The Intergovernmental Panel on Climate Change (IPCC) recently issued a ‘code red’ for the world to take urgent action to avoid the worst impacts of the escalating climate crisis and provided an updated estimate of the remaining global carbon budget. The data show that for a 67% chance of limiting warming to 1.5°C, the world has a remaining carbon budget of 400 GtCO2 – or 10 years of emissions at 2020 levels.
Collectively, the G20 is responsible for around 75% of global greenhouse gases (GHGs) including land use change and forestry.3 To limit the global temperature rise to 1.5°C, the G20, therefore, has an important leadership role to play by committing to emissions reduction targets and implementing policies that align with 1.5°C pathways. For developed countries, this includes providing climate finance to assist developing countries’ mitigation and adaptation actions.
The combined mitigation effect of Nationally Determined Contribution (NDC) targets assessed by April 2021 is not sufficient and will lead to warming of 2.4°C by the end of the century.5
This underlines the urgent need for G20 members to strengthen current climate policies and action and submit more ambitious 2030 targets that align with midcentury net zero targets.