The Intergovernmental Panel on Climate Change's (IPCC) Special Report on Global Warming of 1.5°C calls for urgent action within the next decade in order to avoid catastrophic environmental breakdown. Robust carbon markets and voluntary action can help accelerate climate mitigation activities and investments into renewables.
The contributors of the latest IPCC Report warn that even half a degree of warming will significantly worsen the risks of drought, floods, extreme heat and poverty for hundreds of millions of people, and that warming "is expected to reach 1.5°C between 2030 and 2052 if it continues at the present rate."
Successfully limiting global warming to 1.5°C will require "rapid and far-reaching transitions in land, energy, industry, buildings, transport, and cities." Global net human-caused carbon emissions would need to "fall by about 45% from 2010 levels by 2030, and reach 'net zero' by 2050".
Published on Monday 8 October, the Report offers critical input for negotiators as they prepare for the COP24 climate conference in Katowice, Poland, in December. These talks will focus on exploring policies to intensify efforts to limit global warming and revising national mitigation targets to accommodate the emission reductions required to stay well below 2°C, as is stipulated by the Paris climate agreement.
The Report also highlights the important role that non-state actors such as businesses can play in achieving the Paris goals. Incentives will need to be made available to encourage the private sector to take voluntary actions and go beyond compliance with national goals.
"The speed at which we are approaching irreversible tipping points is staggering," says Marco Magini, Director Projects & Portfolio, South Pole.
"1.5C is not a good scenario to begin with and we need to get much better at pricing externalities – in this case, putting a more meaningful price on carbon, and doing it fast. Carbon markets can offer a means to accelerate climate action and help us meet the 1.5C goal."
For more than a decade, South Pole has mobilised climate-finance for projects in emission reduction, renewable energy, energy efficiency and sustainable land-use, and will continue to promote climate action and sustainable development around the world.
Click here for more information on the IPCC Special Report on Global Warming of 1.5ºC.