Source: UNEP
Context: The Emissions Gap Report, an annual publication of the UN Environment Programme, warned that the Paris Agreement objective of keeping global rise in temperatures to within 1.5 degree Celsius would be “gone within a few years”.
Key Findings of Emissions Gap Report 2024:
- GHG emissions growth: Global GHG emissions increased by 1.3% in 2023, with China and India seeing notable rises of 5.2% and 6.1%, respectively.
- Paris agreement targets in jeopardy: The report emphasizes that without rapid reductions, the goal of limiting warming to 1.5°C will likely become unachievable within a few years, with the world on track for a 2.6-3.1°C rise by the century’s end.
- Ambitious emissions reductions required: To stay on the 1.5°C path, a reduction of 42% in global GHG emissions is required by 2030 and 57% by 2035, with current plans achieving only about a 10% cut by 2030.
- Financial commitment for emissions reductions: Achieving the necessary reductions by 2030 would require investment at $200 per ton of CO₂, which could bridge the emissions gap by 31 billion tonnes.
About Emission Gap Report:
- Publisher: United Nations Environment Programme (UNEP).
- Title: “Emissions Gap Report 2024: No More Hot Air…Please!”
- Purpose: Annual analysis to assess the gap between current and required emissions levels to meet Paris Agreement goals.
- Focus of the 2024 report:
- Review of upcoming Nationally Determined Contributions (NDCs) due by 2025.
- Call for a 7.5% annual reduction in emissions through 2035 to meet targets.
- Emphasis on enhanced financial, policy, and technological commitments.
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