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G-20 economies slowing pace of decarbonization, PwC study finds

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LONDON — Decarbonisation rates in Group of Twenty (G-20) economies fell to their lowest level in two decades last year, consultancy PwC said, below what is needed to achieve the global climate goal.

PwC said the pace of change needed to accelerate to get back on track with a goal of capping global warming at 1.5 degrees Celsius above pre-industrial levels.

“No G-20 country is decarbonizing fast enough to maintain a safe climate,” the PwC Net Zero Economy Index showed.

Global decarbonization fell to 0.5%, well below the 12.9% needed to keep temperature increases in line with the goal, while within the G-20 it only reached 0 .2%.

Dan Dowling, a partner at PwC UK, said in a statement that the world was “alarmingly” falling short of the rate needed to meet the UN Intergovernmental Panel on Climate Change’s 2030 deadline for reduce emissions by 43% from 2010 levels.

The next round of global climate negotiations will take place in November.

The global average rate of decarbonization is now set to reach 15.2% year-on-year, PwC’s analysis reveals, 11 times faster than that achieved since 2000.

The rate of global decarbonization refers to the reduction in carbon intensity, or energy-related carbon dioxide (CO2) emissions per dollar of GDP

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Nine of the G-20 economies, which together account for around 80% of global energy-related emissions, increased their carbon intensity in 2021, PwC said, based on levels of energy consumption relative to their GDP. and its carbon content.

South Africa was the best performer, with a decline of 4.6%, followed by Australia at 3.3% and China at 2.8%.

“Nations must make sweeping changes to both their energy mix and their energy consumption,” Dowling said. “If we fail, the costs of adapting to climate change will continue to rise.”

“Put simply, we don’t have enough time for poor decarbonization performance to become the norm, no matter what unexpected events occur and no matter how large,” he added.