Scratching before healing, G20 countries are making some such investments!
While the results of environmentally friendly policy decisions were beginning to show around the world before Covid, in the name of overcoming the economic woes of Covid, some selected economies of the world are now investing heavily in fossil fuel related industries. This will not only backfire on the results of previous decisions, but will also create significant hurdles in the way of adopting renewable energy in the next ten years.
In order to offset the economic losses caused by the Covid-19 epidemic, huge investments are being made by G20 countries in coal, oil and gas projects in the name of economic recovery or economic recovery. The positive trends that are being met now seem to be in danger. These select economies are spending a large portion of the Covid-19 recovery package in fossil fuel related industries, which will create significant barriers to 100 per cent adoption of green energy in the next 10 years. This is according to the 2020 Climate Transparency Report published under the annual agreement of 14 think tanks of G20 countries.
Many important conclusions have been drawn in this report and if we talk about India at the moment, then the Covid-19 epidemic made the Indian economy aware of a kind of economic and social challenges. In May 2020, Prime Minister Modi’s USD 266bn Covid 19 – relief package was about 10% of India’s annual GDP, but there were no substantial investments affecting the climate. The focus should now be on rebuilding the stimuli to be given, accelerating energy transitions in the power sector, transportation and urban planning. Without it, the likelihood of a drop in emissions from the lockdown would increase again without a green recovery.
India’s per capita greenhouse gas (GHG) emissions are well below the G20 average. But India’s emissions have risen sharply over the past decade and are projected to grow even faster.
India pays both taxes and subsidies on coal through various policies. India pays both coal tax and subsidy through various fiscal policies. Subsidizing coal, replacing it with renewables can save costs, and there will be significant co-benefits such as improving air quality. It currently has no plans to phase out coal. India is in dire need of developing a roadmap for coal phase-out. However, doing so will affect the jobs of coal miners and communities, as well as those who are reducing thermal power, and changes will have to be made keeping this in mind.
India’s transport sector is currently a fast growing sector accounting for 14% of its energy related C02 emissions, with vehicle ownership growing rapidly, and the government needs to take strong action to increase the share of EVs and by 3030 % Provides an opportunity for electric vehicles to meet their target.
However to be consistent with the global 1.5 ° C IPCC scenarios and to reduce India’s emissions growth by 2030 to 4.597 MtCO2e (emissions of millions of tons of carbon dioxide) and to bring it within the range of 3.389 MtCO2e by 2050 Need. India has kept its emissions limited to only 6,034 MtCO2e and 6,203 MtCO2e by its 2030 NDC (target to cut self-determined carbon emissions nationally).
India can become a global leader if it abandons plans to build new coal-fired power plants and phases out the use of coal for power by 2040. These figures are based on pre-Covid-19 estimates excluding land use emissions.
Giving his response, Dr. Kim Kotji of Climate Analytics said, “The profile of the countries is enough to tell what they did and did not do to save the climate in the year 2019. Governments now have to adapt their policies, investments and reimbursement efforts to their long-term emissions targets. This report provides a comprehensive perspective on inspiring and encouraging the leaders of the G20 countries to de-carbonate their respective sectors. This report analyzes the performance of G20 countries on about 100 scales of climate adaptation, reduction of emissions of pollutants and financing. The Sixth Annual Review by Climate Transparency includes an additional chapter dedicated to the G20 countries’ response to the Covid-19 crisis and the latest emission data and estimates for the year 2020. The G20 countries account for 75 percent of the world’s total greenhouse gas emissions.
The 2020 edition includes an assessment of the G20 countries’ performance in climate protection, as well as an analysis of the effects of the Covid-19 crisis and the steps taken by governments to address them. In the year 2019, along with a significant reduction in the long-term trend of increase in energy related emissions, renewable energy has also developed at a rapid pace in the G20 countries.
“At least 19 of the G20 countries have decided to provide financial assistance to their domestic oil, coal and / or gas sectors,” says Dr. Charlene Watson of the Overseas Development Institute. In addition, 14 countries have decided to provide financial assistance to their national aviation companies without imposing conditions on climate protection. Only 4G20 countries have given more money to green sectors than fossil fuel projects or other polluting industries. Recovery packages can either solve the climate crisis, or worsen the situation. Some members of the G20, such as the European Union, France and Germany, are setting a good example by building a more sustainable economy while protecting themselves from the growing effects of climate change. At the same time, other countries are threatening to spoil the recently created good environment by over-supporting fossil fuels. ”
Commenting on the report, Jorge Villarreal of Initiative Climateca de Mexico said: But if further steps are not taken towards climate protection, those positive effects will prove to be only momentary and the amount of CO2 in the atmosphere will continue to increase. In the coming months, political choice will determine whether the G20 will be able to steadily lower its emissions graph. ”
However, China, South Africa, Japan and South Korea have recently joined the race to get rid of carbon by the middle of this century. The report says that countries in the world’s largest polluters are gaining momentum to achieve difficult climate-related goals. However, short-term policies and investments are still not in line with long-term plans.
This is at a time when global warming is reaching 1.5 degrees Celsius and as a result extreme climatic conditions such as heat, forest fires and floods will make the situation in G20 countries relatively worse. Australia, Brazil, France, Italy, Mexico, Turkey, India, Saudi Arabia and South Africa are among the G20 countries at risk of a much worse impact than global estimates in the event of a 1.5 degree Celsius rise in global temperatures. The analysis also identifies this important difference in how governments are responding to the challenge of getting rid of carbon.
Japan, France, the United Kingdom and Canada, for example, have phased out fossil fuel-powered cars. Meanwhile, the Trump administration withdrew rules on reducing vehicle emissions. The 18 countries in the G20 have either implemented their carbon pricing plans, or are in the process of doing so, while India and Australia have no such plans. In addition, while Canada, France and the United Kingdom have completely banned public financing for coal, China, India, Indonesia, Russia and South Africa have not.
Katrina Godinyo of the Humboldt-Vyadrina Governance Platform said: “We look forward to the forthcoming G20 Summit and next year’s UN Climate Conference on the growing commitment of countries with the world’s largest economies and the world’s most polluting nations to climate protection. Need. The results of the US presidential election have raised some hopes in international politics regarding climate, but all G20 countries will have to play their part. “