Foreword
A disrupted year reveals poor progress and further ratchets the rate of global decarbonization required Earlier this year, the IPCC issued another stark warning about the consequences of inaction on climate change. With the deadline to almost halve emissions by 2030 fast approaching, the need for urgent action by businesses and the government has never been clearer. However, seven years on from the groundbreaking Paris Agreement, our analysis shows that the globe is continuing to move further from the rate of decarbonization required to limit warming to 1.5°C above pre-industrial levels. Although we see increasing levels of policy, business, and investor commitments, progress on decarbonization is slow and does not yet create the confidence that promises made will be delivered. The climate agenda has always had to compete with other priorities, especially those created by significant shocks to the system, and not least the impacts of the COVID-19 pandemic. This year’s data reflects a rebound in economic activity and economic stimulus measures that, in many countries, disproportionately supported a higher-carbon recovery. Geopolitical uncertainty, primarily as a result of the war in Ukraine, has introduced a new shock to the economic system. This context presents a real risk to how we reduce and respond to climate change, at a time when we can’t afford to delay our efforts.
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