Not Yet on Track to Net Zero: The Urgent Need for Greater Ambition and Policy Action to Achieve Paris Temperature Goals

By Simon Black, Ian W.H. Parry, James Roaf, Karlygash Zhunussova

October 31, 2021

Preview Citation

Format: Chicago

Simon Black, Ian W.H. Parry, James Roaf, and Karlygash Zhunussova. Not Yet on Track to Net Zero: The Urgent Need for Greater Ambition and Policy Action to Achieve Paris Temperature Goals, (USA: International Monetary Fund, 2021) accessed November 21, 2024

Summary

Achieving the Paris Agreement’s temperature goals requires cutting global CO2 emissions 25 to 50 percent this decade, followed by a rapid transition to net zero emissions. The world is currently not yet on track so there is an urgent need to narrow gaps in climate mitigation ambition and policy. Current mitigation pledges for 2030 would achieve just one to two thirds of the emissions reductions needed for limiting warming to 1.5 to 2oC. And additional measures equivalent to a global carbon price exceeding $75 per ton by 2030 are needed. This IMF Staff Climate Note presents extensive quantitative analyses to inform dialogue on closing mitigation ambition and policy gaps. It shows purely illustrative pathways to achieve the needed global emissions reductions while respecting international equity. The Note also presents country-level analyses of the emissions, fiscal, economic, and distributional impacts of carbon pricing and the trade-offs with other instruments—comprehensive mitigation strategies will be key.

Subject: Climate change, Environment, Greenhouse gas emissions

Keywords: Abatement costs, Ambition gap, Carbon pricing, Climate change, Climate change mitigation, Feebates, Global, Greenhouse gas emissions, IMF Staf Climate Notes, IMF staff climate note, Mitigation ambition, Mitigation pledges, Paris Agreement, Paris temperature goal, Policy gap

Publication Details

Pages:

30
Volume:

---
DOI:

---
Issue:

---
Series:

Staff Climate Note No 2021/005
Stock No:

CLNEA2021005
ISBN:

9781557754400
ISSN:

2789-0600

Notes

Online Appendix

FACTSHEETS

RESOURCES

TOPICS

Flagship Publications

Other Publications

IMF reports and publications by country

Regional Offices

All News

See Also

For Journalists

Press Center

RESOURCES

FLAGSHIPS

KEY SERIES

IMF NOTES

Staff Climate Notes