Governments around the globe are responding to the economic crisis brought about by the coronavirus pandemic with unprecedented economic recovery packages.

Several influential voices, including the United Nations (UN) secretary-general, heads of state, companies, investors, and central banks, have called for post–COVID-19 economic recovery efforts to be used to catalyse the necessary longer-term transformation toward a more sustainable and resilient society.

This study shines a light on the opportunity for these investments to support a green recovery by inventorying and classifying the latest information on governments' fiscal stimulus plans and comparing the size of these measures to estimates of low-carbon energy investment needs compatible with the 2015 UN Paris Agreement.

The study shows that low-carbon investments to put the world on an ambitious track toward net zero carbon dioxide emissions by mid-century are dwarfed by currently announced COVID-19 stimulus funds. But marked differences across countries and regions at differing stages of development emphasise the role that international support and global partnership must play to create conditions that enable a global climate-positive recovery.

Global overview of covid 19 recovery stimulus and annual investments in the energy system — How Covid-19 stimulus packages (left-hand bars) compare to the annual investment needed for a Paris-compatible pathway (middle) and the shift required compared to existing policies (right-hand).

Decarbonisation targets and 1.5℃ pathways

Publications

Climate Action Tracker: 2024 warming projection update

Despite an escalating climate crisis marked by unprecedented wildfires, storms, floods, and droughts, the Climate Action Tracker annual global temperature update shows global warming projections for 2100 are flatlining, with no improvement since 2021. The aggregate effect of current policies set the world on a path toward 2.7°C of warming.

Decarbonising light-duty vehicle road transport

The Climate Action Tracker provides updated 1.5ºC compatible benchmarks for the transport sector for the world as a whole and for seven individual countries; the US, EU, China, India, Brazil, South Africa and Indonesia.

Emissions Gap Report 2024: No more hot air … please!

The 2024 edition of UNEP’s Emissions Gap Report shows how much higher nations must aim. To get on a least-cost pathway for 1.5°C, emissions must fall 42 per cent by 2030, compared to 2019 levels. G20 nations, particularly the largest-emitting members, would need to do the heavy lifting.

The role of northern forests in limiting warming to 1.5°C

Northern forests are critical in the race to net zero CO₂ by mid-century. Protecting and restoring these forests, alongside steep and rapid reductions in fossil fuel emissions, is essential both to mitigating emissions and to supporting forest ecosystem services and biodiversity.

Methodology underpinning the State of Climate Action series: 2024 update

This technical note describes the State of Climate Action series’ methodology for identifying sectors that must transform, translating these transformations into global mitigation targets primarily for 2030, 2035 and 2050 and selecting indicators with datasets to monitor annual change. It also outlines the report’s approach for assessing progress made toward near-term targets and comparing trends over time.

LNG shipbuilding industry heading to huge oversupply

The LNG shipbuilding industry appears to be doubling down on building new carriers, ignoring the global shift to a low carbon economy and putting itself into an even worse oversupply situation than a year ago, we find in our updated report.

Setting 1.5°C compatible wind and solar targets

Based on global energy system modelling sense-checked against key national studies, this report presents new analysis on what a 1.5°C-aligned rollout of wind and solar could look like for key countries. It aims to inform target setting for 2030, 2035 and beyond in third generation NDCs.

Technical guide for the development of long-term low emission development strategies in Africa

This technical guide proposes concrete steps and actions to help African countries develop strong, high-performing Long-Term Low Emission and Climate Resilient Development Strategies that chart a low-emission development path, build resilience, encourage innovation, and create new opportunities for green growth.

Evaluating the near and long-term role of carbon dioxide removal in meeting global climate objectives

For 1.5°C pathways with limited overshoot, most of the mitigation between now and 2030 should come from emissions reductions (70%), with reductions from cutting non-CO2 emissions (20%) and land-based carbon dioxide removals such as afforestation and preventing deforestation (10%) making up the remainder.

What good looks like: G7 climate policy 2024 update

This brief outlines seven key policy recommendations for this June’s G7 summit that, if adopted, would demonstrate the ambition and leadership needed to keep the Paris Agreement’s 1.5°C limit in sight.

Tripling renewables by 2030: interpreting the global goal at the regional level

At COP28, governments agreed to triple global renewable capacity by 2030. This report breaks down what a 1.5ºC-aligned renewables rollout would look like at the regional level and calculate the associated investment needs.

Submission to the Australian Treasury consultation on the Petroleum Resource Rent Tax

As the gas industry in Australia has grown exponentially, the profit taxes it pays to the government have proportionally plummeted, presenting an opportunity to change this regime. Here, we respond to the Australian Government Treasury consultation on the Petroleum Resource Rent Tax (PRRT) – anti-avoidance provisions and clarifying treatment of ‘exploration’ and Mining, Quarrying or Prospecting Rights.

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Decarbonisation targets and 1.5℃ pathways

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COVID-19 recovery funds dwarf clean energy investment needs