Climate-harming emissions from oil, gas, and coal rose globally last year, according to the UN Environment Programme's (UNEP) annual Emissions Gap Report. The report shows that while emissions growth has slowed, a significant turnaround has not yet started. If current trends continue, global temperatures could rise by an average of 2.6 to 2.8 degrees Celsius this century. This far exceeds the global goal of limiting warming to 1.5 degrees.
Key Details
The report states that reaching the 1.5-degree target is now seen as "imminent and unavoidable." The chance to avoid overshooting that threshold is considered lost. UN Secretary-General António Guterres stressed the need for urgent action. He said, "Overshoot is not surrender. We can still keep it as small and as short as possible and bring temperatures back below 1.5 degrees by the end of the century." However, the report indicates that this would require unprecedented efforts. It would need a threefold increase in the pace of emissions reductions.
Background
Currently, 167 countries have submitted climate action plans to the UN. These plans cover 83% of global greenhouse gas emissions. However, the pledges fall short of what is needed to limit warming effectively. The report notes that emissions from major polluters, including the United States, China, and Indonesia, have risen. The U.S. has seen a significant increase driven by coal use and rising electricity demand linked to the growth of AI data centers.
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The rise in carbon emissions and the expected temperature increases could lead to more regulatory scrutiny and potential costs for fossil fuel companies. Investors in the energy sector may face more volatility as governments respond to climate change pressures. Keep an eye on the upcoming COP28 climate summit, where nations will discuss further commitments to reduce emissions and tackle the climate crisis.
Based on reporting by: irishtimes.com, dw.com