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Objective: To set out new and ambitious commitments under the three pillars of the Paris Agreement that are mitigation, adaptation and finance commitments.
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Scope: The Summit will provide a meaningful platform for businesses, cities and other non-state actors who are rallying together and collaborating to support governments and accelerate the systemic change required to reduce emissions and build resilience.
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Hosted By: The United Nations, United Kingdom and France in partnership with Chile and Italy.
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Held in: Glasgow, Scotland
India’s Position:
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India has reduced its emission by 21% over 2005 levels.
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India’s Renewable energy capacity is the fourth largest in the world.It will reach 175 GigaWatts before 2020.
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India has also managed to grow its solar capacity from 2.63 GigaWatts in 2014 to 36 GigaWatts in 2020.
Key Takeaways from the summit:
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The United Kingdom has pledged to double its climate finance contribution to USD 15.5 billion over the next five years.
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The European Investment Bank has announced a goal of 50% of investments going toward the climate and environment sectors by 2025. It also called for climate finance commitments to support the most vulnerable and ambitious adaptation plans and underlying policies.
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China has committed to lower its carbon dioxide emissions per unit of GDP by over 65% from 2005 levels by 2030.
Initiatives launched:
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Race To Zero: It is a global campaign launched by UNFCCC to rally leadership and support from businesses, cities, regions, investors for a healthy, resilient, zero carbon recovery that prevents future threats, creates decent jobs, and unlocks inclusive, sustainable growth.
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Net Zero Asset Managers initiative: It is a leading group of global asset managers that commit to support the goal of net zero greenhouse gas emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5°C