Global climate finance must surge quickly to around $5 trillion per year by 2030 in order to fund action to tackle climate change, researchers said Thursday, warning change in individual economies is too slow to meet international temperature targets.
A study by five green groups has concluded that emissions from global warming across all sectors-from transportation, and farming to electricity-are not falling at the pace necessary to keep global warming down to 1.5 degrees Celsius and avoid its worst impact.
None of the 40 indicators studied are consistent with the goal set in the 2015 Paris accord to limit mean temperature gains to “well below” 2C and ideally 1.5m above pre-industrial times.
Of the indicators, 25 ranked “well off track” or “below line,” which include the use of less dirty coal for electricity generation and the promotion of climate finance.
But the study did point to some bright spots, including broader deployment of wind and solar power and more electric vehicles on the road.
“Although there are some encouraging signs of progress in a few sectors, overall global climate mitigation efforts are still falling woefully short,”Sophie Boehm
“Although there are some encouraging signs of progress in a few sectors, overall global climate mitigation efforts are still falling woefully short,” Sophie Boehm, one of the authors, told me.
Boehm of the World Resources Institute, a US think tank collaborating on the study, claimed the findings should give a “clear-eyed view” of the efforts governments will have to make before the UN climate summit, known as COP26, which starts on Sunday.
“We’re going to need world leaders at COP26 and beyond to ramp up that (climate) ambition and action immediately,” Mr Boehm told the Thomson Reuters Foundation.