For the fifth year running we have examined the rate of decarbonisation in the G20 in our Low Carbon Economy Index (LCEI). And it's not good reading.
We’ve calculated that to maintain economic growth without exceeding two degrees of warming, the G20 needs to reduce its carbon intensity at 6% per year. But the 5 year trend shows we’ve only averaged 0.7% decarbonisation annually. Even doubling the current 0.7% rate of decarbonisation puts us on a path consistent with the most extreme scenario presented by the IPCC, and potential warming of around 4oC by 2100.
On current trends we will use up this century’s carbon budget by 2034. Put simply, we are busting the carbon budget.