Net Zero-What, Why, How & more....

Climate is a much bigger and critical crisis that most of us realize. Evidence/Experience shows that our planet has been getting hotter. The warmest 20 years on record have been in the last 22 years and the warmest four were all very recent: 2015 to 2018. Global average temperatures are now 1.2°C (2.16°F) higher than in the pre-industrial era.

Net Zero in simple terms means?cutting greenhouse gas emissions to as close to zero as possible,?with any remaining emissions re-absorbed from the atmosphere, by oceans and forests.

Currently,?the Earth is already about 1.1°C warmer than it was in the late 1800s, and emissions continue to rise.?To keep global warming to no more than 1.5°C??–?as called for in the?Paris Agreement?– emissions need to be reduced by 45% by 2030 and reach net zero by 2050.

Many of the chemical compounds in the earth's atmosphere act as greenhouse gases. When sunlight strikes the earth’s surface, some of it radiates back toward space as infrared radiation (heat). Greenhouse gases absorb this infrared radiation and trap its heat in the atmosphere, creating a greenhouse effect that results in global warming and climate change.

Many gases exhibit these greenhouse properties. Some gases occur naturally and are also produced by human activities. Some, such as industrial gases, are exclusively human made.

Emissions of several important greenhouse gases that result from human activity have increased substantially since large-scale industrialization began in the mid-1800s. Most of these human-caused (anthropogenic) greenhouse gas emissions were carbon dioxide (CO2) from burning fossil fuels. The imbalance between greenhouse gas emissions and the ability for natural processes to absorb those emissions has resulted in a continued increase in atmospheric concentrations of greenhouse gases. Concentrations of CO2?in the atmosphere have increased by about 43% since 1850.

Transitioning to a net-zero world is one of the greatest challenges humankind has faced. It calls for nothing less than a complete transformation of how we produce, consume, and move about. The?energy sector?is the source of around three-quarters of greenhouse gas emissions today and holds the key to averting the worst effects of climate change. Replacing polluting coal, gas and oil-fired power with energy from renewable sources, such as wind or solar, would dramatically reduce carbon emissions.

A growing coalition of countries, cities, businesses and other institutions are pledging to get to net-zero emissions. More than 70 countries, including the biggest polluters, have set a net-zero target, covering about?76% of global emissions. Over?1,200 companies?have put in place science-based targets in line with net zero, and more than 1000 cities, over 1000 educational institutions, and over 400 financial institutions have joined the?Race to Zero, pledging to take rigorous, immediate action to halve global emissions by 2030.

NDCs: Nationally Determined Contribution, is a climate action plan to cut emissions and adapt to climate impacts. Each Party to the?Paris Agreement?is required to establish an NDC and update it every five years.?NDCs are where countries set targets for mitigating the greenhouse gas emissions that cause climate change and for adapting to climate impacts. The plans define how to reach the targets, and elaborate systems to monitor and verify progress so it stays on track. Since climate finance is key to implementing the plans, NDCs ideally also detail a financing strategy.

The Paris agreement asks countries to update their NDCs every five years. But given the large gap between the emissions cuts required to limit global warming to 1.5°C?and the emissions reductions currently planned, the?Glasgow Climate Pact?in November 2021 called on all countries to revisit and strengthen the targets in their NDCs in 2022.?Each new round of updates is expected to ratchet up ambition through steeper emissions cuts and more expansive adaptation measures. Building on each other over time, the NDCs are essential to ensuring a liveable future for everyone on the planet.

The best NDCs aim high and reach far. Grounded in sound analysis and data, they help countries begin a transformative shift to development that is greener and more sustainable. They guide needed shifts in different sectors of the economy and provide an opportunity for rethinking how a society produces and consumes. They can support greater social inclusion, such as through specific benefits for women, youth and indigenous communities. Some countries now make links between NDCs and national development plans, including those to achieve the Sustainable Development Goals.?

Climate change, unlike many other issues, requires a wholesale transformation of our economies and societies. No corner will go untouched – energy, industry, agriculture, transport, institutions, individuals and more will need to make changes to reduce emissions and adapt to climate consequences that are already happening.?

That’s a daunting prospect – but not an unsolvable one. Having a plan helps countries understand and orchestrate the many different elements required to reduce emissions and adapt to protect lives and livelihoods, as soon as possible. Every bit of warming matters. With urgent and ambitious action, the world will avoid surpassing a threshold of 1.5 degrees Celsius, after which climate impacts would become even worse than they already are.?

INDIA- The Union Cabinet chaired by the Prime Minister Shri Narendra Modi, has approved India’s updated Nationally Determined Contribution (NDC) to be communicated to the United Nations Framework Convention on Climate Change (UNFCCC).

The updated NDC seeks to enhance India’s contributions towards achievement of the strengthening of global response to the threat of climate change, as agreed under the Paris Agreement.?Such action will also help India usher in low emissions growth pathways.?It would protect the interests of the country and safeguard its future development needs based on the principles and provisions of the UNFCCC.

India at the 26th??session of the Conference of the Parties (COP26) to the United Nations Framework Convention on Climate Change (UNFCCC) held in Glasgow, United Kingdom, expressed to intensify its climate action by presenting to the world five nectar elements (Panchamrit) of India’s climate action. This update to India’s existing NDC translates the ‘Panchamrit’ announced at COP 26 into enhanced climate targets. The update is also a step towards achieving India’s long term goal of reaching net-zero by 2070.

The third goal of India's NDC aims to reduce the emissions intensity of its GDP by 33 to 35 percent by 2030 from 2005 level. In the 4th goal of #NDC , India aims to achieve about 40 percent cumulative electric power installed capacity from non- fossil fuel-based #energy resources by 2030 with the help of the transfer of technology & low-cost international finance including from #GreenClimateFund

Complete decarbonization is not possible.

Private Business must take the lead as Net Zero is not only mandatory to save People, Planet, Oceans, Mountains but also is a strong Business Imperative.

What we do in the next decade to limit emissions will be critical.

Private Businesses are already going all out to achieve this:

? By Lowering the emissions,

? By Removing greenhouse gas emissions from the atmosphere, for example by capturing carbon

? By Planting more trees, Rejuvenating Forests, Biodiversity, Water Bodies

? By Creating Innovative and Sustainable Green/ Renewable Energy Sources and limiting the use of Fossil Fuels

? By Leveraging Evolving Technologies for Hydrogenation of CO2 to generate value from the Waste

Development Financial Institutions (DFIs) are and will play an instrumental role in this unprecedented war against Climate Degradation by providing Sustainable Finance/Credit options particularly to Start ups, Micro and Small companies. Extending these facilities to the remotest parts of the world is imperative. Partnering with CSOs/NGOs/Government Institutions/Commercial Banks, DFIs could create innovative products such as low cost Green Financing and provide easy access with least formalities to support technologies and small users to succeed.

Content Courtesy: https://www.un.org, https://www.eia.gov, https://pib.gov.in, https://twitter.com/moefcc