25-Pt COP27 Action Plan to Push Decarbonisation in 5 Key Sectors

What’s in today’s article:

• About COP27 (History, Purpose)
• Action Plan for Decarbonisation (Target sectors, List of actions, etc.)
• News Summary (India’s stand at COP27)

Why in news?

• Countries, including India, have jointly launched a package of 25 new collaborative actions at the ongoing Conference of Parties (COP27).
• These proposed actions are aimed at decarbonisation of five key sectors – power, road transport, steel, hydrogen, agriculture.

About COP27:

• The 27^th session of the Conference of the Parties (COP27) to the United Nations Framework Convention on Climate Change (UNFCCC) is currently being held in Sharm El Sheikh, Egypt. 
  • The COP is the supreme decision-making body of the Convention.
  • The climate change process revolves around the annual sessions of the COP.
• It meets every year, unless the parties decide otherwise.

Action Plan for Decarbonisation:

• Countries, including India, have jointly launched a package of 25 new collaborative actions at the ongoing COP27, to be delivered by the next meeting i.e. COP28.
• These proposed actions are aimed at decarbonisation of five key sectors –
  • Power, Road Transport, Steel, Hydrogen, Agriculture.
  • These five sectors account for more than 50% of global greenhouse gas emissions.
• The countries have taken the decision to decarbonise these sectors under the ‘Breakthrough Agenda’ which was launched by a collation of 45 world leaders, at the COP26 in Glasgow, UK last year.
  • It is an international clean technology plan to help keep the 1.5-degree Celsius temperature goal within reach.
• The priority actions include agreements to –
  • Develop common definitions for low-emission and near-zero emission steel, hydrogen and sustainable batteries to help direct billions of pounds in investment, procurement and trade to ensure credibility and transparency.
  • Ramp up the deployment of essential infrastructure projects.
    • These include at least 50 large scale net-zero emission industrial plants, at least 100 hydrogen valleys and a package of major cross-border power grid infrastructure projects
  • Set a common target date to phase out polluting cars and vehicles, consistent with the Paris Agreement.
    • Significant backing for the dates of 2040 globally and 2035 in leading markets will be announced by countries, businesses and cities.
  • Use billions of pounds of private and public procurement and infrastructure spend to stimulate global demand for green industrial goods.
  • Systematically strengthen financial and technological assistance to developing countries and emerging markets.
    • To support their transitions backed up by a range of new financial measures, including the world’s first major dedicated industry transition programme under the Climate Investment Funds.
  • Drive investment in agriculture research, development & demonstration (RD&D) to generate solutions to address the challenges of food insecurity, climate change and environmental degradation.

News Summary:

• Countries, including India, have jointly launched a package of 25 new collaborative actions at the ongoing Conference of Parties (COP27).
• These proposed actions are aimed at decarbonisation of five key sectors – power, road transport, steel, hydrogen, agriculture.
• These actions are designed to reduce energy costs and enhance food security, with buildings and cement sectors to be added to the Breakthrough Agenda next year.
• These measures are designed to cut energy costs, rapidly reduce emissions and boost food security for billions of people worldwide.
• The actions under each sector will be delivered through coalitions of committed countries – from the G7, European Commission, India, Egypt, Morocco and others, supported by leading organisations and initiatives.
• These efforts will be reinforced with private finance and leading industry initiatives.

India’s stand at COP27:

• Amid growing demand to end use of coal, India made a strong point saying making any one fuel the villain is not right as natural gas and oil also lead to emissions.
• India also suggested certain points to be included in the decision text, saying the long-term goal of the Paris Agreement requires phasing down of all fossil fuels.
• Expressing deep regret that countries continue to live in an unequal world with enormous disparities in energy use, incomes and emissions, India drew attention of the negotiators towards recognising that the global carbon budget is shrinking rapidly.
• India suggested that the basic principles of common but differentiated responsibilities, equity, and nationally determined nature of climate commitments under the Paris Agreement need to be strongly emphasised in the cover decision text of the COP27.

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