to successfully combat global warming and limit it to a 1.5-degree Celsius rise, this annual investment must surge by 150 percent, reaching $2.7 trillion

The world is currently confronting the devastating consequences of extreme weather events and the relentless specter of Climate change. Recent scientific warnings have underscored the critical necessity of limiting the global temperature increase to 1.5 degrees Celsius within this century to avert catastrophic climate change effects. In response to this pressing issue, governments around the world have committed to achieving net-zero emissions by the middle of the century.

You can also read: Need Swift Action as World Falls Short in Climate Change Fight – UN Report

Off-Track Emission Reduction Goals

However, a recent report has delivered sobering news, indicating that a majority of nations are falling short of their emissions reduction targets for 2030, let alone the more ambitious 2050 goals. Wood Mackenzie, a prominent consultancy firm, has emphasized the need for an annual investment of $1.9 trillion in the energy sector to effectively decarbonize. Furthermore, to successfully combat global warming and limit it to a 1.5-degree Celsius rise, this annual investment must surge by 150 percent, reaching $2.7 trillion. A significant portion of this investment, nearly three-quarters, is particularly vital for the power and infrastructure sectors.

The Urgency of Limiting Global Warming

Climate experts worldwide are sounding the alarm, emphasizing the critical urgency of restricting global warming to 1.5 degrees Celsius (equivalent to 2.7 degrees Fahrenheit). Breaching this crucial threshold would unleash perilous consequences, including the inundation of coastal cities due to rising sea levels, the near-extinction of coral reefs, and a heightened frequency of extreme weather events. At present, the trajectory we are on points toward an approximate 2.5 degrees Celsius of warming.

Bangladesh’s Commitment to Emission Reduction

Notably, Bangladesh, despite being one of the world’s lowest carbon emitters, has pledged to reduce carbon emissions by 89.47 million tonnes or 21.85 percent of carbon dioxide by 2030. This ambitious goal entails reducing emissions by a staggering 96.1 percent across sectors such as power, transport, industry, households, commercial enterprises, agriculture, brick kilns, and fugitive emissions. Bangladesh’s current contribution to global greenhouse gas emissions and its share of carbon emissions are merely 0.4 percent and 0.09 percent, respectively, which may seem small but demonstrate its commitment to global sustainability.

Climate Action Plan

Bangladesh has formulated a comprehensive national action plan for climate change, necessitating an investment of $230 billion over the next 27 years until 2050. This plan encompasses 113 interventions, with 90 of them identified as high-priority initiatives. Prime Minister Sheikh Hasina has consistently emphasized the importance of investment in her bilateral and international meetings, advocating for mutually beneficial partnerships between countries.

Prime Minister Sheikh Hasina has been at the forefront of diplomatic efforts to address climate change. She engaged in bilateral meetings with world leaders, including Brazilian President Luiz Inacio Lula da Silva, President of Mozambique Filipe Jacinto Nyusi, President of Tanzania Dr. Saima Sulluhu, and Iranian President Ebrahim Raisi. These meetings, held at the Sandton Convention Centre, provided an opportunity for leaders to applaud Bangladesh’s remarkable development under Sheikh Hasina’s astute leadership.

Global Leadership at G20 Summit

Prime Minister Sheikh Hasina also played a pivotal role at the G20 Summit, where she emphasized the imperative of global solidarity and concerted action to tackle pressing global challenges. As one of the Champions of the 2022-formed Global Crisis Response Group of the UN Secretary-General, she presented four key recommendations during the “One Earth” session of the summit:

Strengthening Global Institutions: Advocating for the role of the G20 and international financial institutions in addressing global challenges, with Bangladesh offering support in developing actionable recommendations.

Promoting Peace and Stability: Encouraging bold and concerted global actions to ensure peace and stability, with a focus on the role of major economies in promoting global development.

Climate-Induced Migration: Urging the acceleration of the implementation of the Loss and Damage Fund to address climate-induced migration, with an emphasis on accountability and transparency, especially at the upcoming COP28 to be held next November 30 to December 12.

Equal Rights and Humanitarian Aid: Advocating for equal rights for all individuals, including the return of forcibly displaced Myanmar Nationals to Myanmar and the continuation of humanitarian aid for those in need.

Bilateral Talks with France

Furthermore, Prime Minister Sheikh Hasina engaged in bilateral talks with the French President at the Prime Minister’s Office (PMO). The discussions covered a wide range of bilateral matters, emphasizing the shared commitment of Bangladesh and France to addressing the climate emergency. Both nations endorse four key principles for inclusive governance of the global financing architecture, including ensuring that no country must choose between fighting poverty and conserving the planet, guaranteeing country ownership of transition strategies, delivering enhanced and predictable financial support for vulnerable economies, and mobilizing additional private capital to achieve a net-zero and nature-positive world. Both nations also stress the acceleration of global efforts to facilitate access.

ASEAN Summit

During the 43rd ASEAN Summit convened in Jakarta on September 5, 2023, the participating nations reflected upon the prior ASEAN Joint Statements regarding Climate Change and the ASEAN Leaders’ Declarations pertaining to Climate Change at both the United Nations Framework Convention on Climate Change (UNFCCC) and the United Nations Climate Action Summit.

Conclusion: The world is standing at a critical crossroads, with the devastating consequences of extreme weather events and the relentless specter of climate change becoming increasingly evident. The recent report highlighting the shortfall in emissions reduction targets for 2030 serves as a sobering wake-up call. To limit global warming to 1.5 degrees Celsius and avert catastrophic climate change effects, we must act with unprecedented urgency and commitment.

While many nations struggle to meet their Emission Reduction Goals, Bangladesh has emerged as a shining example of dedication to global sustainability. Prime Minister Sheikh Hasina’s leadership and diplomatic efforts have positioned Bangladesh as a leader in climate action, advocating for international cooperation and global solidarity.

As we navigate the challenges posed by climate change, it is imperative that nations come together, strengthen global institutions, promote peace and stability, address climate-induced migration, and ensure equal rights and humanitarian aid. The commitments made at forums like the G20 Summit and ASEAN Summit demonstrate that the world is beginning to recognize the gravity of the situation and the need for collective action.

However, the road ahead remains daunting, and the clock is ticking. It is not just the responsibility of governments but also individuals, businesses, and communities to contribute to the monumental task of limiting global warming. The time to act is now, and the stakes could not be higher. The future of our planet and the well-being of generations to come depend on the actions we take today to combat climate change.

The post Global Emission Reduction Goals Off-Track: Urgent Climate Action Needed appeared first on Press Xpress.