The AR6 Synthesis Report has highlighted that public and corporate support for fossil fuels is still greater than spending on climate change mitigation
Enough of the warnings, now it’s time for action. The latest Intergovernmental Panel on Climate Change (IPCC) report - AR6 Synthesis Report underlines the need for countries to act now to curtail GHG emissions.
“In this decade, accelerated action to adapt to climate change is essential to close the gap between existing adaptation and what is needed. Meanwhile, keeping warming to 1.5°C above pre -industrial levels requires deep, rapid and sustained greenhouse gas emissions reductions in all sectors. Emissions should be decreasing by now and will need to be cut by almost half by 2030, if warming is to be limited to 1.5°C.”
Thousands of researchers and scientists have worked on IPCC reports issuing warnings and outlining pathways, till now.
The AR6, the last of the Sixth Assessment Report products, gives a summary of the conclusions drawn from each of the three Working Groups' assessment reports - WGI: The Physical Science Basis; WGII: Impacts, Adaptation and Vulnerability; and WGIII: Mitigation of Climate Change.
Like previous reports, the AR6 stresses on gaps and challenges that remain in spite of expanding policies and laws to address mitigation.
“Global greenhouse gas (GHG) emissions in 2030 implied by nationally determined contributions (NDCs) announced by October 2021 make it likely that warming will exceed 1.5°C during the 21st century and make it harder to limit warming below 2°C,” the report stated.
Furthermore, financial flows are not at the levels required to achieve climate targets in all industries and areas.
Also, it highlighted that public and corporate funding for fossil fuels is still bigger than funding for climate change adaptation and mitigation.
Also, it highlighted the finance shortfall for the developing and underdeveloped countries' plans for the energy transition and climate adaptation. According to the report, current global financial flows for adaptation, including those from public and private finance sources, are insufficient and impede the implementation of adaptation options, particularly in developing countries.
According to the IPCC, the remaining carbon budget for 1.5°C would be practically exhausted (at 50%) and the remaining carbon budget for 2°C would be depleted by more than a third if global warming continues in the near term (2021–2040).
‘Climate resilient development’ for sustainable development for all is one of the ways suggested by the report to fight the climate crisis.
Including macroeconomic policy in climate action has also been recommended as a means to speed up the process. The IPCC lists “economy-wide packages, consistent with national circumstances, supporting sustainable low-emission growth paths; 41 climate resilient safety nets and social protection; and improved access to finance for low-emissions infrastructure and technologies, especially in developing countries,” as central to climate change action.