Baku, November 21, AZERTAC As global temperatures and greenhouse gas emissions break records, the latest Emissions Gap Report from the UN Environment Programme (UNEP) finds that current pledges under the Paris Agreement put the world on track for a 2.5-2.9°C temperature rise above pre-industrial levels this century, pointing to the urgent need for increased climate action, United Nations Environment Programme reported. Released ahead of the 2023 climate summit in Dubai, United Arab Emirates, the Emissions Gap Report 2023: Broken Record – Temperatures hit new highs, yet world fails to cut emissions (again), finds that global low-carbon transformations are needed to deliver cuts to predicted 2030 greenhouse gas emissions of 28 per cent for a 2°C pathway and 42 per cent for a 1.5°C pathway. “We know it is still possible to make the 1.5 degree limit a reality. It requires tearing out the poisoned root of the climate crisis: fossil fuels. And it demands a just, equitable renewables transition,” said Antònio Guterres, Secretary-General of the United Nations. Maintaining the possibility of achieving the Paris Agreement temperature goals hinges on significantly strengthening mitigation this decade to narrow the emissions gap. This will facilitate more ambitious targets for 2035 in the next round of Nationally Determined Contributions (NDCs) and increase the chances of meeting net-zero pledges, which now cover around 80 per cent of global emissions.“There is no person or economy left on the planet untouched by climate change, so we need to stop setting unwanted records on greenhouse gas emissions, global temperature highs and extreme weather,” said Inger Andersen, Executive Director of UNEP. “We must instead lift the needle out of the same old groove of insufficient ambition and not enough action, and start setting other records: on cutting emissions, on green and just transitions and on climate finance.” Until the beginning of October this year, 86 days were recorded with temperatures over 1.5°C above pre-industrial levels. September was the hottest recorded month ever, with global average temperatures 1.8°C above pre-industrial levels. If all conditional NDCs and long-term net-zero pledges were met, limiting the temperature rise to 2°C would be possible. However, net-zero pledges are not currently considered credible: none of the G20 countries are reducing emissions at a pace consistent with their net-zero targets. Even in the most optimistic scenario, the likelihood of limiting warming to 1.5°C is only 14 per cent. Policy progress since the Paris Agreement was signed in 2015 has reduced the implementation gap, defined as the difference between projected emissions under current policies and full NDC implementation. GHG emissions in 2030 based on policies in place were projected to increase by 16 per cent at the time of the adoption of the Paris Agreement. Today, the projected increase is 3 per cent. The report calls for all nations to deliver economy-wide, low-carbon development transformations, with a focus on the energy transition. To achieve this, international financial assistance will have to be significantly scaled up, with new public and private sources of capital restructured through financing mechanisms – including debt financing, long-term concessional finance, guarantees and catalytic finance – that lower the costs of capital. The first Global Stocktake (GST), concluding at COP28, will inform the next round of NDCs that countries should submit in 2025, with targets for 2035. COP28 should ensure that international support is provided for the development of such roadmaps. The report finds that delaying GHG emissions reductions will increase future reliance on carbon dioxide removal from the atmosphere. Upscaling of novel carbon dioxide removal methods are associated with different types of risks, including that the technical, economic and political requirements for large-scale deployment may not materialize in time.