Evaluating progress and enhancing climate mitigation under the Paris Agreement

What is it about?

Reducing global warming to 1.5 to 2 °C, as per the Paris Agreement, is the need of the hour. This means we need to cut down on the release of gases that cause the Earth to get warmer. This report provides options for countries to improve their climate mitigation targets and policies. It includes the climate finance, investment, and technology required for the same, too. Here's what the authors have to say. First, countries need to agree to cut down on things that make the Earth too warm. They should set greater goals to do so, but in a fair way, based on their per capita income. High income countries should take more responsibility at first, with middle and low income countries slowly increasing their efforts. To achieve these goals, countries need to make stronger policies. This would include reducing the use of fossil fuels for energy and putting a price on activities that cause a lot of pollution. Also, public and private sectors need to invest more in the fight against climate change, especially to help developing countries. Lastly, we need to speed up making and sharing new, cleaner technologies. This means countries should work together and share their ideas, making it easier to trade and making sure it’s not too expensive.

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Photo by Patrick Perkins on Unsplash

Photo by Patrick Perkins on Unsplash

Why is it important?

To meet the 1.5 °C target by 2030, emissions need to be reduced by 50%, compared to their levels in 2019. Now, even though many countries have promised to do better since signing the agreement in 2015, current plans will only decrease global emissions by 11%. There is thus a large gap in setting and enacting targets and policies to tackle climate change. This report attempts to bridge that gap. KEY TAKEAWAY: While the Paris Agreement has made some progress in tackling climate issues, countries must step up and take stronger and more ambitious actions to truly meet the goals of this agreement. Disclaimer - This summary was prepared by Kudos Innovations Ltd and does not necessarily represent the views of International Monetary Fund (IMF).