With a slight dip during pandemic the global GHG emissions are expected to rise as per the IMF report. Its time to fulfill the GHG commitments by countries.
The global annual Green House Gases (GHG) emission are over 50 Giga Tons per year and the report highlights that the current climate commitments will only be able to reduce GHG emissions by 11% by 2030 relative to 2019. The recent surge in crude oil prices has also made it difficult to reach the emissions reductions target of 2030 under business-as-usual conditions it is expected that the annual GHG emissions will bounce back after a slight decline due to recent surges in crude oil.
Failure to meet the 2030 targets may lock global warming above 2°C. We are already witnessing devastating effects of climate change in the form of recent heat waves in Europe, unprecedented floods in Pakistan, dry rivers in China and drought in Africa. The IMF analysis has encouraging projections for an equitable package that would contain global warming to 2°C. India is pushing at COP27 for the commitment of developed countries on the pledge of US$100 billion in climate finance.