## Is the Paris Agreement Working? A Stocktake of Global Climate Mitigation

_Staff Climate Notes, November 21, 2023_

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## Bibliographic details
- Authors: Simon Black, Ian W.H. Parry, Karlygash Zhunussova
- Published: November 21, 2023
- Series: Staff Climate Notes
- DOI: https://doi.org/10.5089/9798400257889.066

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### Key findings
- Urgent and aggressive action to cut greenhouse gas emissions this decade is needed.
- Global ambition needs to be more than quadrupled.
- Emissions cuts of 50 percent below 2019 levels by 2030 are needed for 1.5 degrees Celsius.
- Current targets would only achieve 11 percent (below 2019 levels by 2030).
- Overall, the Paris Agreement is making progress, but a response to the Global Stocktake that prioritizes decisive action this decade is critical.

### Options for ratcheting up ambition and accelerating implementation
- Provide options for ratcheting-up ambition equitably.
- Implementation could be accelerated via agreements on minimum carbon prices.
- Policies needed to shift private sector incentives to achieve drastic increases in mitigation investment.

### Climate finance and investment
- Drastic increases in mitigation investment are needed.
- Climate finance should be scaled-up, with a new goal aligned with needs in developing countries.

### Technology development and diffusion
- The development and diffusion of low-carbon technologies should be accelerated collaboratively.

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_Source: https://www.imf.org/en/publications/staff-climate-notes/issues/2023/11/14/is-the-paris-agreement-working-a-stocktake-of-global-climate-mitigation-541083_