Last year the carbon intensity of the world economy increased. For the first time in many years, this reversed the trend of gradual decarbonisation of economies. Instead of moving too slowly in the right direction, we are now moving in the wrong direction.
Achieving the 2 degrees Celcius goal will now require reductions in carbon intensity of at least 4.8% every year until 2050. This compares with a 2% per year reduction in carbon intensity, to meet this goal, had we started in 2000.
It is only in exceptional circumstances that this rate of decarbonisation has been achieved in the past.
Many countries are trying to scale up the deployment of renewable generation. But their high cost and the financing challenge are significant barriers to the transition to a low carbon economy.
New approaches in financing and targeted support for renewable generation are needed to get back onto a low carbon pathway.