Staff Climate Notes

Sleepwalking to the Cliff Edge?: A Wake-up Call for Global Climate Action

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

October 10, 2024

Download PDF More Formats on IMF eLibrary Order a Print Copy
More formats on IMF eLibrary Order a Print Copy

Preview Citation

Format: Chicago

Simon Black, Ian W.H. Parry, and Karlygash Zhunussova. "Sleepwalking to the Cliff Edge?: A Wake-up Call for Global Climate Action", Staff Climate Notes 2024, 006 (2024), accessed November 21, 2024, https://doi.org/10.5089/9798400289644.066

Export Citation

  • ProCite
  • RefWorks
  • Reference Manager
  • BibTex
  • Zotero
  • EndNote

Summary

Urgent action to cut greenhouse gas (GHG) emissions is needed now. Early next year, all countries will set new emissions targets for 2035 while revising their 2030 targets. Global GHGs must be cut by 25 and 50 percent below 2019 levels by 2030 to limit global warming to 2°C and 1.5°C respectively. But current targets would only cut emissions by 12 percent, meaning global ambition needs to be doubled to quadrupled. Further delay will lead to an ‘emissions cliff edge’, implying implausible cuts in GHGs and putting put 1.5°C beyond reach. This Note provides IMF staff’s annual assessment of global climate mitigation policy. It illustrates options for equitably aligning country targets with the Paris Agreement’s temperature goals. It also provides guidance on modelling needed to set emissions targets and quantify climate mitigation policy impacts.

Subject: Carbon tax, Climate change, Climate finance, Climate policy, Environment, Fuel prices, Greenhouse gas emissions, Prices, Taxes

Keywords: Africa, Carbon pricing, Carbon tax, Climate change, Climate finance, Climate finance, Climate investment, Climate mitigation, Climate policy, Fuel prices, Global, Greenhouse gas emissions, Indonesia, Paris Agreement

Publication Details

You May Also Be Interested In...

Unlocking Adaptation Finance in Emerging Market and Developing Economies

November 19, 2024

Quarterly Projection Model for the Bank of Ghana: Extensions and Applications

November 15, 2024

Growth Convergence and Public Finances of India and its States

November 15, 2024

Foreign Exchange Intervention Under the Integrated Policy Framework: The Case of India

November 15, 2024