Home

Translate

Open Translation
 
GENEVA/LONDON: A report from the UN World Meteorological Organization (WMO) says it’s likely the annual average global temperature will reach 1.5 °C above pre-industrial levels at least once in the next five years.

The odds of exceeding the Paris Agreement threshold has risen from 2015 when it was close to zero to 10 percent between 2017 and 2021 and now 50:50 from 2022.

“This study shows – with a high level of scientific skill – that we are getting measurably closer to temporarily reaching the lower target of the Paris Agreement on Climate Change,” commented WMO secretary general Prof. Petteri Taalas. “The 1.5°C figure is not some random statistic,” he added. “It is rather an indicator of the point at which climate impacts will become increasingly harmful for people and indeed the entire planet.”

With the UK’s Met Office acting as lead, meteorologists from Spain, Germany, Canada, China, USA, Japan, Australia, Sweden, Norway and Denmark contributed to the latest WMO forecast.

“For as long as we continue to emit greenhouse gases, temperatures will continue to rise. And alongside that, our oceans will continue to become warmer and more acidic, sea ice and glaciers will continue to melt, sea level will continue to rise and our weather will become more extreme. Arctic warming is disproportionately high and what happens in the Arctic affects all of us,” noted Taalas.

Despite the warning, the Science-Based Target initiative (SBTi) says reporting member companies now represent a combined US$38 trillion – a third of the world’s market capital and a rise of 20 percent since 2020:

• At the end of 2021, 2,253 companies across 70 countries and 15 industries had approved emissions reductions targets or commitments with the SBTi.

• Almost 80 percent of targets approved in 2021 were aligned with 1.5°C. Between 2015-2020, the majority of companies with 1.5°C targets cut emissions twice as fast as required.

• The world has reached the 20 percent critical mass of science-based targets adoption among high impact companies.

• Science-based targets are associated with a 12 percent emissions reduction across Scope 1 and 2 emissions in 2020 and a longer-term reduction of 29 percent since 2015. SBTi companies are delivering excess reductions at an accelerated rate compared to their peers.

• The SBTi is calling on companies worldwide to align with its Net-Zero Standard to accelerate immediate corporate emissions reductions in line with 1.5°C. There are now 11 companies with approved net-zero targets and more than 1,000 companies committed.

However, it admits “heavy-emitting industries continue to be under-represented” and its members don't include oil and gas producers.

According to French NGO Reclaim Finance, 12 banks, including JP Morgan, Barclays, BNP Paribas, Crédit Agricole and Société Générale, have granted French oil and gas major TotalEnergies a new US$8 billion revolving credit facility to expand oil and gas projects in Mozambique, Uganda, Tanzania and Australia.

Despite International Energy Agency recommendations of no more money for new oil and gas projects, and based on the company’s climate targets, Reclaim Finance calculates the new funds will help TotalEnergies consume its entire 1.5°C carbon budget by 2035 at the latest.
 
 
Story Type: News

Vote for my Story

Our Rating: 9% - 1 votes

1000 Characters left


Latest News

April 18, 2024
Biodiversity Editor

Humans face 19 percent drop in income from climate impact.

POTSDAM, Germany: According to scientists at the Potsdam Institute for Climate Impact Research (PIK), climate change is going to cost the world economy US$38 trillion a year annually to 2050. Based on empirical data from more than 1,600 regions worldwide over…
April 09, 2024
People Editor

Top European court says ignoring climate impact violates human rights

STRASBOURG: The European Court of Human Rights has, for the first time in law, acknowledged government failure to implement sufficient measures to combat climate change. A case brought by the Swiss Climate Seniors Association (SCSA) claimed Swiss authorities…
April 05, 2024
Transportation Editor

Watchdog claims box carriers profit from EU carbon emissions charge

BRUSSELS: Following the introduction of the world’s first carbon market for maritime shipping in January, a study by Transport & Environment (T&E) suggests container shipping companies are making significant profits from charging customers a surcharge to…
April 05, 2024
Emissions Editor

No change by fossil fuel producers since Paris Agreement

WASHINGTON, DC: According to new analysis, 80 percent of global CO2 emissions produced since the Paris Agreement have been the responsibility of 57 corporate and state entities. Countries and their state-owned companies account for 75 percent of the total…
March 19, 2024
Food Editor

Still butchering the planet

LONDON, UK: A report by environmental organisation Feedback says the world’s 55 largest industrial livestock companies have received over US$615 billion in financing since the Paris Agreement was signed in 2016. As of March 2023, it included US$287.8 billion…
February 28, 2024
People Editor

83 million Americans breathe unhealthy air

BROOKLYN, NY/SAN DIEGO, CA: A report from research and technology company First Street finds 83 million Americans are exposed annually to air quality thresholds categorized as “unhealthy” by the U.S. Environmental Protection Agency’s (EPA) Air Quality Index.…
February 22, 2024
People Editor

Nearly 50 million Americans deny climate change

ANN ARBOR, MI/CHICAGO, IL: A study by the University of Michigan School for Environment and Sustainability (SEAS) has concluded 12-26 percent of Americans, depending on location, deny the reality of climate change. The researchers used Twitter (now X) data…
February 21, 2024
Biodiversity Editor

UAE renewables deal needs US$8 trillion

DUBAI/BERLIN: Abu Dhabi National Oil Company CEO and COP28 president Sultan Al-Jaber says he will work with the presidents-designate of COP29 (Azerbaijan) and COP30 (Brazil) to ensure the tripling of investment in renewables agreed in Dubai last December.…
February 19, 2024
People Editor

US$281 billion war profit in two years

LONDON: Five fossil fuel majors have made over US$281 billion net profit since Russia’s invasion of Ukraine two years ago. According to a new analysis by Global Witness, Shell, BP, Chevron, ExxonMobil and TotalEnergies paid US$200 billion to shareholders in…
February 15, 2024
Manufacturing Editor

New CMA CGM feeder fleet designed for less CO2

MARSEILLE: CMA CGM has taken delivery of the first of 10 dual-use 2,000 TEU container vessels to operate on Mediterranean and Northern Europe routes. Initially powered by LNG to reduce sulfur oxide emissions by 99 percent, nitrogen oxide 92 percent and fine…
February 10, 2024
Biodiversity Editor

Greenland ice loss threatens collapse of Atlantic current

PASADENA, CA: A study published in Nature has found the Greenland Ice Sheet lost 20 percent more ice over the past four decades than previously thought. The conclusion follows a 2023 study in Earth System Science suggesting ice losses from Antarctica and…
February 09, 2024
Transportation Editor

Maersk first to have climate targets validated by SBTi

COPENHAGEN: The Science Based Targets initiative (SBTi) says Maersk’s greenhouse gas emissions’ (GHG) targets will meet the Paris Agreement 1.5˚C pathway. The validation is an industry first under SBTi’s new maritime guidance published in late 2022. Maersk’s…

We are using cookies

By continuing you are agreeing to our use of cookies

I understand