Context:

Recently, the United States unveiled its updated climate goal to reduce emissions by 61-66% below 2005 levels by 2035. 

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• This target was officially submitted to the UN Climate Change in the country’s updated Nationally Determined Contribution (NDC).
• The new target builds upon the US’s existing 2030 goal, which seeks a 50-52% reduction from 2005 levels. 
• Notably, the US has already exceeded its 2020 target, which was set at a 17% reduction from 2005 levels.

About the USA’s climate goals:

• The 2035 target aligns to limit global temperature rise to 1.5°C above pre-industrial levels, as outlined by the International Panel on Climate Change (IPCC) 6th Assessment Report. 
• The US intends to reach Net-Zero Emissions by 2050, in line with global climate goals.
• According to IPCC, the global emission reduction needed by 2030 to meet the 1.5°C target is 43% below 2019 levels.  

Issue of Climate Finance Mobilization

The updated NDC lacks any specific financial commitment from the US for climate finance. 

• Developed countries like the US are expected to provide financial assistance to developing nations for climate adaptation under the Paris Climate Accord. 
• In 2023, the US contributed $9.5 billion to global climate finance, which is only about 10% of the total mobilized, despite being responsible for more than 25% of historical global emissions.

At COP29, developed countries agreed to triple their financial obligations from $100 billion to $300 billion per year by 2035, but the US NDC did not outline plans for additional contributions.

India's updated Nationally Determined Contributions (NDCs)

• Achieve a 45% reduction in emissions intensity of its GDP by 2030, compared to 2005 levels.
• Reach 50% cumulative electric power installed capacity from non-fossil fuel-based energy sources by 2030, supported by technology transfer and low-cost international finance, including funding from the Green Climate Fund (GCF).
• Create an additional carbon sink of 2.5 to 3 billion tonnes of CO2 equivalent through increased forest and tree cover by 2030.