falling short. The report notes that the global temperatures are likely to increase by 2.4^oC–2.6^oC above the pre-industrial period. Based on the current nationally determined contributions (NDCs), there is an emission gap of 20.3–23.9 Gt CO₂ equivalent in limiting the warming to 1.5^oC by 2030. The Group of Twenty nations account for 80% of the global greenhouse gas (GHG) emissions and 93% of coal-based thermal power plants are owned by them. Pursuantly, the role of governments, both party and non-party members, to support the transformation systems that mainstream climate resilience and lower the GHG emissions becomes crucial.

This is because the interconnected three pillars of global climate response:—(i) mitigation, (ii) adaptation, and (iii) loss and damage—desperately need funding and action. Access to the cost-effective measures within developing countries in all sectors and systems and upward revision in mitigation targets via smart urban planning is recommended since 67% to 72% of the emissions come from cities. The formulation of long-term low emissions development strategies (LT-LEDs) of the parties should translate to concrete measures to shift to 1.5^oC to 2^oC pathways and chart their transition paths. This implies a decline of around 43%, 60%, and 84% in GHG emissions below the 2019 level by 2030, 2035, and 2050, respectively, globally, according to the Intergovernmental Panel on Climate Change. In the absence of it, there will be increased demand for loss and damage funding, which is, presently, only around a third of the required amount as assessed by the Standing Committee on Finance.