With the World Climate Conference in Dubai just two weeks away, the United Nations Environment Programme (UNEP) will release its annual report on the global fight against climate change on Monday. The report sheds light on the gap between the projected emissions of greenhouse gases and the necessary efforts to achieve the 1.5-degree target agreed upon in the Paris Agreement of 2015.
Last year's "Emissions Gap Report" by UNEP, headquartered in Nairobi, revealed that the world is on track for a temperature increase of 2.8 degrees by the end of the century, compared to pre-industrial times, given the current climate policies. Even if all the often vague climate action plans submitted by the approximately 200 countries are taken into account, UNEP estimates that the temperature rise would still be at 2.4 to 2.6 degrees.
During the 2015 World Climate Conference in Paris, countries worldwide agreed to limit global warming to below 2 degrees, preferably even to 1.5 degrees. This goal is driven by the devastating consequences of climate change, including more frequent and severe storms, droughts, floods, and wildfires. Currently, the world has already warmed by approximately 1.1 degrees, with Germany experiencing a warming of 1.6 degrees.
The UNEP report serves as a wake-up call, emphasizing the urgent need for ambitious climate action by governments, businesses, and individuals. Without significant efforts to reduce greenhouse gas emissions, the world is edging closer to a future defined by climate chaos and irreversible damage to ecosystems and economies.
Investors and companies are encouraged to shift towards cleaner technologies and renewable energy sources, as climate change poses significant risks to financial stability and long-term profitability. Governments should implement stricter regulations and provide incentives to promote sustainable practices, green infrastructure projects, and sustainable investments.
The upcoming World Climate Conference in Dubai will serve as a crucial platform for global leaders to discuss and strengthen their commitments to climate action. Time is running out, and bold action is required to achieve the goals set forth in the Paris Agreement.
Sources:
- United Nations Environment Programme (UNEP)
- Paris Agreement
- Handelsblatt research