Global economies must lower carbon emissions by at least five times the levels currently achieved, according to the 2014 Low Carbon Economy Index compiled by PricewaterhouseCoopers (PwC).
The report – Two degrees of separation: ambition and reality – clearly shows that the global economy has missed the decarbonization target needed to limit global warming to 2 ̊C for the sixth year in a row.
The Low Carbon Economy Index paints a bleak picture of what might happen if politicians and national governments don’t soon get much more aggressive at fighting climate change.
“Confronted with the challenge in 2013 of decarbonizing at 6% a year, we managed only 1.2%,” the report noted.
“To avoid two degrees of warming, the global economy now needs to decarbonize at 6.2% a year, more than five times faster than the current rate, every year from now till 2100. On our current burn rate we blow our carbon budget by 2034, sixty-six years ahead of schedule. This trajectory, based on IPPC [Intergovernmental Panel on Climate Change] data, takes us to four degrees of warming by the end of the century.”
But the index also provided some optimism for the future.