COP27: IMF identifies 3 crucial areas for reducing greenhouse gas emissions

In an effort to build on prior accomplishments and prepare the way for effectively combating global climate change, the Conference of the Parties of the UNFCCC (United Nations Framework Convention on Climate Change), also known as COP 27, will hold its 27th session in Sharm El-Sheikh, Egypt, from November 6 to 18.

In the backdrop of multiple extreme weather disasters, including typhoons in Bangladesh, huge floods in Pakistan, heatwaves in Europe, wildfires in North America, dry rivers in China, and droughts in Africa, this year’s COP27 conference assumes even more importance.

In the run up to the COP27, the International Monetary Fund has highlighted three crucial areas where the world needs to work for tackling the rising greenhouse gas emissions. These three areas are: steadfast policies to reach net zero by 2050, strong measures to adapt to the global warming that’s already locked in, and staunch climate finance to help vulnerable countries.

According to IMF, the good news is that 140 countries, or 91 per cent of the world’s emitters of greenhouse gases, have already proposed or established net-zero targets by the middle of the century.

The bad news, however, is that reality and net-zero rhetoric do not align, said IMF.

IMF stressed that doing more on climate financing is important. It said that advanced economies must meet or exceed the pledge of $100 billion in climate finance for developing countries.

India is expected to raise matters such as climate finance for the developing world where per capita emissions are comparatively quite low against the developed world in order to address carbon mitigation. IMF said, “If we do not take action now, the damage and devastation brought on by climate change will only get worse. If we act now, not only can we avoid the worst, but we can also choose a better future. Done right, the green transformation will deliver a cleaner planet, with less pollution, more resilient economies, and healthier people.”