Global temperatures are likely to rise by over 1.5°C above pre-industrial levels over the next few decades, according to the latest report from the Intergovernmental Panel on Climate Change (IPCC). 

But if governments and industry take immediate and rapid action to slash greenhouse gas emissions temperatures could be held to about that level. It called for urgent action to transform the global economy and reduce greenhouse gas emissions in a way that built for the future. 

Going mainstream

“Mainstreaming effective and equitable climate action will not only reduce losses and damages for nature and people, it will also provide wider benefits,” IPCC chair Hoesung Lee said. “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.”

The report urges organisations to adopt climate resilience development measures. That means that businesses should not only take measures to reduce or avoid greenhouse gas emissions, but to also take those that provide wider benefits.

Enabling low-carbon electrification, walking, cycling and public transport, for instance, enhance air quality, improve health and employment opportunities – and deliver equity, it said, as well as lowering emission levels.

Capital barriers

The report identified significant barriers, including financing investment into climate-related projects.

“There is sufficient global capital to rapidly reduce greenhouse gas emissions if existing barriers are reduced. Increasing finance to climate investments is important to achieve global climate goals,” it said. “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.”

While technology played an important role, the report emphasised that co-ordinated social action at every level would be the most decisive factor in achieving success. 

Support

A separate report based on surveys conducted by the International Monetary Fund found that most people supported urgent climate change action. In particular, members of the public in emerging market countries said that they believed all countries should make a financial contribution towards combating the threat.

“The surveys point to broader-than-expected support for collective action and greater common ground for crafting international agreements,” it said. “Most respondents across all countries think that climate change policy will be effective only if most countries adopt measures to reduce carbon emissions.”