Is the Paris Agreement Working? A Stocktake of Global Climate Mitigation

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

November 21, 2023

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Simon Black, Ian W.H. Parry, and Karlygash Zhunussova. Is the Paris Agreement Working? A Stocktake of Global Climate Mitigation, (USA: International Monetary Fund, 2023) accessed November 21, 2024

Summary

Urgent and aggressive action to cut greenhouse gas emissions this decade is needed. As countries take stock of the Paris Agreement, this Note provides IMF staff’s annual assessment of global climate mitigation policy. Global ambition needs to be more than quadrupled: emissions cuts of 50 percent below 2019 levels by 2030 are needed for 1.5 degrees Celsius, but current targets would only achieve 11 percent. We provide options for ratcheting-up ambition equitably. Implementation could be accelerated via agreements on minimum carbon prices. Drastic increases in mitigation investment are needed, requiring policies to shift private sector incentives. Climate finance should be scaled-up, with a new goal aligned with needs in developing countries. The development and diffusion of low-carbon technologies should be accelerated collaboratively. Overall, the Paris Agreement is making progress, but a response to the Global Stocktake that prioritizes decisive action this decade is critical.

Subject: Climate change, Climate finance, Economic sectors, Environment, Financial crises, Greenhouse gas emissions, Technology

Keywords: Carbon pricing, Climate change, Climate finance, Climate investment, Climate mitigation, Global, Greenhouse gas emissions, IMF staff climate note, IMF staff climate NOTE 2023/002, Low-carbon technology, Mitigation policy, Paris Agreement, Policy package

Publication Details

Pages:

43
Volume:

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DOI:

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Issue:

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Series:

Staff Climate Note No 2023/002
Stock No:

CLNEA2023002
ISBN:

9798400257889
ISSN:

2789-0600

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