31 May The Climate Breakthroughs Summit

The Climate Breakthroughs Summit

Context

World leaders convened at the Climate Breakthroughs Summit to demonstrate progress in critical sectors of the global economy, including steel, shipping, Green hydrogen and nature.

About:

• This is collaboration between the WEF, Mission Possible Partnership, the United Nations Climate Champions, and the United Kingdom.
• It aims to demonstrate the need for systemic change to accelerate the global transition to a zero-carbon economy.
• The “Zero carbon economy” refers to the green ecological economy based on low energy consumption and low pollution, where emissions are compensated by absorption and removal of greenhouse gases

Highlights of the Summit:

• The United Nations made a call for coordinated action to secure global net-zero emissions and fulfill its goal of limiting global warming to 1.5 degrees Celsius compared to pre-industrial levels by 2050.
• Maersk, the world’s largest container shipping line and vessel operator, joined Race to Zero with the commitment to halving the emission by 2030.
• As many as 40 health care institutions worldwide have committed to halving emissions by 2030 and reaching net zero by 2050.

Significance:

• Decarbonizing both heavy industry (aluminium, concrete and cement, chemicals, metals and mining, plastics and steel) and light industry (consumer goods, fashion, ICT and mobile, and retail) is technically and economically feasible.
• This can be done through reducing materials and energy use; increasing their productivity; and decarbonising production processes while implementing transitional solutions such as natural climate solutions where direct emissions reduction cannot be achieved.

rahul123

Yojna IAS Current Affairs Team