<p style=”margin-bottom: 13px; text-align: center;”><span style=”font-size:11pt”><span style=”line-height:115%”><span style=”font-family:Calibri,sans-serif”><b><span style=”font-size:12.0pt”><span style=”line-height:115%”><span style=”font-family:"Cambria","serif"”>SOURCE – THE HINDU</span></span></span></b></span></span></span></p>
<p style=”margin-bottom: 13px; text-align: center;”><span style=”font-size:11pt”><span style=”line-height:115%”><span style=”font-family:Calibri,sans-serif”><b><span style=”font-size:12.0pt”><span style=”line-height:115%”><span style=”font-family:"Cambria","serif"”>GS PAPER- 3</span></span></span></b></span></span></span></p>
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<p style=”margin-bottom:13px”><span style=”font-size:11pt”><span style=”line-height:115%”><span style=”font-family:Calibri,sans-serif”><b><span style=”font-size:12.0pt”><span style=”line-height:115%”><span style=”font-family:"Cambria","serif"”>CONTEXT </span></span></span></b></span></span></span></p>
<p style=”margin-bottom:13px”><span style=”font-size:11pt”><span style=”line-height:115%”><span style=”font-family:Calibri,sans-serif”><span style=”font-size:12.0pt”><span style=”line-height:115%”><span style=”font-family:"Cambria","serif"”>European Union environment ministers struck a deal recently to make the bloc’s 2050 net zero emissions target legally binding, but left a decision on a 2030 emissions-cutting target for leaders.</span></span></span></span></span></span></p>
<p style=”margin-bottom:13px”><span style=”font-size:11pt”><span style=”line-height:115%”><span style=”font-family:Calibri,sans-serif”><b><span style=”font-size:12.0pt”><span style=”line-height:115%”><span style=”font-family:"Cambria","serif"”>KEY HIGHLIGHTS of the New deal</span></span></span></b></span></span></span></p>
<p style=”margin-bottom:13px”><span style=”font-size:11pt”><span style=”line-height:115%”><span style=”font-family:Calibri,sans-serif”><span style=”font-size:12.0pt”><span style=”line-height:115%”><span style=”font-family:"Cambria","serif"”>• The landmark climate change law will form the basis for Europe’s plan to slash greenhouse gas emissions, which will reshape all sectors, from transport to heavy industry, and require hundreds of billions of euros in annual investments.</span></span></span></span></span></span></p>
<p style=”margin-bottom:13px”><span style=”font-size:11pt”><span style=”line-height:115%”><span style=”font-family:Calibri,sans-serif”><span style=”font-size:12.0pt”><span style=”line-height:115%”><span style=”font-family:"Cambria","serif"”>• To make the 2050 net zero emissions target an EU-wide goal, rather than a requirement for individual countries, potentially letting some have higher emissions if others make deeper cuts.</span></span></span></span></span></span></p>
<p style=”margin-bottom:13px”><span style=”font-size:11pt”><span style=”line-height:115%”><span style=”font-family:Calibri,sans-serif”><span style=”font-size:12.0pt”><span style=”line-height:115%”><span style=”font-family:"Cambria","serif"”>• The EU should set an emissions-cutting goal for 2040.</span></span></span></span></span></span></p>
<p style=”margin-bottom:13px”><span style=”font-size:11pt”><span style=”line-height:115%”><span style=”font-family:Calibri,sans-serif”><b><span style=”font-size:12.0pt”><span style=”line-height:115%”><span style=”font-family:"Cambria","serif"”>Effect of the New deal</span></span></span></b><span style=”font-size:12.0pt”><span style=”line-height:115%”><span style=”font-family:"Cambria","serif"”> - The EU’s climate targets are expected to tighten the supply of permits in the market.</span></span></span></span></span></span></p>
<p style=”margin-bottom:13px”><span style=”font-size:11pt”><span style=”line-height:115%”><span style=”font-family:Calibri,sans-serif”><b><span style=”font-size:12.0pt”><span style=”line-height:115%”><span style=”font-family:"Cambria","serif"”>What is Net Zero Mission</span></span></span></b><span style=”font-size:12.0pt”><span style=”line-height:115%”><span style=”font-family:"Cambria","serif"”> – ‘Net zero’ means that any emissions are balanced by absorbing an equivalent amount from the atmosphere.</span></span></span></span></span></span></p>
<p style=”margin-bottom:13px”><span style=”font-size:11pt”><span style=”line-height:115%”><span style=”font-family:Calibri,sans-serif”><span style=”font-size:12.0pt”><span style=”line-height:115%”><span style=”font-family:"Cambria","serif"”>In order to meet the 1.5°C global warming target in the Paris Agreement, global carbon emissions should reach net zero around mid-century. For developed nations such as the UK, the date may need to be earlier</span></span></span></span></span></span></p>
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