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Monday, August 8, 2022

Two years after IPCC 1.5C report, climate change crisis persists

As the world marks the second anniversary of the IPCC Special Report on 1.5°C on Thursday, October 8, 2020, indications are that neither governments nor the financial sector took serious notice or acted accordingly.

Hoesung Lee
Hoesung Lee, IPCC chair

The IPCC report outlined how 1.5°C is a red line for man’s survival and a more stable climate; and how the window for keeping warming below that limit is closing fast, requiring coal, oil and  gas to stay in the ground.

It turned out to be the starkest and most compelling yet single piece of research on the climate crisis, and it called for a large scale mobilisation of public and private resources, and rapid changes in our economic and energy systems.

Since the IPCC 1.5°C report was released, countries across the globe have been feeling the impacts of climate breakdown. Despite a global pandemic, which forced a temporary halt across vast areas of the globe, greenhouse gas emissions have kept rising, and the carbon budget has kept shrinking.

Evidence compiled by UN agencies, research institutions and civil society organisations demonstrates that:

“Since the Paris climate agreement was signed and the IPCC released their 1.5C report, vast amounts of public money have been spent on supporting the fossil fuel industry and other polluting industries, mostly with no strings attached. This continues to this date in the form of covid-19 bailouts and loans to more fossil fuel development.” said May Boeve, 350.org Executive Director.

“Decision-makers in national governments, central and development banks have the power to enact policies and direct funds towards a just recovery from both covid-19 and the climate crisis. We need them to show leadership in this critical moment,” she added. 

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