Monday 30 October 2017

G20 nations ‘must improve climate action’

G20 nations ‘must improve climate action’

G20 nations around the world need to ensure businesses improve on their patchy decarbonisation progress.

That's the verdict delivered in a new report from PwC, which shows although the carbon intensity of the global economy fell 2.6% last year, this remains less than half of what is required to limit global warming to well below 2°C as outlined in global targets.

The firm’s Low Carbon Economy Index (LCEI) suggests these annual reductions need to reach 6.3% to limit warming to 2°C.

It claims the UK and China are leading clean growth, decarbonising their economies by 7.7% and 6.5% respectively in 2016 as they curbed coal consumption.

In contrast, Indonesia, Argentina, Turkey and South Africa saw increases in emissions exceed their GDP growth - the report states increased coal use in these countries means the fossil fuel still accounts for a third of the world’s power consumption.

Jonathan Grant, Director of Climate Change at PwC, said: "When it comes to action on climate change and the two degrees goal, the gulf between the best and worst performing nations is widening - and this creates problem for business.

“Companies are being encouraged by investors and others to assess the risks of 2°C scenarios. But they’re not forecasting or planning on a 2°C outcome, because the signals from governments just aren’t there right now."

Written by

Bruna Pinhoni

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