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All Major Economies Failed To Reach Their Paris Agreement Pledges On Climate Control: Report

All of the world’s leading economies, including the entire G20 membership, have failed to meet their climate change commitments under the 2015 Paris Agreement.

CNN reported, “Under the 2015 Paris accord, more than 190 countries agreed to limit the increase in global temperatures to well below 2 degrees above pre-industrial temperatures — ideally to 1.5 degrees.”

CNN added that the nonprofit Climate Action Tracker studied the climate policies of 36 nations along with the 27 members of the European Union — which combined produce 80% of the world’s emissions — and determined none were close to their pledge to contain global warming at 1.5 degrees Celsius above pre-industrial levels.

Furthermore, CAT’s analysis of low-emissions countries determined that only one — The Gambia in western Africa — was “1.5 compatible.”

CAT stated that that progress in reaching the 1.5 degrees level stalled in the aftermath of President Joe Biden’s Climate Leaders’ Summit in April. Niklas Höhne, a founding partner of the NewClimate Institute, a CAT partner, noted that since the summit occurred, “there has been little to no improvement: nothing is moving. Anyone would think they have all the time in the world, when in fact the opposite is the case.”

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What Else Happened: On a wider scale, CAT observed that more than 70 countries — including China and India, the world’s two greatest polluters — failed to meet the July 31 deadline for updating their Nationally Determined Contributions (NDCs) on reaching climate control goals. Exacerbating problems are the decisions by countries including China, India, Japan and Australia to continue their current coal productions.

One glimmer of progress from the CAT report was its analysis of the U.S. commitment to the Paris accord. The organization upgraded the U.S. from the lowest level of “critically insufficient” that it received during the Trump administration to “almost sufficient” under Biden’s stewardship.

Photo: Ralf Vetterle from Pixabay.

© 2021 Benzinga does not provide investment advice. All rights reserved.

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