{
  "title": "Getting on Track to Net Zero: Accelerating a Global Just Transition in This Decade",
  "publication": "Staff Climate Notes, November 4, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/staff-climate-notes/issues/2022/10/31/getting-on-track-to-net-zero-accelerating-a-global-just-transition-in-this-decade-525242",
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  "summary": "To contain global warming to between 2°C and 1.5°C, global greenhouse gas emissions must be cut 25 to 50 percent below 2019 levels by 2030. Even if fully achieved, current country pledges would cut global emissions by just 11 percent.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- To contain global warming to between 2°C and 1.5°C, global greenhouse gas emissions must be cut 25 to 50 percent below 2019 levels by 2030.\n- Even if fully achieved, current country pledges would cut global emissions by just 11 percent.\n- This Note presents illustrative options for closing this ambition gap equitably and discusses their economic impacts across countries.\n- Options exist to accelerate a global just transition in this decade, involving greater emission reductions by high-income countries and climate finance, but further delays in climate action would put 1.5°C beyond reach.\n- Global abatement costs remain low under 2°C-consistent scenarios, with burdens rising with income levels.\n- With efficient policies of carbon pricing with productive revenue use, welfare costs become negative when including domestic environmental co-benefits, before even counting climate benefits.\n- GDP effects from global decarbonization remain uncertain, but modeling suggests they exceed abatement costs especially for carbon-intensive and fossil-fuel-exporting countries.\n- Ratcheting up climate finance can help make global decarbonization efforts more progressive."
    },
    {
      "heading": "Key Findings and Quantitative Targets",
      "content": "- Emissions reduction target: 25 to 50 percent below 2019 levels by 2030 to contain warming between 2°C and 1.5°C.\n- Current pledges impact: 11 percent reduction in global emissions if fully achieved.\n- Under 2°C-consistent scenarios, global abatement costs are characterized as remaining low.\n- Burden distribution: Abatement burdens rise with income levels.\n- Welfare impact with policy: Carbon pricing combined with productive revenue use yields negative welfare costs when domestic environmental co-benefits are included."
    },
    {
      "heading": "Economic Impacts and Uncertainties",
      "content": "- GDP effects from global decarbonization are uncertain.\n- Modeling indicates GDP effects may exceed direct abatement costs for:\n  - carbon-intensive countries\n  - fossil-fuel-exporting countries\n- Welfare considerations emphasize domestic environmental co-benefits in addition to climate benefits."
    },
    {
      "heading": "Policy Options and Equity Considerations",
      "content": "- Accelerate emission reductions in this decade, with greater effort by high-income countries.\n- Increase climate finance to support a just transition and make decarbonization efforts more progressive.\n- Implement efficient carbon pricing paired with productive use of revenue to reduce welfare costs and capture domestic co-benefits."
    },
    {
      "heading": "Additional Metadata and Context (from the publication page)",
      "content": "- Series: Staff Climate Note No 2022/010\n- Issue: 010\n- Pages: 38\n- Publication date: November 4, 2022\n- DOI: https://doi.org/10.5089/9798400223877.066\n- ISBN: 9798400223877\n- ISSN: 2789-0600\n- Subject keywords include: Climate change, Climate policy, Economic sectors, Environment, Financial crises, Greenhouse gas emissions\n- Keyword examples: abatement cost, ambition gap, carbon pricing, climate finance, differentiated responsibilities, GDP, welfare cost\n\nSource: Getting on Track to Net Zero: Accelerating a Global Just Transition in This Decade, Staff Climate Note No 2022/010 (November 4, 2022).\n\n---\n\n Content in this bundle\n\n- Getting on Track to Net Zero: Accelerating a Global Just Transition in This Decade\n  - Getting on Track to Net Zero: Accelerating a Global Just Transition in This Decade (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Getting on Track to Net Zero: Accelerating a Global Just Transition in This Decade (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/staff-climate-notes/issues/2022/10/31/getting-on-track-to-net-zero-accelerating-a-global-just-transition-in-this-decade-525242"
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    "Authors: Simon Black, Jean Chateau, Florence Jaumotte, Ian W.H. Parry, Gregor Schwerhoff, Sneha D Thube, Karlygash Zhunussova",
    "Published: November 4, 2022",
    "Series: Staff Climate Notes",
    "DOI: https://doi.org/10.5089/9798400223877.066",
    "To contain global warming to between 2°C and 1.5°C, global greenhouse gas emissions must be cut 25 to 50 percent below 2019 levels by 2030.",
    "Even if fully achieved, current country pledges would cut global emissions by just 11 percent.",
    "This Note presents illustrative options for closing this ambition gap equitably and discusses their economic impacts across countries.",
    "Options exist to accelerate a global just transition in this decade, involving greater emission reductions by high-income countries and climate finance, but further delays in climate action would put 1.5°C beyond reach.",
    "Global abatement costs remain low under 2°C-consistent scenarios, with burdens rising with income levels.",
    "With efficient policies of carbon pricing with productive revenue use, welfare costs become negative when including domestic environmental co-benefits, before even counting climate benefits.",
    "GDP effects from global decarbonization remain uncertain, but modeling suggests they exceed abatement costs especially for carbon-intensive and fossil-fuel-exporting countries.",
    "Ratcheting up climate finance can help make global decarbonization efforts more progressive.",
    "Emissions reduction target: 25 to 50 percent below 2019 levels by 2030 to contain warming between 2°C and 1.5°C.",
    "Current pledges impact: 11 percent reduction in global emissions if fully achieved.",
    "Under 2°C-consistent scenarios, global abatement costs are characterized as remaining low.",
    "Burden distribution: Abatement burdens rise with income levels.",
    "Welfare impact with policy: Carbon pricing combined with productive revenue use yields negative welfare costs when domestic environmental co-benefits are included.",
    "GDP effects from global decarbonization are uncertain.",
    "Modeling indicates GDP effects may exceed direct abatement costs for:",
    "Welfare considerations emphasize domestic environmental co-benefits in addition to climate benefits.",
    "Accelerate emission reductions in this decade, with greater effort by high-income countries.",
    "Increase climate finance to support a just transition and make decarbonization efforts more progressive.",
    "Implement efficient carbon pricing paired with productive use of revenue to reduce welfare costs and capture domestic co-benefits.",
    "Series: Staff Climate Note No 2022/010",
    "Issue: 010",
    "Pages: 38",
    "Publication date: November 4, 2022",
    "DOI: https://doi.org/10.5089/9798400223877.066",
    "ISBN: 9798400223877",
    "ISSN: 2789-0600",
    "Subject keywords include: Climate change, Climate policy, Economic sectors, Environment, Financial crises, Greenhouse gas emissions",
    "Keyword examples: abatement cost, ambition gap, carbon pricing, climate finance, differentiated responsibilities, GDP, welfare cost",
    "**Getting on Track to Net Zero: Accelerating a Global Just Transition in This Decade**"
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