UN Secretary-General António Guterres has slammed governments and businesses for their continued use of fossil fuels after the latest Intergovernmental Panel on Climate Change (IPCC) report revealed “immediate and deep emissions reductions” are now required.
Describing the report as a “file of shame”, Mr Guterres said that the empty pledges catalogued in the report were set to make the world unlivable.
“Some government and business leaders are saying one thing – but doing another. Simply put, they are lying. And the results will be catastrophic,” he said.
The IPCC report found that global greenhouse gas emissions must peak before 2025, and fall 43 per cent by 2030, to limit global warming to 1.5 degrees as set out by the Paris Agreement.
Methane emissions would also need to be reduced by around a third from current levels.
“Even if we do this, it is almost inevitable that we will temporarily exceed this temperature threshold but could return to below it by the end of the century,” the IPCC said.
According to the report, existing climate pledges would result in a 14 percent increase in emissions, however, as put by Mr Guterres, most major emitters are failing to take necessary steps to fulfil these “inadequate promises”.
Mr Guterres explained that to keep the 1.5 degree limit agreed in Paris within reach, “we need to cut global emissions by 45 percent this decade”.
“High-emitting governments and corporations are not just turning a blind eye; they are adding fuel to the flames,” he said.
“They are choking our planet, based on their vested interests and historic investments in fossil fuels, when cheaper, renewable solutions provide green jobs, energy security, and greater price stability.”
While noting that climate activists are sometimes considered to be “dangerous radicals”, Mr Guterres suggested that nations increasing their production of fossil fuels are in fact the true dangerous radicals.
“Investing in new fossil fuels infrastructure is moral and economic madness. Such investments will soon be stranded assets – a blot on the landscape, and a blight on investment portfolios,” he said.
Mr Guterres noted that the IPCC report outlines financially sound options to keep emissions under the 1.5 degree target, including tripling the speed of the shift to renewable energy.
The IPCC found that the costs of solar and wind energy, as well as batteries, has already decreased by up to 85 per cent since 2010.
The report also called for governments to end the funding of coal and asked developed countries, multilateral development banks, private financial institutions and corporations to help emerging economies make the shift.
“We are at a crossroads. The decisions we make now can secure a livable future. We have the tools and know-how required to limit warming,” said IPCC chair Hoesung Lee.
“I am encouraged by climate action being taken in many countries. There are policies, regulations and market instruments that are proving effective. If these are scaled up and applied more widely and equitably, they can support deep emissions reductions and stimulate innovation.”
Jon Bragg
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.
