👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

Current climate pledges still fall way short on Paris goals, UN body says

Published 10/28/2024, 05:08 AM
Updated 10/28/2024, 11:55 AM
© Reuters. FILE PHOTO: Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), Simon Stiell, talks to the press on the sidelines of the Copenhagen Climate Ministerial, in Helsingor, Denmark March 21, 2024. REUTERS/Ali Withers/File Photo

By David Stanway

SINGAPORE (Reuters) - National pledges to cut greenhouse gas emissions still fall far short of what is needed to limit catastrophic global warming, the United Nations said on Monday as countries prepare for the next round of climate change negotiations in November.

The "nationally determined contributions" (NDCs) already submitted by countries to the U.N. are enough to cut global emissions by 2.6% from 2019 to 2030, up from 2% last year, the United Nations Framework Convention on Climate Change (UNFCCC) said in its annual assessment.

But they are far from sufficient to achieve the 43% cut that scientists say is required to stay within reach of a Paris Agreement target to limit global temperature rises to 1.5 degrees Celsius (2.7 Fahrenheit), it warned.

As part of their Paris obligations, nations must deliver new and stronger NDCs before a deadline in February next year, and the report's findings should mark a "turning point", said Simon Stiell, UNFCCC secretary general.

"Current national climate plans fall miles short of what's needed to stop global heating from crippling every economy and wrecking billions of lives and livelihoods across every country," he said.

"The last generation of NDCs set the signal for unstoppable change," said Stiell. "New NDCs next year must outline a clear path to make it happen."

Persuading nations to set and implement more ambitious pledges could depend on the success of COP29 climate talks beginning in two weeks in the Azerbaijani capital of Baku.

Nearly 200 countries will thrash out the details of a new global emissions trading system as well as a hefty $100 billion annual financial package to help developing countries meet their climate goals.

"What we are seeing is that in some cases, (the NDC process) might be used as a negotiating mechanism - more money for more ambition," said Pablo Vieira, global director of the NDC Partnership, a non-government group that is helping around 60 countries draw up updated pledges.

"They also want to make sure that the new NDCs are investable, that they have the necessary elements that will attract not just public finance, but also private," he said.

ATMOSPHERIC CO2 AT NEW RECORD

In a separate report, the U.N.'s weather monitoring body said on Monday that greenhouse gases have been accumulating in the atmosphere "faster than any time experienced during human existence" over the last two decades.

Carbon dioxide concentrations hit a new high of 420 parts per million (ppm) last year, up 2.3 ppm from a year earlier, and they have risen by 11.4% in just 20 years, the World Meteorological Organization (WMO) said in its annual greenhouse gas bulletin.

There are already signs that rising temperatures are driving dangerous "feedbacks" that will further increase atmospheric greenhouse gas concentrations, the report warned.

Last year's increase in CO2 concentrations, the second largest annual rise of the last decade, could have been driven by a surge in forest fires, with the carbon released from Canada's worst ever wildfire season exceeding the annual emissions of most major countries.

CO2 concentrations are now 51% higher than pre-industrial levels, while methane - another potent greenhouse gas - is 165% higher than in 1750, WMO said.

© Reuters. FILE PHOTO: Ivalmir Silva searches for water on Puraquequara Lake, which has been affected by drought, in Manaus Brazil, October 6, 2023. REUTERS/Bruno Kelly/File photo

"This should set alarm bells ringing among decision makers," said WMO Secretary General Celeste Saulo.

"These are more than just statistics. Every part per million and every fraction of a degree temperature increase has a real impact on our lives and our planet."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.