Carbon Dioxide Emmsision Current Affairs - 2020

1 trillion USD required to achieve UN’s Decarbonization Target of Shipping Industry

The United Nations had set the target of reducing carbon emissions from shipping industry by 50% by 2050 as compared to the levels in 2008. A study of London based Energy Institute (University College London’s Energy Institute) suggest that in order to achieve the target, the world has to spend 1 trillion USD.

Highlights

According to the United Nations, the emissions from shipping account to 2.2% of world carbon-dioxide emissions. Reducing shipping emissions is ambitious and challenging as the shipping sector plays a major role in the growth of the economy. 90% of world trade happen at sea.

The study says that in order to achieve the target set by United Nations, it is essential to invest at least 50 to 70 billion USD annually.

The Decarbonisation target was initiated by the International Maritime Organization.

When was the resolution adopted?

The International Maritime Organization regulates international shipping and its green house gas emissions. The shipping industry was the only sector that was left out of the 1997 Kyoto protocol and its successor 2015 Paris agreement.

However, in April 2018, it was the IMO (operated under UNESCO) that adopted the resolution. According to the resolution the strategy to achieve the target begins in 2020.

CO2 emissions rose by 2% in 2018: Study

As per a closely-watched review by United Kingdom (UK) based energy giant BP, titled “The BP Statistical Review of World Energy”, the global carbon emissions grew by 2.0% in 2018, the highest rate since 2010-2011. BP is a London based, British multinational oil and gas company.

Key Findings of Study

  • The study called that the current trend of increasing carbon emissions is putting world on an ‘unsustainable’ path.
  • There is a growing mismatch between societal demands for action on climate change i.e. for cutting a country’s net greenhouse (GHG) emissions to zero and the actual pace of progress being made in the domain.
  • The energy demand and carbon emissions are currently growing at their fastest rate for years.
  • The global energy demand grew by 2.9%. A part of this rise was met by increasing shale rock reserve exploitation in United States (US), which recorded fastest rise of oil and natural gas production in world, in recent times.
  • Although the use of renewable forms of energy globally grew by 14.5% in 2018 but it still accounted for just 33% of total rise in power generation in 2018.
  • Significance: The study highlights that a focus on green/renewable forms of energy will not be able to achieve net-zero GHG emission targets, rather the governments should to do more towards cutting the use of polluting coal and oil. This means that It should not be a race to renewables, but a race to reduce carbon emissions across many fronts.

About BP Statistical Review of World Energy

  • It is viewed as an energy industry standard.
  • It pools data on everything such as from the size of countries’ oil reserves to their production of renewable energy and various consumption rates.

Global efforts taken for CO2 Emissions

  • Globally, governments are coming under intensifying pressure from campaigners to set deadlines by which they will cut their net greenhouse (GHG) emissions to zero.
  • Britain’s top advisory body on climate change has recommended that British government must target for cutting their net GHG emissions to zero by 2050. This is the same deadline adopted by some other European governments.
  • The progressive wing of US Congress is pushing for year 2030 as a deadline for US government to cut their net GHG emissions to zero. Although most analysts view this target as unattainable and prohibitively expensive to reach.