According to the new analysis just released by PwC, not a single country in the world is doing enough to reduce carbon emissions in accordance with the targets set out in the United Nations-sponsored Paris Agreement on climate change.
The consulting giant's latest Low Carbon Economy Index (LCEI) found that across all countries, the average rate of decarbonization in 2017 was 2.6 percent.
That's less than half the speed required to shift the world to the two-degree Celsius trajectory that scientists believe is the minimum required to avoid “dangerous” levels of warming this century.
UK environmental news website BusinessGreen reports that echoing other recent analyzes, the PwC report revealed that, far from being reduced, global greenhouse gas emissions rose 1.1% in 2017.
Jonathan Grant, PwC's director of climate change, strongly warned policy makers and businesses ahead of an impending report from the Intergovernmental Panel on Climate Change (IPCC) on how the world could meet the most ambitious goal of the Paris Agreement to keep temperature increases below 1.5 ° C.
"There seems to be almost zero chance of limiting warming to less than two degrees, the main goal of the Paris Agreement," Grant said.
"Given the gap between conversation and action on climate, the risks to companies are obvious: fragmented regulation and a physical impact of climate change."
Even the UK and China, which are leading the pack in terms of reductions in carbon intensity, are not moving fast enough to reduce greenhouse emissions from their economies in line with a 2.0 ° C scenario, analysis concluded.
In 2017, China reduced the carbon intensity of its economy at a rate of 5.2 percent, the fastest of any nation in the world.
According to Green Business reports in the last decade, China has nearly halved its carbon intensity, PwC said, as economic growth has been accompanied by energy efficiency improvements and the development of the largest clean energy market. of the world.
Meanwhile, the UK delivered a 2017 decarbonisation rate of 4.7 percent, maintaining its leadership as the nation offering the fastest transition to a low-carbon economy of any G20 country in the last 10 years.
Other main decarbonisers for 2017 were Mexico, Brazil and Argentina, with decarbonisation rates above 4.5%.
However, without faster action to reduce emissions, the global carbon budget to limit warming to two degrees will run out by 2036, PwC concluded.
If the world is to reach its target of 2.0 ° C, it will need a global average decarbonization rate of 6.4 percent, the consultancy calculated.
The grim warnings come as government officials gather in South Korea this week to put the final touches on a UN report that will set out what is needed for the world to meet the Paris Agreement's overriding goal of limiting heating to 1.5 ° C.
Original article (in English)