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The Intergovernmental Panel on Climate Change (IPCC) in their recent report issued a code red that there is an imminent risk we will reach 1.5°C warming in the near term if emissions continue at their current rates. The overwhelming evidence is that existing efforts are falling a long way short of what is required, and that continuing the current trajectory will impose tremendous costs on the global economy and individual wellbeing for generations to come. It is in this context that we examine the rate of decarbonisation needed to deliver a 1.5°C aligned net zero world by 2050 and explore what business and government need to do.
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Currently the world is far below the required 12.9% per year decarbonisation rate to reach the 1.5 °C Paris Agreement goal. Global decarbonisation must accelerate to five times its current rate of just 2.5% in 2020. This requires a net zero transformation.
Asia Pacific‘s vast population, economies and communities are extremely vulnerable to climate change.
In 2020 decarbonisation in the Asia Pacific region was 0.9%. To achieve the 1.5°C target and reach net zero, Asia Pacific needs to urgently accelerate its decarbonisation.
The challenge is to shift away from fossil fuel derived energy towards low carbon and renewable energy sources while equitably enabling regional economic growth.
Fewer than 25% of Asia Pacific governments have a firm net zero commitment.
Targets, policy and regulation are crucial levers to make progress on climate change at the pace and scale needed to meet the Paris Agreement goal.
Business must partner with Government to drive fundamental change - COP26 has highlighted this.
Organisations are rising to the challenge. Our case studies highlight examples of businesses setting the tone from the top and delivering transformative change as they transition to net zero.
The time is now. Businesses have a responsibility to accelerate transformation to net zero.
Every business and every market is different. There is no one-size-fits-all solution. Businesses must reassess their strategy. A journey to net zero should begin with a fresh look at purpose, performance and people.
Sources:
bp, World Bank, OECD, UNFCCC, PwC data and analytics
Notes:
GDP is measured on a purchasing power parity (PPP) basis.