Should Fossil Fuels Be Regulated Like Nuclear Weapons
19-11-2024
11:47 AM
1 min read
What’s in today’s article?
- Why in News?
- What is the Fossil Fuel Non-Proliferation Treaty (FF-NPT)?
- Need and Significance of the FF-NPT
- Understanding the FF-NPT Framework and Challenges
- India's Position on the FF-NPT and Way Ahead for the FF-NPT
- Conclusion
Why in News?
- A growing coalition of governments and civil society organisations is advocating for a Fossil Fuel Non-Proliferation Treaty (FF-NPT), aimed at phasing out fossil fuels and promoting a just transition to renewable energy.
What is the Fossil Fuel Non-Proliferation Treaty (FF-NPT)?
- About: Conceptualised in 2016 and officially launched in 2019, the FF-NPT proposes to make it legally binding on nations to end fossil fuel extraction, wind down existing production, and manage a just transition to renewable energy.
- Objective: Inspired by international treaties regulating nuclear weapons, this initiative seeks to address the escalating climate crisis by curbing fossil fuel production and ensuring equitable global energy access.
- Origins and evolution: Conceptualised around the time the Paris Agreement was signed, the FF-NPT has gained endorsements from notable entities, including former UN Secretary-General Ban Ki-Moon, indigenous communities, and small island states.
- Recent developments:
- At COP29 to the UNFCCC in Baku (Azerbaijan), 10 more countries joined discussions on FF-NPT, though their identities remain undisclosed.
- The treaty has been endorsed by 13 Small Island Developing States in the Pacific, such as Vanuatu and Tuvalu, and major coal-producing nations like Colombia.
- Financial institutions' support: A collective endorsement by 25 members of the Global Alliance for Banking on Values marks the initiative's first major backing from the financial sector.
Need and Significance of the FF-NPT:
- Need:
- The proponents of FF-NPT argue that the Paris Agreement, despite its significance, fails to directly address fossil fuel production.
- Tzeporah Berman, chair of the FF-NPT initiative, highlighted the dire state of global emissions at COP29:
- Fossil fuel emissions in 2024 are projected to be 8% higher than in 2015 - the year the Paris Agreement was signed.
- 2024 is likely to be the hottest year on record, with fossil fuel production incompatible with limiting global warming to 1.5°C.
- Current policies may lead to 3°C of warming, risking catastrophic consequences for humanity.
- As fossil fuel emissions continue to rise, global temperatures are on track to exceed safe limits, threatening the planet's future.
- Significance: The proposed treaty will support the work of the Paris Agreement, whether through the implementation of -
- The New Collective Quantified Goal, which aims to establish a new financial target to assist developing countries in their climate actions post-2025, or
- Through Nationally Determined Contributions (the climate action plans submitted by countries) and Just Transition Work Programmes.
Understanding the FF-NPT Framework and Challenges:
- Framework: The FF-NPT rests on 3 core pillars:
- Non-proliferation: Halting the expansion of coal, oil, and gas production through international cooperation.
- Fair phase-out: Equitably reducing existing fossil fuel production, with wealthier, historically high-emission nations transitioning first.
- Just transition: Accelerating renewable energy adoption and diversifying economies to ensure no community, worker, or nation is left behind.
- Challenges:
- Since its official launch in 2019, the treaty has faced significant financial hurdles, particularly in aiding climate-vulnerable nations to transition away from fossil fuels.
- Without substantial funding, developing nations cannot transition to renewables or mitigate climate change impacts.
India's Position on the FF-NPT and Way Ahead for the FF-NPT:
- India's position: While India has not been extensively engaged, the FF-NPT initiative recognises its significance:
- As a major fossil fuel consumer, India’s emissions are projected to rise by 4.6% in 2024, according to the Global Carbon Project.
- Advocates believe India could benefit from the treaty, ensuring justice and equity in the global energy transition.
- Way ahead: The treaty must align with the Paris Agreement's goals, supporting financial mechanisms like the New Collective Quantified Goal.
Conclusion:
- The FF-NPT offers a bold vision for tackling the climate crisis by regulating fossil fuel production akin to nuclear disarmament.
- With increasing support from governments, financial institutions, and vulnerable nations, the initiative underscores the urgent need for global cooperation and equitable solutions.
- However, financial and political challenges must be overcome to turn this vision into a legally binding reality.
Q.1. What is the Treaty on the Non-Proliferation of Nuclear Weapons (NPT)?
The NPT is an international treaty that aims to prevent the spread of nuclear weapons and promote cooperation in the peaceful uses of nuclear energy. The treaty was signed in 1968 and entered into force in 1970.
Q.2. What is the New Collective Quantified Goal (NCQG)?
The NCQG is a target for climate finance that aims to mobilize funds to assist developing countries in adapting to climate change and transitioning to low-carbon economies. The goal was set by the Paris Agreement in 2015.