Why in news?
– Climate and energy ministers of G-7 countries committed to work towards ensuring carbon-free electricity production by 2035.
– A proposal to have accelerating the “phase out” of coal based electric generation by 2030 and continue investment in gas on ground that it could be a stopgap against energy shortfalls.
– India being invited as a guest in the context of its presidency of G-20. At UN CoP 2021, India had objected in the agreement to “phase out” and pushed instead for a “phase down”.
– G-7 members are agreed to accelerating solar and wind energy investment to produce 1000GW by 2030. From solar power and 150 GW of wind power from offshore. As per Paris agreement, each
Country consistent with 1.5-degree Celsius warming limit of pre-industrial level by end of the century.
– India conveyed that developing countries need finance, technology and assistance from developed countries for transitioning away from the fossil fuel to reaching targets on carbon neutrality
as the principle of equity and climate justice.
– The International Group of Seven (G7) intergovernmental political forum consisting of Canada,France,Germany, Italy, Japan, the UK and the USA.
– It was formed in 1975 with aim of common interest like global economic governance, internal security and energy policy.
– G-7 has not any permanent secretariat or office. It organized through a presidency that rotates annually among the member state, with the presiding state setting the groups priorities and
hosting an organizing its summit.
– India is not a part of G-7.
– The Paris Agreement is a legally binding international treaty on climate change. It was adopted by 196 Parties at the UN Climate Change Conference (COP21) in Paris, France, on 12 December
2015. It entered into force on 4 November 2016
– The Paris Agreement works on a five-year cycle of increasingly ambitious climate action.
– Goal of Paris agreement to achieve “the increase in the global average temperature to well below 2°C above pre-industrial levels” and pursue efforts “to limit the temperature increase to
1.5°C above pre-industrial levels.
– India will meet 50% of its energy requirements from renewable energy by 2030 and install capacity of non-fossil energy 500GW by 2030.
Carbon neutrality means having a balance between emitting carbon and absorbing carbon from the atmosphere in carbon sink. Removing carbon oxide from the atmosphere and then storing it is known as carbon sequestration. Typically accounts for Co2 emission but not other greenhouse gases.