Is the Paris Agreement Working? A Stocktake of Global Climate ... - International Monetary Fund
Is the Paris Agreement Working? A Stocktake of Global Climate Mitigation
Author/Editor:
Simon Black; Ian W.H. Parry; Karlygash Zhunussova
Publication Date:
November 21, 2023
Electronic Access:
Free Download. Use the free Adobe Acrobat Reader to view this PDF file
Summary:
Urgent and aggressive action to cut greenhouse gas emissions this decade is needed. As countries take stock of the Paris Agreement, this Note provides IMF staff’s annual assessment of global climate mitigation policy. Global ambition needs to be more than quadrupled: emissions cuts of 50 percent below 2019 levels by 2030 are needed for 1.5 degrees Celsius, but current targets would only achieve 11 percent. We provide options for ratcheting-up ambition equitably. Implementation could be accelerated via agreements on minimum carbon prices. Drastic increases in mitigation investment are needed, requiring policies to shift private sector incentives. Climate finance should be scaled-up, with a new goal aligned with needs in developing countries. The development and diffusion of low-carbon technologies should be accelerated collaboratively. Overall, the Paris Agreement is making progress, but a response to the Global Stocktake that prioritizes decisive action this decade is critical.
Series:
Staff Climate Note No 2023/002
Subject:
Climate change Climate finance Economic sectors Environment Financial crises Greenhouse gas emissions Technology
Frequency:
occasional
English
Publication Date:
November 21, 2023
ISBN/ISSN:
9798400257889/2789-0600
Stock No:
CLNEA2023002
Format:
Paper
Pages:
43
Please address any questions about this title to publications@imf.org
Related Knowledge Center: Climate science
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