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UPSC Dictionary

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India's fiscal deficit target is monitored under the FRBM Act, 2003 — a key topic in GS Paper III.

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UPSC Dictionary

[Global Methane Pledge]

The Global Methane Pledge (GMP) is a voluntary international initiative and commitment to combat climate change. It was launched at the COP26 climate conference in Glasgow in November 2021, led by the United States and the European Union. The Pledge was created to address methane, a potent greenhouse gas that traps heat far more effectively than carbon dioxide, and whose reduction offers a high-leverage, near-term opportunity to slow warming due to its short atmospheric lifespan of about 12 years.

The core mechanism is a collective goal for all participants to reduce global methane emissions by at least 30% below 2020 levels by 2030. This is a non-binding commitment, meaning there are no legal penalties for non-compliance. Participants, which now number 159 countries plus the European Union, commit to developing national methane action plans and improving monitoring, reporting, and verification (MRV) systems. The Pledge targets emissions across three key sectors: energy (oil and gas), agriculture, and waste management.

The GMP connects directly to the broader international effort to keep the Paris Agreement's 1.5 °C warming limit within reach. Key related institutions include the United Nations Environment Programme (UNEP) and the Climate and Clean Air Coalition (CCAC), which provides secretariat services and supports countries in developing their plans. The Pledge has seen recent growth and finance mobilization; total grant funding mobilized under the initiative is over $2 billion, with nearly $500 million in new grant funding announced at COP29 in November 2024. The core target of a 30% reduction below 2020 levels by 2030 has remained the same since its inception.

References

  • netzerocompare.com
  • modeldiplomat.com
  • ccacoalition.org
  • iea.org
  • instituteofsustainabilitystudies.com
  • state.gov
  • ogci.com
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