In 2010 to 2019, average annual global greenhouse gas emissions were at their highest levels in human history, but the rate of growth has slowed. Without immediate and deep emissions reductions across all sectors, limiting global warming to 1.5° C is beyond reach. However, there is increasing evidence of climate action, said scientists in the latest Intergovernmental Panel on Climate Change (IPCC) report. There are options in all sectors to at least halve emissions by 2030.

Since 2010, there have been sustained decreases of up to 85 percent in the costs of solar and wind energy, and batteries. An increasing range of policies and laws have enhanced energy efficiency, reduced rates of deforestation and accelerated the deployment of renewable energy.

The global temperature will stabilize when carbon dioxide emissions reach net zero. For 1.5° C (2.7° F), this means achieving net-zero carbon dioxide emissions globally in the early 2050s; for 2° C (3.6° F), it is in the early 2070s.

IPCC’s latest assessment shows that limiting warming to around 2° C (3.6° F) still requires global greenhouse gas emissions to peak before 2025 at the latest, and be reduced by a quarter by 2030.

The report looks beyond technologies and demonstrates that while financial flows are a factor of three to six times lower than levels needed by 2030 to limit warming to below 2° C (3.6° F), there is sufficient global capital and liquidity to close investment gaps. However, it relies on clear signaling from governments and the international community, including a stronger alignment of public sector finance and policy.

The Summary for Policymakers of the IPCC Working Group III report, “Climate Change 2022: Mitigation of climate change” was approved earlier this month by 195 member governments of the IPCC. It is the third installment of the IPCC’s Sixth Assessment Report (AR6), which will be completed this year.

The Summary for Policymakers of the Working Group III contribution to AR6, additional materials and information are available at: www.ipcc.ch/report/ar6/wg3.