Report indicates sufficient funds to mitigate climate crisis – drastic changes required

A recent report conducted by the Intergovernmental Panel on Climate Change (IPCC) asserts that there is enough money currently available to rapidly lower greenhouse gas emissions if funds are allocated properly.

The IPCC synthesis report is the final instalment of the sixth global assessment report conducted by the IPCC, the UN body dedicated to climate research. It synthesises findings from the preceding group reports, proposing ways to adapt to current climate issues and offering strategies to reduce carbon emissions.

#IPCC #ClimateChange 2023: Synthesis Report "is a survival guide for humanity," says @‌UN SG @‌antonioguterres in the IPCC press conference today.

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— IPCC (@IPCC_CH) March 20, 2023

The intergovernmental group found that the current pace and scale at which we are reducing emissions is insufficient, but that all hope is not lost–mitigating the crisis is possible if the proper plan is implemented.

“This Synthesis Report underscores the urgency of taking more ambitious action and shows that, if we act now, we can still secure a liveable sustainable future for all,” said IPPC chair Hoesung Lee.

Previous reports show that the Earth is currently 1.1C above pre-industrial levels, with the effects felt globally as climate extremes become more and more frequent. To prevent a temperature rise of 1.5C, a 2018 report urged that emissions be halved by 2030. Unfortunately, emissions continued to rise to record levels, the new report states, a likely result of the energy crisis.

This image from today's IPCC synthesis report is brutal. The existing policy trajectory represents a profound failure of our governments, and of our international political system. We need much more aggressive mitigation and much stronger international cooperation. pic.twitter.com/vQiSLzlI3g

— Jason Hickel (@jasonhickel) March 20, 2023

The IPCC report confirms that current policy and financial pledges have run shorthanded, making it impossible to deter warming to just 1.5 degrees. Increased financial investment is necessary to mitigate the crisis, and there is enough global capital to do so.

"Governments, through public funding and clear signals to investors, are key in reducing these barriers. Investors, central banks and financial regulators can also play their part. There are tried and tested policy measures that can work to achieve deep emissions reductions and climate resilience if they are scaled up and applied more widely,” stated the IPCC.

The panel urges governments and other financial institutions to play their part in investing in renewable and low-carbon technology, increasing energy efficiency and rethinking agriculture and electricity. “Accelerated climate action will only come about if there is a many-fold increase in finance. Insufficient and misaligned finance is holding back progress,” said Christopher Trisos, one of the report’s authors.

He further noted the inequity in climate impact. “The greatest gains in wellbeing could come from prioritising climate risk reduction for low-income and marginalised communities," he said, noting how climate issues most predominantly impact low income communities in less developed areas.

This information will inform this November’s climate summit, hosted in Dubai, where representatives will evaluate the progress states have made since 2015 to cut emissions. The report will show that these efforts have fallen short and will facilitate plans to bolster a global strategy.

The @IPCC_CH #AR6 report underscores that the world is still not on track to achieve the goals of the #ParisAgreement.

IPCC Full Report 🔗: https://t.co/EVTQsExHRD #IPCC #ClimateReport pic.twitter.com/JM1KvorPTb

— COP28 UAE (@COP28_UAE) March 20, 2023