fossil fuel Current Affairs - 2019

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CCPI Index, COP25: India among top 10 countries

On December 10, 2019, at the COP25, the Climate Change Performance Index was presented. The Index measures renewable energy share, emissions and climate policies of 57 countries and the European Union.

Highlights: India

India ranked 9th in the ranking provided. The ranking was to the “high category”, where the countries have ambitious 2030 targets. The report noted that India received medium rating in the renewable energy category. Also, the 2030 target set by India was rated high for its well-below 2-degree Celsius compatibility.

The report also says that India is yet to develop a road map to phase-out fossil fuel subsidies in order to reduce the dependence on fossil fuels.

Highlights: World

China, one of the largest polluters improved in its ranking and was placed in medium category. US and Saudi Arabia were the major polluters. They hardly showed signs of reducing their green house gas emissions. US ranked the last followed by Saudi Arabia and Australia.

According to the report, 31 of the 57 high emitting countries are responsible for 90% of emissions. Some of the EU countries like Sweden (ranked 4th), Denmark (ranked 5th) were the highest achievers in terms of performance.

Among the G20 countries, only India and UK were ranked in the high category.

European Investment Bank to stop Fossil Fuel Funding by 2021

The European Investment Bank is to stop funding oil and coal projects at the end of 2021. Since 2013, the European Union through the bank has funded 13.4 billion Euros for fossil fuel projects. In 2018, it was around 2 billion Euros. The Union has been reducing its funding to fossil fuel projects and is stopping by 2021.

Highlights

  • The EIB’s new policy demands that the energy projects applying for funding must prove that they can produce 1 Kilo watt hour of energy emitting less than 250 grams of carbon dioxide.
  • The new rules being adopted are not applicable to gas-based energy projects. However, gas projects should be based on the norms set by the bank for “new technologies”. The “new technologies” include carbon capture, combining heat and power generation, mixing in renewable gases with fossil fuels, etc.
  • The exemptions are made on gas projects as they are common in the EU member states. For the next 5 years, EU has over 200 billion USD worth projects planned.

EU aims to become first carbon-neutral continent by 2050.