UPSC CURRENT AFFAIRS SIMPLIFIED

PARIS CLIMATE ACCORD  It is a legally binding international treaty on climate change.  It was adopted by 196 countries at Conference of the Parties COP 21 in Paris in December 2015. Goal: To limit global warming to well below 2° Celsius, and preferably limit it to 1.5° Celsius, compared to pre-industrial levels. * Objective: To achieve the long-term temperature goal, countries aim to reach global peaking of greenhouse gas emissions as soon as possible to achieve a climate-neutral world by mid-century.

KEY TERMS TO KNOW FROM COP26 * NET-ZERO Net-zero emissions pertain to achieving an overall balance between greenhouse gas (GHG) emissions produced, and GHG emissions removed from the atmosphere. A country can be said to be net-zero when it produces no emissions, either because it has actually phased out all emissions or because it is removing enough from the atmosphere to offset the emissions it releases. The latter can be achieved by restoring or increasing forest cover or through technologies such as carbon capture. * CARBON NEUTRALITY Carbon neutrality is a state of net-zero carbon dioxide (CO2) emissions. It is achieved when anthropogenic CO2 emissions are balanced globally by anthropogenic CO2 removals over a specified period. There are several actions that an emitter can take to achieve this balance, such as reducing energy consumption and emissions-producing activities, improving energy efficiency processes, and consumption of renewable sources of energy. A nation or an organization can also achieve carbon neutrality through carbon offsetting, a process of compensating for CO2 emissions it generates by participating in, or funding efforts to remove CO2 from the atmosphere. Offsetting usually involves paying another party, somewhere else, to save emissions equivalent to those produced by the emitter. * CARBON FOOTPRINT A carbon footprint measures the amount of CO2 equivalent a country, an industry, an individual, or a product emits or is responsible for. The footprint is calculated in both direct emissions (from the burning of fossil fuels, heating, and transportation), and indirect emissions during the whole lifecycle of products. It also includes emissions of other greenhouse gases, such as methane, nitrous oxide, or chlorofluorocarbons (CFCs). It is expressed as a measure of weight, as in tons of CO2 or CO2 equivalent per year. # CARBON CREDITS Carbon credits are a system of purchasing and trading carbon emissions to mitigate the growth in concentrations of global atmospheric CO2 levels. The term carbon credit usually refers to a tradable certificate or permit that shows a company, industry, or country, has paid to remove a certain amount of CO2 from the atmosphere. This certificate gives them the right to emit 1 tonne of CO2 or the equivalent of different greenhouse gas. It is used by individuals or businesses to reduce their carbon footprint through investing in an activity that reduced, removed, or sequestered greenhouse gases at another site. The trading of carbon credits has turned them into a type of climate currency, subject to supply and demand, just like fiat currencies.

INDIA AT COP26 * India is the 3rd largest emitter in terms of net emissions whereas it has the lowest per capita emission among the major economies of the world (17% of the world population emitting just 5% of total). * India has announced its net-zero targets in COP26 accordance with the Paris agreement of 2015. * Under the Paris agreement, countries were bound to submit carbon-cutting plans and updates by the end of 2020. # INDIA’S 5 POINT PLEDGE OR PANCHAMRIT: Net-zero by 2070 To increase its non-fossil fuel energy capacity to 500 GW by 2030. Increase the share of renewables in the energy mix to 50% by 2030. Reduce the emissions intensity of its economy by 45%. Reduce emissions by 1 billion tonnes of CO2. India also supported the Africa Group’s demand for $1 trillion in climate action that the developed countries should make available for climate action in developing nations. # INDIA’S EFFORTS AT PRESENT: India’s renewable energy capacity is 4th in the world as of now and growing at a rapid rate. India has seen an increase of about 25% in renewable energy capacity in the last four years. Indian railways, one of the largest emitters has promised to reach net-zero by 2030– this alone will reduce 60 million tonnes of emissions. India has launched international institutions for climate action such as International Solar Alliance (ISA), Coalition for Disaster Resilient Infrastructure (CDRI), India along with UK and Australia will launch the Infrastructure for Resilient Island States (IRIS) for the island nations and developing countries. India will also be part of the launch of the Green Grids Initiative.

