What is it about?

To limit global warming to 2°C or 1.5°C, scientists have recommended reducing carbon dioxide and other greenhouse gas emissions by 25% to 50%. We need to achieve this goal by 2030. While policy changes are being applied globally, there is still a huge gap between the goal and the measures being taken. In this note, the authors analyze current trends and future scenarios to report on recommendations for closing the gap between policy and carbon mitigation. A total of 139 countries have agreed to work together to achieve goal. The authors urge developed countries to come forward with stronger mitigation efforts. Additionally, it is suggested that countries with higher incomes largely sponsor global finance needs. The authors note that for developing countries, shifting to green systems could be beneficial for their own economy and the global climate.

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Why is it important?

Global temperatures are on the rise. It is making survival difficult for many life forms on earth, through direct and indirect effects. Therefore, the process of addressing climate change must be sped up. This note suggests the 2°C limit might be reached if quick action is taken. The 1.5°C limit, though, already appears to be a lofty goal. The situation can only be handled through global cooperation and collective action. This requires setting up new policies on climate change that can ensure fair costs on energy for developing countries. KEY TAKEAWAY: This note makes recommendations so that carbon mitigation can be achieved with minimal disturbance to the global economy. Disclaimer - This summary was prepared by Kudos Innovations Ltd and does not necessarily represent the views of International Monetary Fund (IMF).

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This page is a summary of: Getting on Track to Net Zero, IMF Staff Climate Notes, November 2022, International Monetary Fund, DOI: 10.5089/9798400223877.066.
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