UNEP production Gap report

Description

Copyright infringement is not intended

Why in news?

UNEP production gap report released.

Key highlights of the report:

The climate crisis has become clearer than ever, but it has not been able to compel major emitters to improve action on the ground so far.
Governments across the world are still planning to produce more than double the fossil fuels than what the world requires to limit the global temperature rise to 1.5 degrees Celsius.
The production gap to achieve the climate goal is the widest for coal: Production plans and projections by governments would lead to around 240 per cent more coal, 57 per cent more oil, and 71 per cent more gas in 2030 than global levels consistent with limiting warming to 1.5°C.
The modelling analysis has considered carbon dioxides removal (CDR) technologies to be deployed widely and methane emissions and leakages to be arrested.
These assumptions are yet to be proven workable in practice and any deviation from the assumptions will lead to further widening of the gap.
Global fossil fuel production under four pathways from 2019 to 2040, denominated in extraction-based CO2 emissions in units of billion tonnes of CO2 per year (GtCO2/yr).
The most worrying factor is that almost all major coal, oil and gas producers are planning to increase their production till at least 2030 or beyond.
The Group of 20 countries has channelised $300 billion to fossil fuels since the beginning of the pandemic, and the sector is still enjoying significant fiscal incentives.
The report has underlined massive gaps between our pledges and actions, which need to be rectified with a real policy plan and finance.