The stakes could not be higher as Canada sets its 2035 emissions target

illuminem summarizes for you the essential news of the day. Read the full piece on The Conversation or enjoy below:

🗞️ Driving the news: Canada is actively engaging the public in setting its 2035 greenhouse gas emissions reduction target, as mandated by the Canadian Net-Zero Emissions Accountability Act (Net-Zero Act)
• The target is crucial for meeting international commitments under the Paris Agreement and must be established by December 2024

🔭 The context: The Net-Zero Act demands that the 2035 target aligns with the best scientific data, Canada's international obligations, Indigenous knowledge, and the recommendations of the Net-Zero Advisory Body 
• Scientific consensus highlights significant differences between a 1.5 C and 2 C global warming scenario, underscoring the urgency of robust action to mitigate climate impacts

🌍 Why it matters for the planet: Global temperatures have already increased by 1.52 C, bringing about severe weather events and economic losses 
• For Canada, not taking adequate action could result in annual damages between $78 and $101 billion by mid-century 
• The emphasis on a just and equitable transition in setting the 2035 target underscores the broader global imperative to combat climate change effectively and inclusively

⏭️ What's next: Canada's approach to setting its 2035 emissions reduction target is under scrutiny, with calls for transparency in emissions trading, a fair and equitable strategy that aligns with historical responsibilities and capacities, and the incorporation of Indigenous-led climate policies
• The outcome will be pivotal for Canada's climate trajectory and its role in global efforts to limit warming

💬 One quote: "For island states and least-developed countries 'one-point-five to stay alive' is reality, it’s not a slogan," says Adelle Thomas, senior climate scientist at the University of the Bahamas, emphasizing the existential stakes of global climate action.

📈 One stat: A recent report forecasts that by 2025, Canada will face "$25 billion in losses relative to a stable-climate scenario," equating to 50% of its projected GDP growth for that year.

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