What's in the climate deal

What’s in the climate deal?

Market Research

The 26th session of the UN Climate Change Summit COP 28 has ended in Glasgow, Scotland. Despite dissatisfaction after nearly two weeks of talks, the participating countries reached a last-minute agreement. Local time Last Saturday night, about 200 countries agreed in an agreement to fight climate change and provide assistance to the affected countries. GE expects global warming to slow down rapidly.

Talk about global warming

The Glasgow agreement reminds countries of their commitment to reduce emissions of greenhouse gases responsible for global warming and to limit global warming to 1.5 degrees Celsius. However, in this case, the Glasgow Conference failed to set the exact level of carbon emissions for the countries.

In this situation, scientists warn that if global warming is not limited to 1.5 degrees Celsius, the sea level will rise alarmingly. At the same time, the incidence of natural disasters like droughts, storms and fires will also increase. “If we can keep our promises, we will be able to defend ourselves,” said Alok Sharma, chairman of COP 28 and a British minister.

Dissatisfaction with the use of coal

This year’s climate conference calls on countries to reduce their use of fossil fuels for the first time. However, the negotiators did not succeed in pushing for a complete ban on the use of coal. Instead, it has called for a last-minute reduction in coal use. However, the final agreement includes the language of reducing or ‘phase down’ the use of coal. In the previous draft, it was supposed to be closed or ‘phased out’. This change was called for by India. Several countries, including Switzerland, have expressed dissatisfaction with the change.

Dispute over compensation

Rich and industrialized nations have failed to deliver on their promise of বিল 100 billion a year in climate funding by 2020. As a result, many developing and affected countries are lagging behind in adaptation. Glasgow’s final agreement calls on rich nations to at least double their allocations to the climate fund by 2025.

Liability for carbon emissions

Poor and developing countries are the most affected by climate change. However, rich and industrialized countries are responsible for this through more and more carbon emissions. The final agreement calls for countries and companies that emit more carbon to be financed to meet their obligations. This money will be spent on the implementation of various initiatives taken in the affected countries to prevent deforestation, increase the use of renewable energy and prevent climate change.

More agreements

Apart from the original agreement in Glasgow, a few more agreements have caught everyone’s eye. At this year’s conference, about 100 countries, led by the United Nations and the Union, pledged to reduce methane emissions by 30 percent by 2030 compared to last year. The two largest emitters of carbon, the United States and China, have agreed to work together to combat climate change. At the same time, traders and investors have agreed in principle not to invest in sustainable initiatives such as stopping the production of gasoline-powered vehicles, reducing carbon emissions by air travel, and protecting forests.

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