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COP 27 proposes to phase out fossil fuel subsidies

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The COP27 Presidency has sent a document to the parties on what will be the summit’s final decision, including the progressive and rational elimination of inefficient subsidies for fossil fuels “according to national circumstances”.

document, to which you had access EFEExpresses Concerns about the impact of the energy crisis Promises and commitments regarding the energy transition have been drawn from the war in Ukraine and emphasize the importance of avoiding difficulties associated with action and support. Thus, the text emphasizes the importance of increasing the proportion of renewable energy in the energy mix “at all levels” as part of energy system diversification.

In addition, it encourages continued efforts to accelerate measures to progressively reduce energy production in coal plants without CO2 capture systems and ” Phase out and ease inefficient subsidies Recognizing the need to support renewable energy development for fossil fuels, consistent with national circumstances.

In this term, nuances are identified with respect to the peak of “integration” and “according to national conditions”. Glasgow (COP26)Their final agreement included, for the first time, reducing energy with coal and phasing out subsidies for fossil fuels (such as oil, natural gas or gasoline).

166 nations are responsible for 91% of emissions

The unprecedented global energy crisis, the text adds, highlights the urgent need to make energy systems more secure, reliable and resilient. Accelerate a “clean and fair” transition During this “serious” decade of action. Meeting the goal of a net-zero emissions economy by 2050 will require the immediate and large-scale deployment of “all available clean and efficient energy technologies,” which will require an increase in solar and wind power this decade, according to the same source.

As of January 2020, 166 nations, which account for 91% of global emissions, have submitted or updated their National Reduction Commitments (NDCs), according to the document. However, there are “serious concerns” about the gap between the overall impact of parties’ mitigation pledges in terms of global annual emissions and the overall emissions trajectory consistent with the Paris Agreement’s temperature objective of limiting global warming to 1.5°C.

After quoting the alarming scientific reports underlining the importance of making all-out efforts at all levels to achieve this goal; And that “Deep regret” of developed countries.those with the greatest economic and technical potential to reduce emissions, Continue without it. In addition, it urges developed countries to meet the goal of providing $100,000 million a year to the Green Climate Fund and reiterates the Glasgow Agreement agreement to double the budget of the Adaptation Fund.

The title of the document clarifies that the final decision will also include key outcomes negotiated in relation to items included in the COP27 agenda, including damage and damage financing, Mitigation work program and new global climate finance targets.

Source: lainformacion.com

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