![]() ![]() ![]() ![]() The UN environment agency’s report found there was “no credible pathway to 1.5C in place” and that “woefully inadequate” progress on cutting carbon emissions means the only way to limit the worst impacts of the climate crisis is a “rapid transformation of societies”.Ĭurrent pledges for action by 2030, even if delivered in full, would mean a rise in global heating of about 2.5C, a level that would condemn the world to catastrophic climate breakdown, according to the UN’s climate agency. The sector is expected to amass $4tn in 2022, strengthening calls for heavy windfall taxes to address the cost of living crisis and fund the clean energy transition.Īll three of the key UN agencies have produced damning reports in the last two days. Oil and gas giants have enjoyed soaring profits as post-Covid demand jumps and after Russia’s invasion of Ukraine. On Thursday, Shell and TotalEnergies both doubled their quarterly profits to about $10bn. He said the world was coming “very, very close to irreversible changes … time is really running out very, very fast”.Įmissions must fall by about half by 2030 to meet the internationally agreed target of 1.5C of heating but are still rising, the reports showed – at a time when oil giants are making astronomical amounts of money. ![]()
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