New analysis reveals that the world is alarmingly off-track in its efforts to combat climate change.
The latest Net Zero Economy Index from PwC underscores the urgent need for an annual decarbonisation rate of 17.2% to limit global warming to 1.5°C above pre-industrial levels.
This rate is seven times higher than what was achieved in the past year (2.5%) and a striking 12 times faster than the global average (1.4%) over the last two decades.
According to the report, since the year 2000, no G20 country has managed to achieve a decarbonisation rate exceeding 11% in a single year.
The highest recorded level was reached by the UK in 2014 (-10.9%).
PwC’s analysis suggests that all nations must significantly intensify their efforts to reduce emissions to have any hope of meeting the IPCC’s 2030 target, which calls for a 43% reduction in emissions.
Achieving this goal now necessitates a staggering 78% reduction in carbon intensity within the next seven years.
Key findings from the Net Zero Economy Index include the UK’s sustained long term decarbonisation rate of 3.7% throughout the 21st century and the growing separation between economic growth and energy consumption.
Dan Dowling, Net Zero & Sustainability Partner at PwC, said: “To achieve our global ambition, and starting this year, it is time to embrace a bold, commercial and disruptive phase of global redevelopment that is driven by mass deployment of clean technologies, accelerated by practical innovation and scaled with sustainable finance.”