IPCC Report: We can halve emissions by 2030, but the time for action is now

We already have the tools and know-how required to limit warming and halve emissions by 2030, finds new IPCC report.

The new IPCC report, released on 4 April, has stated that we already have the tools and know-how required to limit warming and halve emissions by 2030.

The report notes that major transitions in the energy sector will be required to reach this target. This will involve a substantial reduction in fossil fuel use, widespread electrification, improved energy efficiency, and use of alternative fuels (such as hydrogen).

Without this, the IPCC warn that limiting global warming to 1.5°C is beyond reach.

“We are at a crossroads. The decisions we make now can secure a liveable future. We have the tools and know-how required to limit warming,” said IPCC Chair Hoesung Lee.

“I am encouraged by climate action being taken in many countries. There are policies, regulations and market instruments that are proving effective. If these are scaled up and applied more widely and equitably, they can support deep emissions reductions and stimulate innovation.”

The report also demonstrates that while financial flows are a factor of three to six times lower than levels needed by 2030 to limit warming to below 2°C (3.6°F), there is already sufficient global capital and liquidity to close investment gaps.

However, it relies on clear signalling from governments and the international community, including a stronger alignment of public sector finance and policy.

“Without taking into account the economic benefits of reduced adaptation costs or avoided climate impacts, global Gross Domestic Product (GDP) would be just a few percentage points lower in 2050 if we take the actions necessary to limit warming to 2°C (3.6°F) or below, compared to maintaining current policies."

On the 26 April in London, the global sustainable finance community will gather at the Sustainable Investment Forum Europe to increase momentum towards a sustainable, equitable and net zero global economy. The new IPCC report has made it clear that although the global capital is sufficient, emissions will not be reduced unless there is unified action from governments and the international community. Be part of the change and register now.

Read the full report here.