A new report from the United Nations Environment Programme (UNEP), The 2024 Emissions Gap Report, highlights significant differences between climate commitments and actual actions. In the context of rising global greenhouse gas (GHG) emissions, the report emphasizes the urgent need to accelerate emission reduction measures, especially from major emitting countries.

Key Elements and Alarming Perspectives

Rising Emissions: Global emissions reached a record high of 57.1 gigatons of CO2 equivalent in 2023, marking a 1.3% increase from the previous year. Most of these emissions come from energy, transportation, agriculture, and industry, with international aviation seeing a rapid rebound ​(EGR2024).

Discrepancies Among Countries: The report reveals massive gaps between the per capita and historical emissions of major economies and the rest of the world. For instance, per capita emissions in the United States are nearly three times the global average, while the poorest countries contribute only 3% of global emissions ​(EGR2024).

The Action Gap: Despite progress in setting national commitments (NDCs), many fall short of the targets to limit global warming to 1.5°C. Without more decisive and stronger actions, the world is on track for a 2.6°C warming scenario this century ​(EGR2024).

Major Risks Without Changes

Failure to take stringent action amplifies the risk of irreversible climate disasters. Higher temperatures will lead to severe droughts, wildfires, rising sea levels, and devastating impacts on biodiversity. An alarming consequence of inaction is the exponential increase in costs needed for emission reductions later, using costly, large-scale CO2 removal technologies ​.

Surprising Discoveries

A surprising aspect is that while the transition to renewable energy is essential, just two solutions—solar and wind energy—could account for up to 38% of the potential emission reductions by 2035. Therefore, a strong focus on clean energy and efficiency measures could significantly transform climate projections.

Essential Questions and Answers

1. Why are the G20 countries so crucial in emission reductions? The G20 generates 77% of global emissions. Thus, their collective efforts to implement decarbonization strategies are critical for achieving global climate goals.
2. What is the most critical aspect of this report? The most important message is the urgency of reducing emissions by 42% by 2030 to keep hopes alive for limiting global warming to 1.5°C. Without this effort, the climate impact will be irreversible​.
3. Are there viable solutions? The report mentions that existing, affordable technologies, such as solar and wind energy, along with energy efficiency measures in transport and industry, are sufficient to close the emissions gap​.

“The world is not on track to limit global warming to 1.5°C. The urgency to bridge the emissions gap has never been greater.” — United Nations Environment

Call to Action

Ahead of COP30, every country is urged to adjust national plans and focus on concrete actions rather than just commitments. It’s time to close the gap between promises and reality for a sustainable future. Think about whether you do something to mitigate global emissions. If not, just start evaluating your mitigation options, set up your strategy, invest in cleaner energy solutions, and support the green energy transition. Well, now you will probably ask how I should ensure the investments. Look for innovative, funded solutions; consider green or sustainability bonds framework to sustain your investment programs, but don’t stop.