* Private Finance: Private financial institutions and central banks announced moves to realign trillions of dollars towards achieving global net-zero emissions. Among them is the Glasgow Financial Alliance for Net Zero, with over 450 firms across 45 countries that control $130 trillion in assets, requiring its member to set robust, science-based near-term targets.

COP26: UN CLIMATE CHANGE CONFERENCE 2021 COP26 was the 26th UN Climate change conference held in Glasgow, the United Kingdom in 2021. The Conference of Parties (COP) is a well-known annual event that sees nations come together to discuss measures to reduce anthropomorphic global warming and steps to tackle Climate Change. The COP26 summit brought parties together to accelerate action towards the goals of the Paris Agreement and the UN Framework Convention on Climate Change (UNFCCC). # THE GLASGOW CLIMATE PACT: The following were agreed upon in the Glasgow Climate Pact by the nations of the world: * Recognizing The Emergency Countries reaffirmed the Paris Agreement goal of limiting the increase in the global average temperature to well below 2°C above pre-industrial levels and pursuing efforts to limit it to 1.5 °C. * Accelerating Action Countries stressed the urgency of action when carbon dioxide emissions must be reduced by 45 percent to reach net-zero around mid-century. But with present climate plans and the Nationally determined Contributions are falling far short. Hence the Glasgow Climate Pact calls on all countries to present stronger national action plans next year, instead of in 2025, which was the original timeline. * Moving Away From Fossil Fuels The countries agreed to a provision calling for a phase-down of coal power and a phase-out of fossil fuel subsidies – two key issues that had never been explicitly mentioned in decisions of UN climate talks before. * Delivering On Climate Finance Developed countries came to Glasgow falling short on their promise to deliver US$100 billion a year for developing countries and expressed confidence that the target would be met in 2023. * Stepping Up Support For Adaptation The Glasgow Pact calls for a doubling of finance to support developing countries in adapting to the impacts of climate change and building resilience. * Completing The Paris Rulebook Countries reached an agreement on the remaining issues of the so-called Paris rulebook, the operational details for the practical implementation of the Paris Agreement. * Focusing On Loss & Damage Acknowledging that climate change is having increasing impacts on people especially in the developing world, countries agreed to strengthen a network— known as the Santiago Network, that provides vulnerable countries with technical assistance, knowledge, and resources to address climate risks. They also launched a new “Glasgow dialogue” to discuss arrangements for the funding of activities to avert, minimize and address loss and damage associated with the adverse effects of climate change. # NEW ANNOUNCEMENTS AT COP26: There were many other significant deals and announcements which can have major positive impacts if they are implemented. These include: * Forests: 137 countries took a landmark step forward by committing to halt and reverse forest loss and land degradation by 2030. The pledge is backed by $12bn in public and $7.2bn in private funding. * Methane: 103 countries, including 15 major emitters, signed up to the Global Methane Pledge, which aims to limit methane emissions by 30 percent by 2030, compared to 2020 levels. Methane, one of the most potent greenhouse gases, is responsible for a third of current warming from human activities. * Cars: Over 30 countries, six major vehicle manufacturers, and other actors, like cities, set out their determination for all new car and van sales to be zero-emission vehicles by 2040 globally and 2035 in leading markets, accelerating the decarbonization of road transport, which currently accounts for about 10 percent of global greenhouse gas emissions. * Coal: Leaders from South Africa, the United Kingdom, the United States, France, Germany, and the European Union announced a ground-breaking partnership to support South Africa – the world’s most carbon-intensive electricity producer— with $8.5 billion over the next 3-5 years to make a just transition away from coal, to a low-carbon economy.

TG-Data replaces the Task Group on Data and Scenario Support for Impact and Climate Analysis (TGICA) whose mandate was to facilitates the distribution and application of climate change-related data and scenarios. IPCC Assessment Reports cover the full scientific, technical and socio-economic assessment of climate change, generally in four parts – one for each of the Working Groups plus a Synthesis Report. Special Reports are assessments of a specific issue. Methodology Reports provide practical guidelines for the preparation of greenhouse gas inventories under the UNFCCC.

