Global CO2 emissions have increased in 2017, after a three-year period of stabilisation a newly published UN report has detailed.
The report says that economic growth is responsible for a rise in 2017 while national efforts to cut carbon have faltered. Global emissions have reached historic levels at 53.5 GtCO2e, with no signs of peaking by 2020, the date critical to meet the commitments contained in the Paris Climate Change Agreement. 57 countries assessed by the authors (repressing 60% of global emissions) are on track to peak by 2030.
The current national action is insufficient to meet the Paris Climate Change Agreement. Translated into climate action, the authors conclude nations must raise their ambition by 3x to meet the 2°C and 5x to meet 1.5°C. A continuation of current trends will likely result in global warming of around 3°C by the end of the century.
Though the report highlights there is a potential to bridge the emissions gas and keep global warming below 2°C. The authors credit the surging momentum from the private sector and the untapped potential from innovation and green-financing offer pathways to bridge the gap.