In a landmark development, world leaders have reached a historic agreement on climate action at the COP29 summit held in Baku, Azerbaijan. The new agreement sets ambitious targets for carbon emissions reduction and renewable energy adoption.
Key Commitments
- Global carbon emissions to be reduced by 45% by 2030
- Renewable energy capacity to triple by 2030
- Climate finance fund of $100 billion annually for developing nations
- Phasing out coal-fired power plants by 2040
The agreement represents a significant step forward in global climate action, with 195 countries committing to enhanced Nationally Determined Contributions (NDCs). Developed nations have pledged to provide $100 billion annually in climate finance to support developing countries in their transition to green energy.
India has committed to achieving 50% of its energy needs from renewable sources by 2030 and achieving net-zero emissions by 2070. The country has already made significant progress, with renewable energy capacity reaching 180 GW.
Environmental experts have welcomed the agreement, calling it a crucial milestone in the fight against climate change. However, they emphasize the importance of timely implementation and monitoring of these commitments.