UN: Emissions targets are ambitious, but funding is lacking

A report assessing the impact of emissions-reduction targets set by signatories to the Paris Agreement says countries are ambitious. But their efforts are still not enough to keep warming below 1.5 degrees.

The Intergovernmental Panel on Climate Change says global emissions must be cut by 43% by 2030 and 60% by 2035 to keep the rise in average global temperatures by the end of the century below 1.5 °C compared with pre-industrial levels—in other words, to meet the long-term goal set out in the Paris Agreement.

However, according to the UN Synthesis Report, published this week, the emissions-reduction targets set by signatories to the Agreement, known as nationally determined contributions (NDCs), could cut emissions by just 11-24% below 2019 levels by 2035, depending on how fully the targets are met.

Simon Stiell, the UN’s top climate official, said the report showed that progress was not fast enough.

“There is a critical need to accelerate the pace and help countries take more effective climate action. That acceleration must start right now,” Stiell added.

EU and China have not submitted plans

The overall picture of global ambition also remains incomplete, as just 64 countries have submitted their climate plans so far, representing approximately 30% of global greenhouse gas emissions. Data was missing, for example, on China and the EU, which have yet to publish details of their NDCs, although they have already announced their emissions-reduction targets.

 “‘The synthesis report highlights the urgent need for coordination ahead of the COP30 conference in Belém. While some developed and developing countries are providing clear examples to follow, delays and lacklustre pledges from major emitters such as the EU and China undermine the effectiveness of the Paris Agreement,’” said Steffen Menzel, head of the climate diplomacy and geopolitics programme at think tank E3G, according to the Guardian.

Greater ambition, not enough money

The emissions cuts that can be achieved remain well below scientific benchmarks. The report says, however, that ambition in nationally determined contributions is increasing. For example, 89% of parties now include economy-wide targets, and most have aligned their 2035 targets with long-term net-zero strategies.

But financing is a major obstacle. The funds needed to implement the plans exceed 2 trillion dollars, with mitigation accounting for USD 1.3 trillion and adaptation for more than USD 560 billion. Technology priorities focus on renewable energy, CCUS and climate-smart agriculture.

“Countries are making progress and setting clear milestones on the path to net zero. We also know that change is not linear and that some countries have a track record of exceeding their targets,” Stiell added.