Can fossil fuels be regulated like nuclear weapons? The group that is trying, the success achieved so far

The organisation besides points retired that “The Paris Agreement, important arsenic it is, does not notation fossil fuels erstwhile and has failed to constrain their production.”

The thought for an FF-NPT was launched astir the clip the Paris Agreement was finalised. Over the years, it has received the backing of a wide scope of stakeholders, from erstwhile UN Secretary General Ban Ki-Moon to the indigenous radical of Amazon to respective tiny land states astir threatened by clime change.

At COP29 successful Baku past week, it was announced that 10 much countries had joined discussions connected the FF-NPT this year, though their names were not announced publicly.

FF-NPT has been endorsed by 13 Small Island Developing States of the pacific, specified arsenic Vanuatu, Tuvalu, Tonga, Fiji, and the Solomon Islands, who were slightest liable for planetary warming but are astir susceptible to its impact. Colombia, 1 of the largest ember producers and exporters globally, endorsed FF-NPT successful December 2023, astatine COP28.

Three days aft COP29 began, a web of 70 sustainable banks, the Global Alliance for Banking connected Values, said that 25 of its members were endorsing the FF-NPT. This is the archetypal corporate endorsement of the inaugural by fiscal institutions.

The inheritance for fossil substance non-proliferation treaty

At the property league successful Baku past week, Tzeporah Berman, Chair and Founder of the Fossil Fuel Non-Proliferation Treaty Initiative, spelt retired the latest threats to the planet.

“To adhd to the grounds of our ain eyes, technological reports released present astatine COP29 amusement that fossil substance emissions are projected to beryllium astir 8 per cent higher this twelvemonth than successful 2015, erstwhile the Paris Agreement was signed. The twelvemonth 2024 is acceptable to beryllium the hottest twelvemonth connected record. This means that the satellite is inactive not connected way to face this crisis, with large fossil fuel-producing countries readying connected producing much than 110 per cent much fossil fuels by 2030 than would beryllium compatible with limiting planetary warming to 1.5 grade Celsius,” she said.

A fig of studies person established the nexus betwixt fossil substance depletion and planetary warming, with scientists saying that governments indispensable dial down connected coal, oil, and state accumulation to debar clime catastrophe. Yet, arsenic COP29 President Mukhtar Babayev said during his inaugural address, existent policies are starring america to 3°C of warming and a aboriginal of “ruin” for humanity.

What is FF-NPT?

The FF-NPT proposes to marque it legally binding connected nations to extremity fossil substance extraction, upwind down existing production, and negociate a conscionable modulation to renewable energy.

It operates connected 3 pillars — non-proliferation, which is simply a planetary practice exemplary to extremity the enlargement of coal, lipid and state production; a just phase-out, which comprises an equitable program to unopen down existing fossil substance accumulation successful a mode that nations with the capableness and humanities work for emissions modulation fastest and empowers others; and ‘just transition’, which calls for fast-tracking the adoption of renewable vigor and economical diversification distant from fossil fuels specified that nary worker, assemblage oregon state is near behind.

Since it was conceptualised successful 2016 and officially launched successful 2019, the FF-NPT has deed the partition of finance.

Harjeet Singh, Global Engagement Director for the Fossil Fuel Treaty Initiative, is engaging successful clime concern negotiations. “Without fiscal support, poorer, climate-vulnerable nations volition not beryllium capable to modulation distant from fossil fuels, nor volition they beryllium capable to support themselves from the impacts of clime change,” Singh told The Indian Express implicit the telephone from Baku.

“We are profoundly acrophobic astir what’s happening present successful the league rooms astatine COP29 regarding finance,” said Singh. “The projected Fossil Fuel Treaty volition enactment the enactment of the Paris Agreement, whether done the implementation of the New Collective Quantified Goal—which aims to found a caller fiscal people to assistance processing countries successful their clime actions post-2025—or done Nationally Determined Contributions (the clime enactment plans submitted by countries) and Just Transition Work Programmes,” helium added.

Where is India placed?

Singh said they person not engaged extensively with India yet, arsenic the archetypal absorption has been connected smaller countries successful Asia, Africa, and Latin America. “As we determination forward, we purpose to bring large, fossil fuel-dependent countries similar India and Indonesia connected board. From a justness and equity perspective, India stands to payment from the Treaty and should see joining,” helium said.

Global Carbon Project’s study estimates that India’s fossil substance emissions are acceptable to emergence by 4.6 per cent successful 2024.