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illuminem summarizes for you the essential news of the day. Read the full piece on POLITICO or enjoy below:
🗞️ Driving the news: The United Nations warns that current global climate policies will result in a temperature increase of 2.6°C to 3.1°C by the end of the century, far exceeding the Paris Agreement's 1.5°C target
• A new report emphasizes the need for drastic action to avoid breaching the 2°C threshold, which is already under threat
• This comes ahead of the COP29 summit in Baku, where world leaders will discuss climate financing and updated emission reduction pledges
🔭 The context: The Paris Agreement aims to limit global warming to 1.5°C, but the planet is already 1.3°C warmer than pre-industrial levels
• The current climate policies fall short, requiring emissions cuts of 7.5% per year for 1.5°C, or 4% for 2°C by 2030
• COP29 is seen as a pivotal moment to set stronger nationally determined contributions (NDCs) and increase climate funding, especially for developing nations
🌍 Why it matters for the planet: A 3°C rise would trigger catastrophic impacts, including irreversible changes in ecosystems, polar ice melt, and rising sea levels, leading to severe socio-economic disruptions
• The most vulnerable communities would face intensified climate risks, such as extreme weather events
• Significant emissions reductions and financial support are essential to mitigate these risks
⏭️ What's next: Countries will need to submit new, more ambitious NDCs by 2025 to align with Paris Agreement goals
• Discussions at COP29 will focus on a new financial framework, potentially replacing the $100 billion annual climate aid target
• The outcomes could determine the path toward COP30 in Brazil, which aims to finalize measures for achieving climate targets
💬 One quote: "If nations do not implement current commitments then show a massive increase in ambition... the Paris Agreement target of holding global warming to 1.5°C will be dead within a few years" - Inger Andersen, U.N. environment chief
📈 One stat: The G20 nations, responsible for 77% of global emissions in 2023, must lead in action, with China and the U.S. contributing 30% and 11% of emissions, respectively
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