COP 27: COOPERATE OR PERISH.

 United Nations Framework Convention on Climate Change (UNFCCC) was signed in the Earth Summit (UN Conference on Environment and Development) held at Rio in 1992.The UNFCCC came into force in 1994 and ratified by 197 countries. It is the parent treaty of both 1997 Kyoto  Protocol and 2015 Paris Agreement.Koyoto Protocol was an international treaty  that commit countries to  reduce greenhouse gas emissions based on scientific consensus about global warming and human made CO2 emissions .The Protocol was adopted in Kyoto,Japan on 11th December 1997 by 192 members and came into force on 16th February 2005..In December 2012 Canada wihdrew from the Protocol. The Paris Agreement is an international treaty on Climate Change mitigation, adaptation, and finance adopted in 2015 in Paris by 196 parties. UN Climate Change Conference popularly known as Conference of the Parties is the 27th UN Climate Change Conference is being held from November 6th to 18th in Sharm EI Sheik,Egypt. Combating the devastating effects of climate change requires mobilising Governments, Corporations, finance and Civil society's involvement. At COP 27,Public and private sector leaders are uniting in Egypt to seek solutions in COP 27  particularly focusing on strengthening climate adaptation and resilience, mitigating emissions, and increasing funding and collaboration of essential climate solutions. 

It is observed in COP 27 that the world needs to immediately cut down greenhouse gas emissions to as much as was emitted in 2020 a year when most countries experienced lockdowns. The Global Carbon Budget 2022 found that there is 50% chance that the Planet will have warmed by more than 1.:5*C compared to pre industrial level in just nine years, and by 2* C in 30 years.To keep global warming under 1.5*C or reach net zero CO2 emissions globally by 2050,CO2 emissions need to fall1.4GtCO2 each year.Already projected total global CO2 emissions fuelled by fossil fuel consumption will rise 1%compared to 2021,indicating that global CO2 emissions continue to increase with no sign of resenting. Projected emissions from coal and oil are above their 2021 levels with oil remaining as the largest contributor of emissions. This year emissions are projected to fall in China (0.9%) and  European union (0.8%), and increase in US(1.5) and  India (6%).Last year 2021 in Glasgow COP 26 India resolved to be Net Zero by 2070 and meet half of the country's power needs from renewable energy sources by 2030 and reduce total projected carbon emissions by 1 billion tonnes in the same period. India is set to achieve about 50% cumulative electric power installed capacity from non fossil based energy resources by 2030 in which the private sector is expected to play a larger role. At the global level as observed by UN chief Antonio Guterres businesses as well as cities and regions should update their voluntary net pledges within a year to comply with recommendations of UN experts. Using bogus net zero pledges to cover up massive fuel expansion is reprehensible.UN experts set its sights on drawing a 'red line' around green washing in net zero targets from companies and regions, According to net zero tracker unprecedented surge in decarbonisation pledge in recent months means that around 90% of global economy is now covered by some some sort of carbon neutrality.Since it is easy to make announcement about achieving net zero by 2050 without enough action the report calls on Governments to make binding regulations. Meanwhile UAE and Egypt agreed to develop large onshore clean energy wind project in Egypt. Already India along with UK  took initiative to the project "one Sun ,One World, One Grid for Seamless Energy and associated with Govt.Group initiative called Green Grid Initiative (GGI) to meet reforms to infrastructure and market structure needed for energy transition across continents and countries are launched.India also launched  Infrastructure for Resilient Island State to protect them against infrastructure loss due to cyclones land slides and other calamities.Massive investment in clean energy including energy efficiency, renewables, electrification, and a range of clean fuels is not only best guarantee for energy security but also to mitigate harmful greenhouse gas emissions.Stake holders like businesses and Government should wisely invest and reap dividends.Increasingly the focus at COP 27 has shifted to a great extent from promises to action and from pledges to implementation especially how to replicate success stories in a time bound manner and renewed emphasis on partnership and collaboration.While there has been great progress in wind and solar as renewable energy sources,there is also a realisation such sources are inadequate. A new global consensus is emerging that the nuclear energy is an indispensable component in assembling a climate change solution. The operating lifespans of old nuclear power plants are being extended, new nuclear power plants are being built.Private investments are flowing into more than 80 advanced nuclear start-ups across the world where scientists and entrepreneurs are working on novel approaches for creation of safe and affordable nuclear power. 

At COP 27 the vital question is who is providing finance to vulnerable nations for climate change and how?It should be essentially higher than what is currently available or pledged because requirements are really multiplying at a fast pace. Under international climate negotiations rich and developed countries were held responsible for causing global warming through green house gas emissions over the last one century. This group of about 40 countries are obligated to provide finance for various climate actions like reduction of emissions,capacity building,investment in infrastructure and technical manpower. Under Paris Agreement each country is supposed to take action as per their ability. While large economies like India or Brazil is expected to finance most of climate action with their own resources the most vulnerable poorer countries like small islands are dependent on international finance even to protect themselves against disasters. Developed countries not only emitted so much carbon over the years but also they continue to do the same,  in addition to avoiding their responsibility to provide financial support.COP  15 held in Copenhagen in 2009  witnessed that on behalf of developed world Hillary Clinton had promised to mobilise $100 billion every year from 2020 onwards which still remains unrealised. According to one estimate considering the extent of emissions made by the US, it should have been providing $40 billion instead  given amount of about $ 8 billion.As per OECD data Developed countries mobilised only $52.5 billion in 2013, which declined to $44.6 billion in 2015 and increased to$80.4 billion in 2019 and further to $83.3 billion, as against the estimation made by Standing Committee on Finance required in the range of $ 6 trillion to $11 trillion till 2030 to meet the targets set by developing countries in their nationally determined contributions,Needs Determination Reports and other communications.While  climate finance is  trapped between a negotiated maximum and delivered minimum whereas climate finance support to developing countries should be in trillions of dollars. Moreover there should be clarity regarding the definition of climate finance especially when certain business firms are misusing it in the name of climate finance. As far as India is concerned to meet climate actions like nationally determined contributions (NDC) target require financial, technological and capacity building support from developed countries. 

In short climate related disasters are proliferating from unusual intense monsoon that inundated Pakistan to Florida's deadliest hurricane since 1935,extreme heat waves in Europe in addition to floods,landslides,storms and wildfires across the globe.Global investment in clean energy needs to be at least tripled from current $1 trillion to $3trillion in a year and be concentrated in developing countries.Replenishable sources like solar and wind energy should be exploited optimally with required changes in the grids and technology.Since solar and wind power may be insufficient to meet energy requirements, novel approach to creation of  safe and affordable nuclear power can be further extended. Even though fossil fuel dependence cannot be discarded in the short period, soaring  global warming and acute climate changes can be addressed only through abandonment of coal and oil consumption. Moreover implementation of a well chalked out strategy and realistic approach for climate finance will go a long way in meeting  global climate challenges.Committed Involvement by individual governments, multilateral  and regional institutions will make the attainment of objectives a reality .Any lapse in such measures not only will make the future of humanity very miserable and dismal,If we are failing to co-operate as warned by UN chief obviously we will perish.