Paris Agreement and Climate Change

Climate change refers to long-term shifts in temperatures and weather patterns. Such shifts can be natural, due to changes in the sun’s activity or large volcanic eruptions. But since the 1800s, human activities have been the main driver of climate change, primarily due to the burning of fossil fuels like coal, oil and gas.

Burning fossil fuels generates greenhouse gas emissions that act like a blanket wrapped around the Earth, trapping the sun’s heat and raising temperatures.

The global problem needs global commitment. Global leaders came together and met in Paris to find solutions to the problem.

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 Agreement sets out a global framework to avoid dangerous climate change by limiting global warming to well below 2°C and pursuing efforts to limit it to 1.5°C. It also aims to strengthen countries’ ability to deal with the impacts of climate change and support them in their efforts.

What is Energy Transition

Decarbonisation is the process of reducing and ultimately eliminating carbon dioxide and other greenhouse gas emissions that are leading to global warming and climate change. While gases like methane, nitrous oxide, and ozone also contribute to global warming, it is carbon dioxide that is the main culprit in raising global temperatures and catastrophic climate change events around the world. Hence its inclusion in the name of the process—decarbonisation.

Why is decarbonisation needed?

The industrial revolution of the 1800s, which powered the development of nations at an unprecedented scale, triggered the mass-scale burning of fossil fuels to derive energy, a process that releases massive levels of greenhouse gases, especially carbon dioxide. Fossil fuels have led to unprecedented levels of pollution and soaring carbon emissions from energy sources like coal, petrol, and natural gas. They have led to global temperatures rising by 1 degree Celsius since the industrial revolution.

Given that fossil fuels continue to dominate the power mix and as of 2020 accounted for 78% of the global energy mix, it has become imperative to shift to cleaner forms of energy to limit the global temperatures from rising to unsustainable levels.

Read more[] about why there is a hurry to decarbonise?

Source: NASA

Where do we stand today vis a vis decarbonisation?

Global efforts to decarbonise have gained significant momentum in recent years as the urgency of addressing climate change becomes more evident. The 2015 Paris Agreement has been a landmark agreement in this direction that aims to limit global warming to well below 2 degrees Celsius above pre-industrial levels, with efforts to limit the temperature increase to 1.5 degrees Celsius.

In response to the Agreement, nations around the world have committed to reducing their carbon emissions through targets known as Nationally Determined Contributions (NDCs). India, taking the lead in the direction of creating a sustainable world, committed at COP 26 to achieving net zero GHG-emission by 2070. Furthermore, it has also set targets to achieve 500GW of renewable energy capacity by 2030.

Non-state actors like corporates and financial institutions have a critical role to play in the decarbonisation journey, a fact that is increasingly being acknowledged and acted upon through net zero commitments at organizational levels. Many corporates like Amazon, Microsoft, and PepsiCo have already kickstarted their journeys of contributing to the global decarbonisation drive by setting net zero targets.

As a climate-conscious organization, ReNew has committed to achieving net zero by 2040, which is 30 years ahead of the national target of 2070.

How ReNew Is Helping Companies Achieve Net-Zero Emissions

As a leader in the clean energy space with 13,700 MW of clean energy assets, ReNew has emerged as the preferred decarbonisation partner for corporates and entities. It has been leading the development of emerging decarbonisation solutions like carbon markets, innovative PPAs, power trading, and energy storage to further the net-zero transition goals of enterprises. There is more need than ever for companies that cannot avoid carbon emissions completely to buy carbon credits and aid in the decarbonisation process

With its solutions, ReNew aims to enable businesses to make a rapid, urgent, and ethical transition toward clean energy and energy decarbonisation. Know more about the services ReNew offers to corporates looking forward to strengthening their net zero commitments.

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