G20 in action: How collective effort drives development and keeps 1.5 degree C target within reach
The world is on the path of crossing the 1.5°C guardrail as early as 2026 (WMO, 2022). The twin challenges of stabilizing climate change in the long-term, and slowing the rate of warming in the near term have to be tackled urgently to reduce the risk of extreme climate events
February 20, 2023 | 6:00 PM IST
Inaction to limit warming ‘well below’ 2°C could accelerate a cascade of irreversible tipping points. Evidence now shows that heat stress and extreme weather conditions can jeopardize economic productivity. For instance, the World Bank predicts that heat stress and extreme weather events caused by climate change will cost India 4.5 percent of its GDP in terms of lost labor productivity, representing approximately $150-250 billion, by the end of this decade.
Reducing climate risks and staying within the agreed limits to effectively combat global warming is critical in building resilience. A recently published analysis has now proven that there is a need to adopt a ‘dual-strategy’ of deploying effective, fast-paced strategies to cut non-CO2 emissions in the near-term, while decarbonizing the energy sector in tandem, in the longer-term. Thus, collective action from the G20 nations can play a key role in accelerating climate action that effectively limits emissions of both, CO2 and non-CO2 greenhouse gases (GHGs), and scale such efforts by unlocking climate finance by developing an investible project pipeline.
The Institute for Governance and Sustainable Development (IGSD) strives to build resilience by accelerating fast action on non-CO2 emissions and slow near-term warming. IGSD’s latest research shows that decarbonization alone is insufficient to slow near-term warming.
Through its partnership with TERI, it aims to support the research and development of initiatives that have the potential to limit warming and to reap near-term climate benefits that are key in building resiliency.
This Prelude Segment of the World Sustainable Development Summit, 2023 is a high-level dialogue between key members of the G20 to address the challenges of collective inadequacy as highlighted by the UN Emissions Gap Report (2022) and opportunities that could bridge such gaps.
G20 In Action: How collective effort drives development and keeps 1.5 degree C target within reach
YouTube live stream link: https://youtu.be/l6T3gnXOKXM