The Net Zero Economy Index (NZEI) is an indicator of the progress made by G-20 members in reducing energy-related CO2 emissions and decarbonizing their economies.
It is about setting science-based emissions reduction targets that are consistent with the scenarios, criteria, and recommendations for limiting global warming to 1.5 ° C.
The amount of energy consumption concerning GDP and the carbon content of energy serves as the basis for measurement. Together, the G20 is responsible for nearly 80% of global emissions connected to energy. The worldwide decarbonization rate in 2021 was merely 0.5%, the lowest level in more than a decade, according to the 2022 Net Zero Economy Index.
The main findings:-
- The worldwide decarbonization rate has to increase to 15.2 percent to achieve the climate goals outlined in the Paris Agreement and COP26.
- China reduced its emission by 2.8 percent.
- The U.S. (up 0.1 percent), India (up 2.9 percent), Japan (up 0.6 percent), Germany (up 1.7 percent) and France (up 1.4 percent) recorded increases.
- South Africa performed best (down 4.6 percent), followed by Australia (down 3.3 percent), China (down 2.8 percent), Turkey (down 2.7 percent), Canada (down 2.2 percent), Saudi Arabia (down 1.8 percent) and South Korea (down 1.6 percent).
- There is no one-size-fits-all path to net zero, as each country faces its challenges and must create and implement individual strategies for decarbonization.
With the help of the Science Based Objectives (SBTi) program, more than 3,000 businesses and financial institutions are reducing their emissions following science-based targets.
The goal of the United Nations (UN)-supported non-profit initiative by CDP, UN Global Compact, World Resources Institute, and WWF is to bring corporate climate targets in line with the findings of climate science.
Source:- Dr. Alexandra Hildebrandt