A new research report by the accounting firm PwC estimates the world needs to reduce carbon intensity five times faster to hit the 1.5° Paris Agreement target.
A rapid decarbonisation rate of 11.7% is needed every year, according to the analysis, which estimates that the current global rate reached 2.4% for 2019.
UK holds the ‘highest decarbonisation rate’ in the world for the 21st century so far. The nation decreased carbon dioxide emissions by 3.7% every year, according to the same report. The UK has the highest long-term reduction in greenhouse gas output in the world over the course of the 21st century. The report reveals that the country decreased its consumption of coal, natural gas and oil while expanding the production of renewable energy, particularly wind power. However, the study suggests the UK will need to continue investing around £400 billion in green infrastructure and renewable energy to deliver on its net zero emissions target.