Getting Back on Track to Net Zero: Three Critical Priorities for COP27
The devastation and destruction of climate change will only worsen if we fail to act now
Kristalina Georgieva
November 4, 2022
Just this year we’ve seen the increasingly devastating effects of climate change—human tragedy and economic upheaval with typhoons in Bangladesh, unprecedented floods in Pakistan, heatwaves in Europe, wildfires in North America, dry rivers in China, and droughts in Africa.
This will only get worse if we fail to act.
If global warming continues, scientists predict even more devastating disasters and long-term disruption to weather patterns that would destroy lives and livelihoods and upend societies. Mass migration could follow. And, failure to get emissions on the right trajectory by 2030 may lock global warming above 2 degrees Celsius and risk catastrophic tipping points—where climate change becomes self-perpetuating.
If we act now, not only can we avoid the worst, but we can also choose a better future. Done right, the green transformation will deliver a cleaner planet, with less pollution, more resilient economies, and healthier people.
Getting there requires action on three fronts: steadfast policies to reach net zero by 2050, strong measures to adapt to the global warming that’s already locked in, and staunch financial support to help vulnerable countries pay for these efforts.
Net zero by 2050
First, it’s vital that we limit further temperature rises to 1.5 degrees to 2 degrees. Delivering on that by 2050 requires cutting emissions by 25‑50 percent by 2030 compared to pre-2019 levels.
The good news is that about 140 countries—accounting for 91 percent of greenhouse gas emissions—have already proposed or set net-zero targets for around mid-century.
The bad news is that net-zero rhetoric does not match reality.
Actually getting to net zero by 2050 means most countries need to do even more to strengthen their targets for cutting emissions—particularly large economies.
And there is an even bigger gap on the policy front. New IMF analysis of current global climate targets shows they would only deliver an 11 percent cut. The gap between that and where we need to be is massive—equivalent to more than five times the current annual emissions of the European Union.
https://www.imf.org/en/Blogs/Articles/2 ... -for-cop27
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