Climate Ambition Summit 2020 held virtually

Climate Ambition Summit 2020 held virtually

Part of: GS Prelims and GS-III – Environment

In news

• The United Nations, United Kingdom and France co-hosted the Climate Ambition Summit 2020 which was held virtually recently.

Key takeaways

• The Summit marked the five years of the adoption of the Paris Agreement on Climate Change.
• The summit aims to bring together leaders to make new commitments to tackle climate change and deliver on the goals of the Paris Agreement.
• The United Kingdom pledged to double its climate finance contribution to USD 15.5 billion over the next five years.
• The European Investment Bank announced a goal of 50% of investments going toward the climate and environment sectors by 2025.
• It also called for climate finance commitments to support the most vulnerable and ambitious adaptation plans and underlying policies.
• According to Indian Prime Minister, India is not only on track to achieve its Paris Agreement targets, but to exceed them beyond expectations.

Do you know?

• India has reduced emission intensity by 21% over 2005 levels.
• Solar capacity has grown from 2.63 GigaWatts in 2014 to 36 GigaWatts in 2020.
• Renewable energy capacity is the fourth largest in the world.
• It will reach 175 GigaWatts before 2022.
• India has also set new target of 450 GigaWatts of renewable energy capacity by 2030.
• On the world stage, India has pioneered two major initiatives: (1) The International Solar Alliance; (2) Coalition for Disaster Resilient Infrastructure.