The 2015 Paris Agreement aims to limit global temperature rise to 1.5 degrees Celsius to prevent catastrophic outcomes. The associated National Climate Action Plans, or Nationally Determined Contributions (NDCs), guide countries in addressing climate change and achieving net-zero emissions.
In the past decade, progress has been made, with major economies like the EU targeting a 55% emissions reduction by 2030 and China aiming for carbon neutrality by 2060. However, developing countries face significant financial barriers in achieving these goals and are seeking substantial investments from developed nations.
At recent conferences, like COP30 in Belem, climate finance and capacity building for low-carbon technologies are priority issues. The UN estimates a yearly financial gap of $18.7-35.9 billion for adaptation efforts in developing countries, with calls for at least $1.3 trillion annually for energy transitions by 2035.
The upcoming NDCs are expected to be more ambitious to maintain the goal of limiting global warming. The international maritime organization has also adopted net-zero delivery regulations, marking a significant step in the fight against climate change. Brazil’s government is promoting a $125 billion fund to protect tropical forests as part of its climate action strategy.
UN Secretary-General António Guterres emphasized the need for a bold vision and a roadmap for mobilizing necessary funds, reminding developed countries to double their adaptation funding commitments. COP30 represents a crucial opportunity for collective climate action.
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