US Pledges to Cut Greenhouse Gas Emissions by 61% by 2035

The United States has set an ambitious target to reduce greenhouse gas emissions by 61-66% by 2035, compared to 2005, aiming for a 50-52% reduction by 2030. The updated target is part of the Nationally Determined Contribution (NDC) submitted to the UN under the Paris Agreement.

About the Paris Agreement

The Paris Agreement requires countries to outline specific climate action plans (NDCs). Each country must submit NDCs that detail its commitments to reducing emissions. The second round of NDCs for 2035 is due by February next year.

The US aims to reduce emissions by 2035. Officials believe this can be achieved despite potential rollbacks in climate policies. Private industries have heavily invested in clean energy, supporting the transition.

Financial Commitments and Climate Finance

The US has historically underperformed in providing climate finance to developing nations. In 2023, it contributed $9.5 billion, which is insufficient given its historical emissions. Developed countries have committed to tripling their climate finance to $300 billion annually by 2035.

Developed vs. Developing Nations

The Paris Agreement places a greater responsibility on developed nations to lead in emission reductions. Experts argue that the US should aim for larger cuts, allowing developing countries more flexibility in their climate strategies.

Developing nations have called for annual climate finance to reach at least $1 trillion. However, this proposal was rejected. The new benchmark of $300 billion annually from 2035 is seen as a compromise among developed countries.

EU’s Approach to Climate Finance

The European Union has also not specified financial targets in its NDCs. However, it has outlined measures to generate funds through carbon market revenues. This approach reflects ongoing challenges in meeting global climate finance needs.

GKToday Notes:

1. NDC: Nationally Determined Contributions are climate action plans submitted by countries under the Paris Agreement. They detail commitments to reduce greenhouse gas emissions and are updated periodically.
2. Paris Agreement: This international treaty aims to limit global warming to 1.5°C above pre-industrial levels. It emphasises accountability among developed nations for emissions and climate finance support.
3. Climate Finance: Financial assistance provided to developing nations for climate change mitigation and adaptation. Developed countries pledged to increase contributions to $300 billion annually by 2035, but goals remain unmet.
4. Carbon Market Revenues: Funds generated from trading carbon credits in emissions trading systems. The EU plans to use these revenues to support climate finance, addressing the need for increased funding.

Month: Current Affairs - December, 2024

Category: Environment Current Affairs