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Is the Paris Agreement Working? A Stocktake of Global Climate Mitigation
Author:
Mr. Simon Black
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Ian W.H. Parry https://isni.org/isni/0000000404811396 International Monetary Fund

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Karlygash Zhunussova
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Series:
Staff Climate Notes
Volume/Issue:
Volume 2023: Issue 002
Language:
English
Publication Date:
21 Nov 2023
DOI:
https://doi.org/10.5089/9798400257889.066
ISBN:
9798400257971
ISSN:
2789-0600
Pages:
43
Keywords:
Paris Agreement; climate mitigation; carbon pricing; climate finance; low-carbon technology; climate investment; IMF staff climate note; IMF staff climate NOTE 2023/002; mitigation policy; Policy package; Greenhouse gas emissions; Climate change; Global
Legal-disclaimer:
The IMF Notes Series aims to quickly disseminate succinct IMF analysis on critical economic issues to member countries and the broader policy community. The IMF Staff Climate Notes provide analysis related to the impact of climate change on macroeconomic and financial stability, including on mitigation, adaptation, and transition. The views expressed in IMF Staff Climate Notes are those of the author(s), although they do not necessarily represent the views of the IMF, or its Executive Board, or its management.
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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.
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Cover Staff Climate Notes
Staff Climate Notes
Publisher:
International Monetary Fund