Reaching Net Zero Emissions

Climate action is gaining momentum. Since the 2015 Paris Agreement, countries have intensified climate action and many have committed to reach net zero emissions by 2050, meaning that any additional carbon emissions will be offset completely by carbon emissions withdrawn from the atmosphere.

However, the carbon budget, or maximum amount of emissions allowable, to limit global warming to well below 2°C is running out quickly. More frequent and intense disasters, a decline in agricultural productivity, and rising sea levels will only grow more common if this critical goal is not met.

In our recent G20 Background Note on climate policy, we detail the policies and, crucially, the amount of investment needed over the next 5 to 10 years to reach net zero emissions by 2050 in a growth-friendly manner. The strategy has three building blocks: carbon pricing; a green investment plan; and measures for a just transition.

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