Intergovernmental Panel on Climate Change (IPCC) The Intergovernmental Panel on Climate Change (IPCC) is the international body for assessing the science related to climate change. The IPCC was set up in 1988 by the World Meteorological Organization (WMO) and United Nations Environment Programme (UNEP) to provide policymakers with regular assessments of the scientific basis of climate change, its impacts and future risks, and options for adaptation and mitigation. IPCC assessments provide a scientific basis for governments at all levels to develop climate related policies, and they underlie negotiations at the UN Climate Conference – the United Nations Framework Convention on Climate Change (UNFCCC). The assessments are policy-relevant but not policy- prescriptive: they may present projections of future climate change based on different scenarios and the risks that climate change poses and discuss the implications of response options, but they do not tell policymakers what actions to take. The IPCC embodies a unique opportunity to provide rigorous and balanced scientific information to decision-makers because of its scientific and intergovernmental nature. Participation in the IPCC is open to all member countries of the WMO and United Nations. It currently has 195 members. The Panel, made up of representatives of the member states, meets in Plenary Sessions to take major decisions. The IPCC Bureau, elected by member governments, provides guidance to the Panel on the scientific and technical aspects of the Panel’s work and advises the Panel on related management and strategic issues. . IPCC assessments are written by hundreds of leading scientists who volunteer their time and expertise as Coordinating Lead Authors and Lead Authors of the reports. They enlist hundreds of other experts as Contributing Authors to provide complementary expertise in specific areas. The authors may work with Chapter Scientists who cross-check between findings presented in different parts of the report, carry out additional fact-checking, and work on reference management among other things. Chapter Scientists are usually early career scientists. IPCC reports undergo multiple rounds of drafting and review to ensure they are comprehensive and objective and produced in an open and transparent way. Thousands of other experts contribute to the reports by acting as reviewers, ensuring the reports reflect the full range of views in the scientific community. Teams of Review Editors provide a thorough monitoring mechanism for making sure that review comments are addressed. The IPCC works by assessing published literature . It does not conduct its own scientific research. For all findings, author teams use defined language to characterize their degree of certainty in assessment . IPCC assessments point to areas of well-established knowledge and of evolving understanding, as well as where multiple perspectives exist in the literature. The authors producing the reports are currently grouped in three working groups – Working Group I: the Physical Science Basis; Working Group II: Impacts, Adaptation and Vulnerability; and Working Group III: Mitigation of Climate Change – and the Task Force on National Greenhouse Gas Inventories (TFI). As part of the IPCC, a Task Group on Data Support for Climate Change Assessments (TG-Data) provides guidance to the Data Distribution Centre (DDC) on curation, traceability, stability, availability and transparency of data and scenarios related to the reports of the IPCC.

A cautionary tale: On warning of the IPCC report - The Hindu https://www.thehindu.com/opinion/editorial/a-cautionary-tale/article65144683.ece

Crowding Out Effect This refers to a phenomenon where increased borrowing by the government to meet its spending needs causes a decrease in the quantity of funds that is available to meet the investment needs of the private sector. In other words, when the government is increasing its expenditure, private expenditure comes down. • Sometimes, government adopts an expansionary fiscal policy stance and increases its spending to boost the economic activity. This leads to an increase in interest rates. Increased interest rates affect private investment decisions. A high magnitude of the crowding out effect may even lead to lesser income in the economy. With higher interest rates, the cost for funds to be invested increases and affects their accessibility to debt financing mechanisms. This leads to lesser investment ultimately and crowds out the impact of the initial rise in the total investment spending. Usually the initial increase in government spending is funded using higher taxes or borrowing on part of the government. • Some believe that government spending does not always lead to a crowding out of private investment in the economy. They instead argue that government demand for funds can compensate for the lack of private demand for funds during economic depressions, thus helping to prop up aggregate demand.