Closing the Gap – Executive Brief

The world is losing the fight against climate change. Global greenhouse gas emissions have risen 1.4 per cent annually in the last decade, reaching a record 59.1 gigatons of carbon dioxide equivalent (GtCO2e) in 2019. The average global temperature is now 1.2°C warmer than pre-industrial times and even if countries meet their commitments under the Paris Agreement, temperatures are forecast to rise at least 3°C by 2100. Several countries have announced net-zero emission goals, including the United States of America. Those nations account for some 65 per cent of global emissions. But the timelines in their pledges mean that temperatures would still increase by 2.5°C. To close the emissions gap, annual emissions must be cut to 25 GtCO2e by 2030 to limit warming to 1.5°C and 41 GtCO2e for a 2°C trajectory. Lowering emissions would also reduce the economic cost of climate change.